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UBA Closes €60m Deal With European Investment Bank

The European Investment Bank and United Bank for Africa (UBA) have agreed to a new €60 million lending programme to support private sector-driven growth across Nigeria.

  1. The deal is said to represent the EIB’s largest loan to UBA, and will allow UBA provide longer-term loans than currently available, to private companies in the country.

    The new private sector lending programme was formally agreed on the sidelines of the World Bank Annual/IMF meetings in Washington DC.

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    Ambroise Fayolle, vice president of the European Investment Bank; Kennedy Uzoka, UBA group managing director; and Sola Yomi-Ajayi, head of global financial institutions at UBA, sealed the deal.

    “Private sector investment is crucial for creating jobs and ensuring sustainable economic growth,” Fayolle said, after sealing the deal.

    “The European Investment Bank is committed to unlocking investment across Africa and we are pleased to build on past success to strengthen our partnership with UBA that will benefit projects across Nigeria.”

    Meanwhile, UBA released it third quarter 2016 results which shows a relatively decent quarter for the bank. Q3 2016 PBT grew 16% y/y to N21.3bn.

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