United Bank for Africa Plc has got a $150m trade finance facility from the African Export-Import Bank, to cushion the effect of the Ukraine war on customers.
In a statement, UBA noted that the facility formed part of Afreximbank’s Ukraine Crisis Adjustment Trade Financing Programme for Africa.
It stated that the signing ceremony for the trade finance had been concluded by both institutions on the sidelines of the ongoing Intra-African Trade Fair, organized by Afreximbank in Cairo, Egypt on Saturday.
It stated, “The terms of the agreement state 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 in increased financing of trade businesses in various sectors of the Nigerian economy, thereby, mitigating the adverse effects of the Russia-Ukraine crisis. “
“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,” he added.
The Group Managing Director of UBA, Oliver Alawuba, said the facility would further boost the quest to deepen intra-Africa trade, which had 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.
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Originally Posted: https://punchng.com/afreximbank-grants-uba-150m-trade-finance-facility
