United Bank for Africa Plc, Africa’s Global Bank, has been granted a trade finance facility of USD 150 million by the African Export Import Bank.
The agreement outlines the purpose of the facility, which is to facilitate the financing of commercial and trade-related operations in favor of UBA’s customers. Additionally, the facility will facilitate the expansion of trade-related businesses in various parts of the Nigerian economy, thus mitigating the negative consequences of the crisis between Russia and Ukraine.
Speaking during the signing ceremony, the Executive Vice-President of Afreximbank, Denys Denya, said “The funding is driven by an increased demand for trade finance support to UBA’s clients which will enhance confidence in the settlement of international trade transactions for strategic imports. This is pivotal to Afreximbank’s mandate for supporting SMEs, particularly those in the manufacturing sector to be able to increase production thereby supporting economic growth and development in Nigeria.
UBA’s Group Managing Director/Chief Executive Officer, Mr. Oliver Alawuba, said “This facility will further boost our quest to deepen intra-African trade which has been severely constrained by the impact of the war in Ukraine.
“We have a long-standing beneficial relationship with Afreximbank, we are delighted with our partnership as we jointly envision better dealings for our customers,” Alawuba said.
UBA is a leading Pan-African financial institution, offering banking services to more than thirty-seven million customers across 1,000 business offices and customer touch points in 20 African countries.
With a presence in New York, London, Paris and the UAE, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.