The United Bank for Africa (UBA) has assured the public of its commitment to deepening intra-African trade to achieve self-reliance and economic development.
The bank encourages Africa to deliberate about measures to attain economic liberation that will drive the continent towards a positive scale.
UBA’s Deputy Managing Director, Muyiwa Akinyemi, said this during the Africa Day celebration at the ongoing 37th Lagos International Trade Fair held at the Tafawa Balewa Square with UBA as the headline sponsor.
Speaking during the celebration of the ongoing 37th Lagos International Trade Fair, which was held at Tafawa Balewa Square, UBA’s Deputy Managing Director, Muyiwa Akinyemi, explained that the bank’s dedication to SMEs and trade advancement across Africa is what informed its recent agreement with the Africa Continental Free Trade Area (AfCFTA) Secretariat to provide financing for up to US$6 billion over the next three years to eligible businesses across the continent.
He said,
- We signed the agreement with AfCFTA on the sidelines of the 30th Afreximbank Annual Meeting (AAM) held in Accra, Ghana. By this agreement, both parties are to promote the development of SMEs operating in four sectors under the 1st phase of the partnership, which is primarily import-dependent on providing technical and financing solutions for intra-African and domestic alternatives. These economic sectors are Agro-processing, Automotive, Pharmaceuticals, Transport and Logistics.
- One of the critical initiatives of the AfCFTA is to improve SMEs' access to finance and markets to encourage their growth and contribution to the socio-economic development of Africa. UBA remains committed to supporting the growth and development of SMEs across Africa. This aligns with our strategic focus on the SME segment being a catalyst for Africa's economic development.
Read more: https://www.investingport.com/uba-in-partnership-with-afcfta-supports-smes-with-6-billion/