The United Bank for Africa Plc has unveiled a groundbreaking initiative to support Small and Medium-scale Enterprises (SMEs) across Africa.
Leveraging a $6 billion facility from the Africa Continental Free Trade Area Secretariat, UBA aims to foster growth in the Agro-processing, Automotive, Pharmaceuticals, Transport, and Logistics sectors.
Muyiwa Akinyemi, UBA’s Deputy Managing Director, announced the strategic move during the Africa Day celebration at the recently concluded Lagos International Trade Fair.
He highlighted the bank’s commitment to the development of SMEs, citing a recent agreement with the AfCFTA Secretariat.
This $6 billion financing initiative is slated to span three years, providing support to qualifying businesses continent-wide.
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The agreement, inked on the sidelines of the 30th Afreximbank Annual Meeting in Accra, Ghana, underscores a joint effort to enhance SMEs operating in the first phase of this transformative partnership.
Akinyemi emphasized the initiative’s focus on import-dependent sectors, offering technical and financial solutions for intra-African/domestic alternatives.
The collaboration aims to significantly improve access to finance and markets for SMEs, fostering their growth and contributing to Africa’s socio-economic development.
UBA’s commitment extends across the 20 African countries where it operates, reinforcing its dedication to supporting businesses and enhancing their growth capacities. The move aligns seamlessly with the bank’s strategic focus on the vital SME segment.
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