SAN FRANCISCO, June 09, (THEWILL) – United Bank of Africa plc, UBA, is on course to receive $150-million line of credit from the African Development Bank Group (AfDB), through its private sector window.
The credit, which has been approved by the Board of Directors of AfDB will help finance infrastructure and SME projects, including women-owned enterprises in Nigeria.
THEWILL recalls that AfDB, in 2009, provided facilities to address the surging liquidity constraints, which helped trade finance and other lending activities of UBA, contributing to key economic sectors, particularly during the financial crisis.
This time, the credit is aimed at supporting infrastructural development, particularly the power sector, which is a major constraint for Nigeria’s economic diversification and also inclusive growth.
The AfDB intends to achieve this by lending to SMEs and women enterprises in both urban and rural areas to create more jobs and to promote inclusive growth for Nigeria’s economy by stimulating the various sectors such as manufacturing, construction, agriculture, education and services.
About the Author
