Chinese bank, UBA seal $100m deal to assist African SMEs

Chinese bank, UBA seal $100m deal to assist African SMEs

The United Bank for Africa plc has signed a $100 million seven-year loan agreement with China development bank to finance the development of Small and Medium Enterprises in Africa.

The loan deal will enhance UBA’s capacity to provide access to finance SMEs across the 19 African countries where the bank currently operates.

The chief executive officer UBA plc, kennedy Uzoka noted that partnership with china development bank will boost sustainable development of commerce and industry in Africa.

The president of CDB, Zheng Zhijie says the agreement between UBA and CDA will translate into an enduring business relationship for china, africa and Nigeria.

He said: “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.”

CDB which was founded in 1994 is the largest Chinese bank for foreign investment and financing cooperation.  It provides medium-to-long-term financing facilities that serve China’s major long-term economic and social development strategies.

UBA is one of the largest commercial banks in Nigeria and operates in 19 African countries. Globally, the bank has over 1,000 branches and customer touch points, serving over 14 million customers.

 

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