As further recognition of the United Bank for Africa's (UBA) ability to support private and public enterprises across the African Continent, the African Development Bank (AfDB) has granted UBA a US$150 million facility under its Trade Finance Initiative.
The facility approved by the AfDB Board of Directors on July 22, 2009, represents the largest commitment to a single bank in Africa by the regional development finance organisation.
In addition to the provision of short term credit for import and export finance, the funds from the facility will be utilized to support trade activities using UBA's network across the Continent.
To fast track economic development and boost liquidity, the AfDB is offering two Emergency Funding Initiatives to Banks: the Emergency Liquidity Fund (ELF) and the Trade Finance Initiative (TFI) which together are expected to inject a total of approximately US$2.5 billion in fresh liquidity into African banks in 2009 and beyond.
So far a total of US$200 million has been approved for two banks, with UBA receiving US$150million. Zenith Bank Plc was also awarded US$ 50 million. The AfDB also lent Gabon $71 million to finance an education and vocational training scheme.
United Bank for Africa Plc is one of Africa's leading financial institutions offering banking services to more than 7 million customers across 750 branches in 19 African countries. With presence in New York, London and Paris, UBA is connecting people and businesses across Africa through retail and corporate banking, innovative cross border payments, trade finance and investment banking.
