The United Bank for Africa (UBA) Plc, has secured a $150 million Line of Credit (LOC) from African Development Bank Group (AfDB), approved by AfDB’s Board of Directors through its private sector window.
The LOC will help UBA finance infrastructure and SME projects, including women-owned enterprises in Nigeria. It will support infrastructure development, particularly the power sector, which is a major constraint for Nigeria’s economic diversification and inclusive growth.
The LOC will also scale up lending in both urban and rural areas to create more jobs and to promote inclusive growth for Nigeria’s economy by stimulating the various sectors such as manufacturing, construction, agriculture, education and services.
UBA is a leading financial institution sup-porting various infrastructure projects, particularly power, telecom, transport and social infrastructure such as hospital and education facilities in the country.