Africa’s Global Bank, United Bank for Africa (UBA) Plc, has received a trade finance facility worth $150m from the African Export-Import Bank
The facility forms part of Afreximbank’s Ukraine Crisis Adjustment Trade Financing Programme for Africa (AKAFPA), and 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, Mr. 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.
