The African Development Bank Group (AfDB) and United Bank
for Africa Plc (UBA) on Wednesday November 30, 2016, signed a US$ 150 million
loan agreement to finance infrastructure and SME projects, including
women-owned enterprises in Nigeria.
“The Fund will support development of productive sectors of
the economy; particularly the power sector, Infrastructure, Women owned
enterprises as well as SMEs. This line of credit comes at an opportune time and
would boost efforts at reducing the huge power sector-financing deficit that is
limiting energy supply and complement our support to medium and small scale
enterprises while also promoting gender diversification across the value chain”
said Kennedy Uzoka, UBA Group Managing Director/CEO.
UBA, one of the largest commercial banks in Nigeria
incorporated in 1961, operates in 19 African countries whilst providing a wide
range of products and services. UBA Nigeria has been the leading financial
institution to support various infrastructure projects, particularly power,
telecom, transport and also social infrastructure such as hospital and
education facilities, and received Social Infrastructure Deal of the Year Award
in 2015. UBA Nigeria operates in each of the country’s 36 states through more
than 450 branches supporting 3,700 SMEs across the country.
AfDB has remained UBA’s long-term partner in its financing
activities. In 2009, AfDB provided liquidity facilities to deepen its trade
finance and other lending activities, thus contributing to key economic sectors
of the Nigerian economy, particularly at a time when the economy requires
critical funding to stimulate growth and employment.
By leveraging UBA’s branch network, the Line of Credit will
also scale up lending to SMEs and women enterprises in both urban and rural
areas to create more jobs and to promote inclusive growth for Nigeria’s economy
by stimulating the various sectors such as manufacturing, construction,
agriculture, education and services.
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