|Approval Date||08 Jun 2016|
|Signature Date||30 Nov 2016|
|Sovereign / Non-Sovereign||Non Sovereign|
|DAC Sector Code||24030|
This project involves a credit line (LC) of up to US $ 150 million for United Bank for Africa (UBA) to finance infrastructure projects targeting the electricity sector (generation and distribution) and other sectors such as agriculture, manufacturing and education, as well as SMEs and women's businesses in Nigeria. UBA is one of the oldest and most important financial institutions in Nigeria, with a domestic market share of 9% of total assets at the end of 2014. The proposed intervention will complement the Bank's ongoing efforts to support the agriculture, water and transport sectors.
The project will provide UBA with access to long-term foreign currency financing needed to finance infrastructure development, at a time when US funding is becoming increasingly scarce on the market. In addition, the facility will help improve access to finance for SMEs, including women-owned businesses, thus complementing infrastructure projects by creating more business opportunities and a better business climate for SMEs.
The direct beneficiaries of the intervention are United Bank for Africa (UBA), the infrastructure sectors and other sectors such as agriculture, manufacturing and education, as well as SMEs and women's businesses in Nigeria.
African Development Bank
|Last Update||31 Oct 2019|