United Bank for Africa (UBA) Plc, a pan-African banking group, and China Development Bank (CDB), the world’s largest development finance institution, yesterday announced the signing of a $100 million seven-year loan agreement to finance the development of small and medium enterprises (SMEs) in Africa.

The $100 million loan would enhance UBA’s capacity to provide access to finance to small and medium enterprises (SMEs) across the 19 African countries where UBA currently operates.


“We are excited to partner CDB, the Development Financial Institution of the Chinese Government, on this historic transaction, as we strongly believe that the facility will serve as a catalyst to the sustainable development of commerce and industry in Africa through provision of critical financial interventions to SMEs across our presence countries,” Group Managing Director/CEO, UBA Plc, Mr. Kennedy Uzoka, said.

Uzoka noted that this line of credit is timely, as it would complement the recovery of economic activities.

It will also further encourage African entrepreneurship particularly as the funds will be applied to SMEs, which are important for inclusive growth on the continent.
Speaking during the signing ceremony, Chairman of UBA Plc, Mr. Tony Elumelu, said the fund would boost small and medium scale enterprises across Africa, noting that CDB’s interest in supporting SMEs aligns with UBA’s vision in growing business across Africa.

“In UBA, CDB would have an enduring partner in reaching out to Africans as UBA provides banking services to over 14 million people across 20 African countries, and like CDB, UBA funds critical infrastructural projects on the African continent,” Elumelu said. He expressed hope that he would like to see a stronger relationship grow with CDB and UBA as well as with China and Nigeria.

Also commenting, the President of CDB, Mr. Zheng Zhijie, said the agreement was the beginning of cooperation between UBA and CDB that would translate into an enduring business relationship between China and Africa and Nigeria in particular.

“UBA is a leading and dependable bank not only in Nigeria but Africa, and this partnership will help our Bank to accelerate its business objectives in Africa, more importantly as we deepen our investment in energy, road and rail constructions, infrastructure in Africa,” Zhije said.

UBA, Africa’s global bank, is one of the largest commercial banks in Nigeria which operates in 19 African countries while providing a wide range of products and services.
It is the leading bank in infrastructure financing particularly in the power, telecoms and transport sectors.
UBA leads in social infrastructure such as hospital and education facilities to various countries in Africa.

In Nigeria, the bank operates in each of the country’s 36 states, helping to deepen financial inclusion through its brick and mortar network as well as through its cutting edge digital platforms. Globally, UBA has over 1,000 branches and customer touch points, serving over 14 million customers.

CDB, founded in 1994, is the world’s largest development finance institution and, the largest Chinese bank for foreign investment and financing cooperation.
It provides medium-to-long-term financing facilities that serve China’s major long-term economic and social development strategies.

By the end of 2016, its assets grew to RMB 14.34 trillion, a balance of loans of RMB 10.32 trillion.
CDB currently has 37 primary branches and three secondary branches on the Chinese mainland, one offshore branch in Hong Kong and five representative offices in Cairo, Moscow, Rio de Janeiro, Caracas and London

http://www.akelicious.com/2018/02/china-development-bank-uba-sign-100m.html

How are these loans accessible self. Hope UBA won't give it out at 24% - 30%

That's how they call it smes loan but when you approach them for it, you start hearing requirements like annual turneover of #100million for a business that is less than 2 years to borrow 5-10milliion.

They keep saying they are supporting SME's with loans but the terms and conditions of these loans are out of this world. All thanks to the Nigerian government coupled with the banks to scam the citizens of this country..




I won't be surprised if they ask for my great grandfather's signature before I can access the loan.!

Except the definition of SME in Nigeria = Average Billionaire's business

wasted fund

We already have enough loans unsettled, China please, keep you money let's solve our problems first

;Dloan na for them them

Is it not this same amount one OBO take buy car or wetin he buy sef?
Hope UBA will give d loan to those who really deserves it

This is a country not that shithole called Nigeria

I cant read all this just wanna take my bath,dress up and straight to Nnamdi azikiwe airport,am leaving this country by fire by force........am going back to Ilorin.

I hope it won't be like the same SME lending we already have. Difficult to access by small businesses due to collateral and other stringent conditions. Commercial banks and CBN really need to come up with ways of making these intervention funds easily accessible by SMEs.

Good Job UBA, But make sure its actually meant for SMEs, that will really help the economy.

With or without collateral? Hustle ur way my people and forget

Abeg wat happened to the naira yuan deal o

More loans, never ending debts...

This loans will not be accessible to start ups and project driven entrepreneurs but will be made accessible to politicians for 2019 election campaigns..

..........................................................
We simply add value to your real estate properties...

Check my profile and be happy

Embezzlement Ti ready

UBA is a useless bank. with very bad record with smes. CDB should find maybe some micro finance to deal with. not these ones. they are going to share the money and then the big boys will owe and amcon will buy the loan with tax payers money.

how many sme have they powered?

Beautiful, UBA does not dupe customers like some Banks I know.

Bla bla bla....same bla bla bla everyday

Kudos to UBA and it's chairman Elumelu. A man with a heart for youths

Desyner:
How are these loans accessible self. Hope UBA won't give it out at 24% - 30%

In fact I strongly believe it should not include interest

Desyner:
How are these loans accessible self. Hope UBA won't give it out at 24% - 30%

The soaring interest rates are the major shortfall. what happens if Nigerian banks lend at 8% like their foreign counterparts. CBN doesn't want this economy to grow

I hope the loans will not be diverted to friends and cronies

ifrosh:
I cant read all this just wanna take my bath,dress up and straight to Nnamdi azikiwe airport,am leaving this country by fire by force........am going back to Ilorin.

I can see you have headache on your leg

Joshuaoseoboh:
I can see you have headache on your leg

No actually it is u that ave stomach pain in ur bumbum.

ifrosh:

No actually it is u that ave stomach pain in ur bumbum.

So why are you vomiting with your armpit

Joshuaoseoboh:

So why are you vomiting with your armpit

Bro abeg how many mechanic ave done some repairing on ur brain this year......coz ur brain functioning looks a bit BUHARIC.

Tajbol4splend:


In fact I strongly believe it should not include interest

it has to include interest na, That's why it's a loan. Moreover, am sure the chinese wont be giving it without interest as well.

ifrosh:


Bro abeg how many mechanic ave done some repairing on ur brain this year......coz ur brain functioning looks a bit BUHARIC.

Ok. Its becoming more insulting. I rest my case

ifrosh:


Bro abeg how many mechanic ave done some repairing on ur brain this year......coz ur brain functioning looks a bit BUHARIC.

Its becoming insulting. Bye bye