EIB and UBA launch new scheme to support small businesses in Africa

Nov 09, 2012

The European Investment Bank (EIB) and United Bank for Africa (UBA) have launched a new programme aiming at strengthening the capacities of small and medium-sized companies (SMEs) in Africa, through a €50 million regional funding initiative.

The European Investment Bank (EIB) and United Bank for Africa (UBA) have launched a new programme aiming at strengthening the capacities of small and medium-sized companies (SMEs) in Africa, through a €50 million regional funding initiative.

"This significant partnership between UBA and the European Investment Bank will benefit small businesses seeking to expand and contribute to strengthening of the financial sector in 16 African countries. The ability to access harmonized financial services across borders will also encourage greater regional economic integration on the continent.” said Pim van Ballekom, European Investment Bank Vice President, in a press release.

The €50 million EIB loan will be used by UBA for on-lending to eligible customers in its countries of operation, contributing to strengthen UBA's African regional network.

The initiative, which supports the development of the financial sector and establishment of best practices in key countries where UBA operates, will target the private sector, including small businesses in post-conflict countries such as Sierra Leone and Ivory Coast and will also be used for expanding and strengthening the under-developed financial sectors of Benin, Chad, Gabon and the Democratic Republic of Congo.ADNFCR-2976-ID-801485401-ADNFCR