United Bank of Africa (UBA) recently announced an initiative focused on providing unique and detailed financing solutions to help foster small and medium-scale enterprises (SMEs) across the African continent.
With this development, UBA will be offering SMEs a platform to access funds from small-scale businesses that will focus on key aspects such as pharmaceuticals, Agro-processing, automotive and transport, and logistics.
The funding is inspired by UBA’s recent partnership with the African Continental Free Trade Area (AfCFTA) secretariat to give out $6 billion in the next three years to qualified SMEs across Africa. This agreement was signed at the 30th Afreximbank Annual Meeting held in Accra, Ghana.
In the agreement, UBA and AfCFTA agreed that they would provide a level playing field for SMEs that operate in Four sectors under the first phase of the partnership, which is largely dependent on imports. Also, they will be providing financial and technical solutions for intra-African and domestic alternatives. The four sectors are agro-processing, automotive, pharmaceuticals, transport, and logistics.
The deputy managing director of UBA, Muyiwa Akinyemi, who signed on behalf of the bank, said that UBA remains committed to supporting the growth and development of SMEs across Africa.
Read more: https://www.investingport.com/ubas-6-billion-afcfta-loan-to-boost-african-smes/