{"id":21861,"date":"2018-03-01T16:15:20","date_gmt":"2018-03-01T15:15:20","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=21861"},"modified":"2018-03-01T16:15:20","modified_gmt":"2018-03-01T15:15:20","slug":"china-development-bank-uba-sign-letter-intent-100-million-loan-deal-support-smes-africa","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/china-development-bank-uba-sign-letter-intent-100-million-loan-deal-support-smes-africa\/","title":{"rendered":"China Development Bank, UBA Sign Letter Of Intent For A  $100 million Loan Deal To Support SMEs In Africa"},"content":{"rendered":"<p class=\"yiv3029242077MsoNormal\"><span lang=\"EN-US\">United Bank for Africa (UBA) Plc, a pan-African banking group and China Development Bank (CDB), the world\u2019s largest development finance institution, on February 27, 2018 announced the signing of a letter of intent for \u00a0$100 million seven-year to finance the development of small and medium enterprises (SMEs) in Africa.<\/span><\/p>\n<p class=\"yiv3029242077MsoNormal\"><span lang=\"EN-US\">The $100 million loan will enhance UBA\u2019s capacity to provide access to finance to small and medium enterprises (SMEs) across the 19 African countries where UBA currently operates.<\/span><\/p>\n<p class=\"yiv3029242077MsoNormal\"><span lang=\"EN-US\">\u201cWe are excited to partner with China Development Bank (CDB), the Development Financial Institution of the Chinese Government, on this historic transaction, as we strongly believe that the facility will serve as a catalyst to the sustainable development of commerce and industry in Africa through provision of critical financial interventions to SMEs across our presence countries,\u201d says Group Managing Director\/CEO, UBA Plc, Mr. Kennedy Uzoka.<\/span><\/p>\n<p class=\"yiv3029242077MsoNormal\"><span lang=\"EN-US\">Uzoka noted that fund would be timely, as it should complement the recovery of economic activities. It will also further encourage African entrepreneurship particularly as the funds will be applied to SMEs, which are important for inclusive growth on the continent. \u00a0\u00a0\u00a0<\/span><\/p>\n<p class=\"yiv3029242077MsoNormal\"><span lang=\"EN-US\">Speaking during the signing ceremony, Chairman of UBA Plc, Mr. Tony Elumelu said that the fund will boost small and medium scale enterprises across Africa, noting that CDB\u2019s interest in supporting SMEs aligns with UBA\u2019s vision in growing business across Africa.<\/span><\/p><div data-ad-id=\"32665\" style=\"text-align:center; margin-top:0px; margin-bottom:0px; margin-left:0px; margin-right:0px;float:none;\" class=\"afw afw_ad_image afw_ad afwadid-32665  \">\r\n                                                            <div style=\"font-size:10px;text-align:center;color:#cccccc;\">Advertisement<\/div>\r\n\t\t\t\t\t\t\t<a target=\"_blank\" href=\"http:\/\/www.accessbankplc.com\" rel=\"nofollow\"><img decoding=\"async\" height=\"auto\" max-width=\"100%\" src=\"https:\/\/nationalwire.com.ng\/wp-content\/uploads\/2019\/06\/Banner-1.jpg\"><\/a>\r\n                                                                        \r\n\t\t\t\t\t\t\t<\/div>\n<p class=\"yiv3029242077MsoNormal\"><span lang=\"EN-US\">\u201cIn UBA, CDB would have an enduring partner in reaching out to Africans as UBA provides banking services to over 14 million people across 20 African countries, and like CDB, UBA funds critical infrastructural projects on the continent\u2019\u00a0 Elumelu said. He expressed that he would like to see an even stronger relationship grow with CDB and UBA as well as with China and Nigeria.<\/span><\/p>\n<p class=\"yiv3029242077MsoNormal\"><span lang=\"EN-US\">Also commenting, the President of CDB, Mr. Zheng Zhijie, said the loan intent is the beginning of cooperation between UBA and CDB that would translate into an enduring business relationship between China and Africa and Nigeria in particular.<\/span><\/p>\n<p class=\"yiv3029242077MsoNormal\"><span lang=\"EN-US\">\u201cUBA is a leading and dependable bank not only in Nigeria but Africa, and this partnership will help our Bank to accelerate its business objectives in Africa, more importantly as we deepen our investment in energy, road and rail constructions, infrastructure in Africa,\u201d Zhije said<\/span><\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>United Bank for Africa (UBA) Plc, a pan-African banking group and China Development Bank (CDB), the world\u2019s largest development finance institution, on February 27, 2018 announced the signing of a letter of intent for \u00a0$100 million seven-year to finance the development of small and medium enterprises (SMEs) in Africa. The $100 million loan will enhance &hellip;<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":6,"featured_media":21862,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[3749],"coauthors":[2391],"class_list":["post-21861","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-china-development-bank"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>China Development Bank, UBA Sign Letter Of Intent For A $100 million Loan Deal To Support SMEs In Africa - National Wire<\/title>\n<meta name=\"description\" content=\"United Bank for Africa (UBA) Plc, a pan-African banking group and China Development Bank (CDB), the world\u2019s largest development finance institution, on February 27, 2018 announced the signing of a letter of intent for \u00a0$100 million seven-year to finance the development of small and medium enterprises (SMEs) in Africa.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/china-development-bank-uba-sign-letter-intent-100-million-loan-deal-support-smes-africa\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China Development Bank, UBA Sign Letter Of Intent For A $100 million Loan Deal To Support SMEs In Africa - 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