United Bank for Africa (UBA) and China Development Bank (CDB), the world’s largest development finance institution, has announced the signing of a $100 million seven-year loan agreement to finance the development of small and medium enterprises (SMEs) in Africa.
L-R: Director General, Global Cooperation Department – Americas and Africa, China Development Bank(CDB), Mr. Jin Tao and GMD/CEO, UBA Plc, Mr. Kennedy Uzoka signing a $100 million loan facility agreement to fund SMEs in Africa. Standing behind are President of CDB, Mr. Zheng Zhijie and Chairman of UBA Plc, Mr Tony Elumelu, at the UBA House in Lagos.
The $100 million loan will enhance UBA’s capacity to provide access to finance to small and medium enterprises (SMEs) across the 19 African countries where UBA currently operates.
Mr. Kennedy Uzoka, Group Managing Director/CEO, UBA Plc expressed his excitement…“We are excited to partner with China Development Bank (CDB), the Development Financial Institution of the Chinese Government, on this historic transaction, as we strongly believe that the facility will serve as a catalyst to the sustainable development of commerce and industry in Africa through provision of critical financial interventions to SMEs across our presence countries.”
“This line of credit is timely, as it will complement the recovery of economic activities. It will also further encourage African entrepreneurship particularly as the funds will be applied to SMEs, which are important for inclusive growth on the continent.”
Also, speaking during the signing ceremony, Mr. Tony Elumelu, Chairman, UBA Plc said… “The fund will boost small and medium scale enterprises across Africa, CDB’s interest in supporting SMEs aligns with UBA’s vision in growing business across Africa.”
“In UBA, CDB would have an enduring partner in reaching out to Africans as UBA provides banking services to over 14 million people across 20 African countries, and like CDB, UBA funds critical infrastructural projects on the continent. I will like to see an even stronger relationship grow with CDB and UBA as well as with China and Nigeria.”
Meanwhile, the President of CDB, Mr. Zheng Zhijie, expressed that… “The agreement is the beginning of cooperation between UBA and CDB that would translate into an enduring business relationship between China and Africa and Nigeria in particular.”
“UBA is a leading and dependable bank not only in Nigeria but Africa, and this partnership will help our Bank to accelerate its business objectives in Africa, more importantly as we deepen our investment in energy, road and rail constructions, infrastructure in Africa.”