The European Investment Bank and United Bank for Africa (UBA) have agreed a new EUR 60 million lending programme to support private sector investment across Nigeria.
This represents the EIB’s largest ever loan to UBA and will allow UBA to provide longer term loans than currently available to private companies in Nigeria.
The new private sector lending programme was formally agreed on the side-lines of the World Bank Annual Meetings in Washington DC by Ambroise Fayolle, Vice President of the European Investment Bank and Kennedy Uzoka, Group Managing Director and Sola Yomi-Ajayi. Head of Global Financial Institutions at UBA.
“Private sector investment is crucial for creating jobs and ensuring sustainable economic growth. 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.” said Ambroise Fayolle, Vice President of the European Investment Bank.
Speaking at the signing ceremony, Kennedy Uzoka, Group Managing Director, UBA said
“Our growing partnership with the European Investment Bank underlines our long term objective of facilitating the development and growth of African businesses. This facility will enable UBA bridge critical financing gaps for Nigerian companies and deepen our capacity to support their growth aspirations in the local and international market place