BusinessHighlight

China development bank, UBA sign letter of intent for $100 million loan deal to support SMEs Africa

577

United Bank for Africa (UBA) Plc, a pan-African banking group and China Development Bank (CDB), the world’s largest development finance institution, on February 27, 2018 announced the signing of a letter of intent for  $100 million seven-year to finance the development of small and medium enterprises (SMEs) in Africa.

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.

‘ The fund will boost small and medium scale enterprises across Africa, Chairman of UBA Plc, Mr. Tony Elumelu, said during the signing ceremony.

He noted that 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’  Elumelu said. He expressed that he would like to see an even stronger relationship grow with CDB and UBA as well as with China and Nigeria.

“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,” says Group Managing Director/CEO, UBA Plc, Mr. Kennedy Uzoka.

Uzoka noted that fund would be timely, as it should 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 commenting, the President of CDB, Mr. Zheng Zhijie, said the loan intent 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,” Zhije said

About China Development Bank:

CDB, funded in 1994, is the world’s largest development finance institution and is the largest Chinese bank for foreign investment and financing cooperation.  CDB provides medium-to-long-term financing facilities that serve China’s major long-term economic and social development strategies. By the end of 2016, its assets grew to RMB 14.34 trillion, a balance of loans of RMB 10.32 trillion. CDB currently has 37 primary branches and 3 secondary branches on the Chinese mainland, one offshore branch in Hong Kong and five representative offices in Cairo, Moscow, Rio de Janeiro, Caracas and London

 

 

Leave a comment

Related Articles

N50m Ransom: Ogun Police Neutralize 2 Kidnappers, Rescue 3 Victims in Daring Operation

In a daring gun duel, anti-kidnapping police operatives in Ogun State have...

ADC Gains Ex-Adamawa APC Guber Candidate Aishatu Binani as She Defects

Amid the gale of defections in the country’s political landscape, former Adamawa...

Tinubu Pays Tribute to Late Awujale, Hails Iconic Monarch at 8th-Day Fidau Prayer

President Bola Ahmed Tinubu on Sunday in Ijebu-Ode, Ogun State, attended the...

After 7 Years on the Run, NDLEA Nabs Drug Kingpin Chigozie with 11.6kg of Cocaine, Meth

The National Drug Law Enforcement Agency’s (NDLEA) elite special operations unit has...

Usyk Destroys Dubois with Fifth-Round KO, Restores Undisputed Heavyweight Crown

Oleksandr Usyk has once again reaffirmed his status as a boxing genius,...

Despite Akpabio’s Appeal, Sen. Akpoti-Uduaghan Vows to Return to Senate July 22

A confrontation is imminent in the Senate as suspended Sen.Natasha Akpoti-Uduaghan has...

Tunisian Athletes’ Road Crash: Gov. Abiodun Provides Lifesaving Assistance

A potential catastrophe was averted on Saturday when a vehicle transporting Tunisian...

USA Announces New Immigration Fees for Asylum, Work Permits,TPS

The United States Citizenship and Immigration Services (USCIS) has introduced new non-waivable...

PDP Suffers Another Blow: Another Osun Senator Fadeyi Quits Over Internal Crises

Senator Olubiyi Fadeyi, representing Osun Central in the National Assembly, has officially...

Mystery as Prime Suspect in Two Ondo Varsity Students’ Murder Case Dies

Investigation into the brutal murder of two Adekunle Ajasin University (AAUA) undergraduates,...

Lagos Luxury Real Estate Boom: Eko Atlantic Plot Prices Hit Over N2bln

Lagos’s Luxury Real Estate Boom Lagos State’s luxury real estate market has...

FAAC Disburses N1.818trn to FG, States, LGAs in June Amid 9.6% Revenue Increase

The Federation Account Allocation Committee (FAAC) has distributed a total of N1.818...

WAFCON 2024: Super Falcons Annihilate Zambia 5-0 in WAFCON Quarterfinals

The Super Falcons of Nigeria delivered a ruthless performance, annihilating the Copper...

I did BBL for myself, not for fashion or men – Temitope Solaja

Nollywood actress, Temitope Solaja, has opened up about her decision to undergo...

Why love fails behind closed doors – IK Ogbonna

Nollywood actor IK Ogbonna, who has largely stayed off the radar when...

PSN Newsrun: Nigerian Military rejects N13.7Million bribe

  The Presidential Compressed Natural Gas Initiative (PCNGI) debunks Premium Times report...

Tinubu Appoints IBB’s Son as Chairman of Bank of Agriculture

President Bola Tinubu has announced a series of appointments, including Mr. Muhammad...

₦1m Up for Grabs: NSC Rewards Team Nigeria for Gold Medalists at CAA

The National Sports Commission (NSC) has announced cash rewards for Team Nigeria...

Buhari’s Appointees Bypassed Me to Send Memos, ex-CoS Gambari Reveals

Prof. Ibrahim Gambari, the former Chief of Staff to President Muhammadu Buhari,...

Reject Nnamdi Kanu’s no-case submission, FG urges court

The Federal Government on Friday urged the Federal High Court in Abuja...