UBA SECURES $150 MILLION TRADE FINANCE FACILITY AMIDST UKRAINE CRISIS

UBA Secures $150 Million Trade Finance Facility Amidst Ukraine Crisis

United Bank for Africa (UBA) Plc has successfully secured a trade finance facility worth $150 million from the African Export-Import Bank as part of the Africa-Ukraine Crisis Adjustment Trade Financing Programme (AKAFPA). The signing ceremony took place during the Intra-African Trade Fair in Cairo over the weekend.

The agreement outlines that the facility will be utilized to finance trade and trade-related transactions, offering crucial support to UBA’s clients. This financial boost aims to increase trade business financing across various sectors in the Nigerian economy, mitigating the adverse impacts of the Russia-Ukraine crisis.

Denys Denya, the Executive Vice-President of Afreximbank, emphasized the significance of the funding in meeting the heightened demand for trade finance support to UBA's clients. He stated, "This is pivotal to Afreximbank’s mandate for supporting SMEs, particularly those in the manufacturing sector, to increase production and contribute to economic growth and development in Nigeria."

UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, expressed optimism about the partnership with Afreximbank, stating, "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. We have a long-standing beneficial relationship with Afreximbank, and we are delighted about our partnership as we jointly envision better dealings for our customers."