Nairobi — The United Bank for Africa (UBA) Group has committed Sh19 billion ($150 million) to Kenya's Road Infrastructure Securitisation Programme, in a move expected to accelerate the country's transport modernization and regional trade integration.
The commitment was announced during a high-level meeting between President William Ruto and UBA Group Chairman Tony O. Elumelu, who also heads the Tony Elumelu Foundation.
President Ruto lauded UBA's instrumental role in the $1 billion programme, describing it as a vote of confidence in Kenya's growth agenda and a key driver of connectivity within the East African Community.
"We value institutions like UBA that understand Africa's development journey and share our vision for sustainable growth," said President Ruto. "Through collaboration and innovation, we will drive the transformation that powers Kenya's future."
Follow us on WhatsApp | LinkedIn for the latest headlines
The Head of State reaffirmed his administration's partnership with UBA in delivering transformative national projects, including railway modernization, airport expansion, food security, and nationwide water distribution.
He further outlined Kenya's plan to add 10,000 megawatts of electricity within seven years through a Sh2.3 trillion ($15 billion) investment, aiming to boost energy independence and industrial growth.
UBA Chairman Tony Elumelu reiterated the Group's long-term commitment to Kenya, pledging to expand investments across energy, real estate, hospitality, and banking sectors.
"UBA is not just a bank; we are a development partner," Elumelu said. "Kenya's youth, innovation, and entrepreneurial drive make it one of Africa's most exciting markets. We see immense opportunity for growth and impact through UBA Kenya."
UBA operates in 20 African countries and maintains offices in New York, London, Paris, and Dubai. Its Kenyan subsidiary provides a full range of banking services focused on technology-driven efficiency and sustainable development.
