The United Bank for Africa Plc (UBA) has said that it is looking to support Small and Medium Scale Enterprises in four sectors including Agro-processing, Automotive, pharmaceuticals, Transport and Logistics with the $6bn facility from the Africa Continental Free Trade Area Secretariat.
According to a statement from the lender on Wednesday, UBA’s Deputy Managing Director, Muyiwa Akinyemi, said this during the Africa Day celebration at the just-concluded Lagos International Trade Fair, where it was the headline sponsor.
Akinyemi explained that the bank’s dedication to SMEs across Africa informed its recent agreement with the AfCFTA Secretariat, to provide financing for up to $6bn over the next three years to eligible businesses across the continent.
“We signed the agreement with AfCFTA on the sidelines of the 30th Afreximbank Annual Meeting which was held in Accra, Ghana. By this agreement, both parties are to promote the development of SMEs operating in Four sectors under the 1st phase of the partnership which are largely import dependent by providing technical and financing solutions for intra-African/domestic alternatives. These economic sectors are Agro-processing, Automotive, pharmaceuticals, Transport and Logistics.
The DMD added that based on the partnership, UBA will provide both financial and non-financial services to SMEs to develop the capacity for growth across the 20 African countries, where it operates.
Also speaking during the event, President, Lagos Chamber of Commerce, Asiwaju Michael Olawale- Cole, appreciated the bank’s consistent participation as a partner and headline sponsor of the LITF for the past six years.