22 August 2012

East Africa: UBA to Finance Energy, Infrastructure in East Africa

United Bank for Africa Plc (UBA) is planning to invest in Energy and infrastructure in East Africa, the bank said in a statement yesterday.

The Group Managing Director/CEO, Mr. Phillips Oduoza said this in Nairobi, Kenya, while addressing leaders of the organised private and public sector as part of his business visit to Zambia, Tanzania and Kenya at the weekend, the statement said.

UBA would explore areas of collaboration with key players in private and public sectors as part of efforts to engineer growth and development of the economies of these countries where it presently operates, the statement said.

The bank would be providing financial advisory services, infrastructure financing particularly in the emerging energy sector and efficiency in revenue collection in the region.

Oduoza said: "Energy is one of the strengths of UBA and we hope to build capacity by bringing in people who have expertise in energy transactions. We have knowledge in structuring oil and gas transactions and we shall train our people here in the region on financing oil and gas deals, no matter the volume and magnitude of the transactions."

He listed tourism, agriculture, infrastructure, inter-African trade and utilities as some of the bank's target business areas in the region.

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