The Vice President, Regional and Country Programs and Policy of AfDB, Aloysius Uche Ordu, and the Deputy Managing Director, from the United Bank for Africa Plc (UBA), Faith Tuedor-Matthews, sealed the agreement.

UBA will use the facility to advance trade credits to corporate customers across its pan-African network, enabling it fill the gap left by the retreat of non-African institutions from the market. The loan will permit UBA to significantly ramp up its intra-African corporate banking operations and specifically the promotion of regional trade.  

It will also enable UBA to play a catalytic role in supporting corporate projects, infrastructure and SME financing across Africa.

The AfDB Vice President, Aloysius Uche Ordu, stated that “Regional commercial banks such as the United Bank for Africa have an important role to play in accelerating Africa’s economic growth, social development and economic integration of our nations”.

He said: “the AfDB is committed to supporting these institutions with comprehensive assistance.  We hope that this support will go a long way in strengthening and enhancing UBA’s ability to impact its pan African operations”.

These transactions are consistent with the AfDB’s initiatives formulated in response to the Global Financial Crisis, its Country Strategy Paper for Nigeria as well as the Nigerian Government’s millennium development agenda. This financial assistance to UBA also fits with the AfDB's Private Sector strategy to support sound and capable financial institutions during the financial crisis.

The Deputy Managing Director of UBA, Faith Tuedor-Matthews said: “the support from the AfDB will further enhance UBA’s ability to service its customers across the African continent. Coming at a time of severe credit constraints globally, this deal which represents the single largest commitment to a financial institution in the continent is a major recognition of UBA’s ability to support private and public enterprises across Africa”.

United Bank for Africa Plc is one of Africa's leading financial institutions offering banking services to more than seven million customer accounts across 750 branches in 19 African countries. With presence in New York, London and Paris, UBA is connecting people and businesses across Africa through retail and corporate banking, innovative cross border payments, trade finance and investment banking.