EXIM Bank and UBA sign agreement to finance trade between US and Africa
MoU allows for the provision of up to $100 million in loans.The Export-Import Bank of the United States (EXIM Bank) and United Bank for Africa (UBA) have signed a memorandum of understanding (MOU) to expand trade between the U.S. and sub-Saharan Africa.
The agreement will promote the availability of EXIM financing of up to $100 million (€88 million) in the region.
UBA said in a press release that it will work with EXIM Bank to share information and develop export-financing opportunities in key sectors including commodities, agriculture and food products and equipment purchases.
The two banks will also explore options for offering a range of financing solutions for American exporters and African buyers, including short and medium-term financing programs that allow for flexible repayment terms and competitive insurance policies guaranteed by EXIM.
UBA, headquartered in Nigeria, is one of the Africa’s largest banks with operations in 19 African countries.
Earlier this month, it received a $150 million line of credit from the African Development Bank to finance infrastructure and SME projects, including women-owned enterprises in Nigeria.