The Board of Directors of the African Development Bank Group (AfDB) through its private sector window has approved a $150 million Line of Credit (LOC) to United Bank for Africa (UBA) Plc.
This was disclosed yesterday by the bank in Lagos through statement by the Head of Media Relations, Mr. Ramon Nasir.
Nasir said: “This line of credit would be used to fund various infrastructural projects, particularly power, telecoms, transport and also social infrastructure such as hospital and education facilities.
“This has given the bank a lot of recognition and awards, including the Social Infrastructure Deal of the Year Award in 2015.
“In its Nigeria operations, UBA supports over 3700 small and medium enterprises (SMEs) covering all the 36 states of the federation, through over 450 business offices and touch points.” According to him, the LOC would help finance infrastructure and SME projects, including women-owned enterprises in Nigeria.
It would support infrastructure development, particularly the power sector, which is a major constraint for Nigeria’s economic diversification and inclusive growth.
The power sector financing gap in Nigeria remains enormous with almost 50 per cent of the population lacking access to electricity.
By leveraging UBA’s network, the LOC would also scale up lending 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