EIB supports private sector in Nigeria with €60m UBA deal
The lending programme will allow entrepreneurs to expand their business operations.The United Bank for Africa (UBA) and the European Investment Bank (EIB) have agreed on a €60 million lending programme to support the growth of the private sector in Nigeria.
Under this programme, which was agreed on the sidelines of the World Bank Annual Meetings in Washington last week, entrepreneurs and businesses will be able to access loans with longer tenures to invest and expand their business operations, the African Review reports.
The new loan will also leverage UBA's capital expenditure, helping to strengthen support for private investment by expanding branch networks.
"Our growing partnership with the European Investment Bank underlines our long term objective of facilitating the development and growth of African businesses," said UBA's Managing Director Kennedy Uzoka.
He added: "This facility will enable UBA to bridge critical financing gaps for Nigerian companies and deepen our capacity to support growth aspirations in the local and international marketplace."