Global financial institution, United Bank for Africa (UBA) has secured $150 million trade facility from the African Export-Import Bank (Afreximbank).
The facility forms part of Afreximbank’s Ukraine Crisis Adjustment Trade Financing Programme for Africa (AKAFPA).
The signing ceremony for the trade finance was concluded, by both institutions, on the sidelines of the ongoing Intra-African Trade Fair, organised by Afreximbank in Cairo on Saturday.
The terms of the agreement states that the facility will be utilised to finance trade and trade-related transactions in support of UBA’s Clients.
In addition, the facility will aid increased financing of trade businesses in various sectors of the Nigerian economy thereby mitigating the adverse effects of the Russia-Ukraine crisis.
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, Oliver Alawuba, said “This facility will further boost our quest to deepen intra-Africa trade which has been severely constrained by the impact of the war in Ukraine.
“We have long-standing beneficial relationship with Afreximbank, we are delighted of 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 presence in New York, London and Paris and now 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.
Credit: thenationonlineng.net
