In a strategic move to counter the economic repercussions of the Russia-Ukraine crisis, the African Export-Import Bank (Afreximbank) and United Bank for Africa (UBA) Plc. have inked a landmark $150 million trade finance facility agreement.
The deal, executed on the sidelines of the Intra-African Trade Fair (IATF) 2023, aims to fortify UBA’s clients and bolster financing for businesses across diverse sectors in Nigeria.
Denys Denya, Executive Vice-President, Finance, Administration Banking Services at Afreximbank, and Oliver Alawuba, Managing Director of UBA PLC, formalized the agreement.
The funding, an integral part of the Ukraine Crisis Adjustment Trade Financing Programme for Africa, targets mitigating the adverse effects of the geopolitical turmoil on trade.
Afreximbank emphasized that the facility will play a pivotal role in boosting confidence in the settlement of international trade transactions, particularly for critical imports such as food, medications, and agricultural products.
By addressing the heightened demand for trade finance support, the initiative aims to reinforce economic stability and growth in Nigeria.
This move aligns with Afreximbank’s mandate to support small and medium-sized enterprises, particularly those in the manufacturing sector.
The goal is to catalyze increased production, thereby contributing to overall economic development in Nigeria.
The agreement underscores the commitment of both financial institutions to navigate challenges and foster resilience in the face of global economic uncertainties.
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