• Saturday, April 13, 2024
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BusinessDay

Wetland MFB disburses SPDC’s N14.25m micro credit to host community

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 Wetland Microfinance Bank, one of the leading MFBs in Delta State, has disbursed N14.25 million micro credit seed fund provided by Shell Petroleum Development Company, SPDC, for financing sundry people-oriented projects in Ekakpamre community in Ughelli South Local Government area of the state.

The funding support is provided by the oil multinational

company to the community which falls within the Ughelli South 1 cluster under the Global Memorandum of Understanding (GMoU) as part of its efforts to improve relationship with its host communities.

The Ughelli South 1 cluster GMoU was signed on 10 February 2011 and followed by the inauguration of the Community Development Board (CDB) on March 22, 2011.

The GMoU model empowers the community to decide on priority projects/programmes to be funded by SPDC while the CT presents proposal to the Ughelli South 1 GMoU CDB for approval especially in the area of Human Capital Development, Basic Service/ Infrastructure Provision and Economic Development. Based on the above, the microcredit programme was approved for Ekakpamre community, one of the 18 communities covered by the Ughelli South 1 cluster GMoU.