Nigeria - Line of Credit to United Bank for Africa Plc


Project Summary

Approval Date 20 Dec 2000
Signature Date 29 May 2001
Sovereign / Non-Sovereign Non Sovereign
Sector Finance
DAC Sector Code 24030
Commitment U.A 19,555,694.62
Status Completion

Project General Description

The proposed project is to provide United Bank for Africa PLC (UBA) with a Line of Credit (LOC) in an amount of USD 30 million. This facility will be targeted by UBA in the various productive sectors, including the agribusiness, manufacturing and extractive industries, energy, telecommunications and the oil and the gas service sectors. The loan will be used solely for the purposes of providing project finance, specifically to finance the purchase or importation of capital and replacement equipment and machinery as is required, which would be used to increase the productive capacities and the export potential of the sub-borrowers. The loan may also be used by the Borrower to finance the re-capitalisation of the balance sheet of recently privatised and localised companies, so as to, inter alia, increase the productive capacity utilisation of those enterprises. Part of the loan will be used to meet the financing needs of SME’s; particularly those that are export oriented.

Project Objectives

The LOC will facilitate establishment; rehabilitation, expansion, modernisation and diversification of private sector productive facilities in various sectors of the Nigerian economy.

Beneficiaries

The beneficiaries are Nigerian Government, private sector and SMEs.

Participating Organization

Funding
African Development Bank

Information

IATI identifier 46002-P-NG-HA0-001
Last Update 31 Oct 2019

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Contact Details

Email private-sector@afdb.org

Geographic Location

Country Nigeria