Glamtush
No Result
View All Result
  • Home
  • News
  • Beauty
  • Business & Brands
  • Entertainment
  • Fashion
  • Features
  • Lifestyle
  • Politics
  • Sports
  • Telenovelas
  • Events
  • Home
  • News
  • Beauty
  • Business & Brands
  • Entertainment
  • Fashion
  • Features
  • Lifestyle
  • Politics
  • Sports
  • Telenovelas
  • Events
No Result
View All Result
Glamtush
No Result
View All Result

China Development Bank, UBA Sign $100 Million Loan Deal To Support SMEs in Africa

byCorrespondent
March 1, 2018
in Uncategorized
Reading Time: 3 mins read
SMEs

President of China Development Bank(CDB), Mr. Zheng Zhijie; Chairman of UBA Plc, Mr Tony Elumelu; and GMD/CEO, UBA Plc, Mr. Kennedy Uzoka during the signing of $100 million loan facility agreement, facilitated by CDB for UBA Plc to fund SMEs in Africa…….. in Lagos on Tuesday

Share on FacebookShare on TwitterShare on PinterestShare on WhatsappShare on LinkedinShare on Telegram

United Bank for Africa (UBA) Plc, a pan-African banking group and China Development Bank (CDB), the world’s largest development finance institution, on February 27, 2018 announced the signing of a $100 million seven-year loan agreement to finance the development of small and medium enterprises (SMEs) in Africa.

The $100 million loan will enhance UBA’s capacity to provide access to finance to small and medium enterprises (SMEs) across the 19 African countries where UBA currently operates.

READ ALSO

Fidelity Bank Launches Solar Powered Bags For School Children

Star Life: Lost In Love Teasers August 2025

“We 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,” says Group Managing Director/CEO, UBA Plc, Mr. Kennedy Uzoka.

Uzoka noted that this line of credit is 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.

Sitting from Left: Director General, Global Cooperation Department – Americas and Africa, China Development Bank(CDB), Mr Jin Tao and GMD/CEO, UBA Plc, Mr. Kennedy Uzoka signing a $100 million loan facility agreement to fund SMEs in Africa. Standing behind are President of CDB, Mr. Zheng Zhijie and Chairman of UBA Plc, Mr Tony Elumelu, at the UBA House in Lagos on Tuesday

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’s interest in supporting SMEs aligns with UBA’s vision in growing business across Africa.

“In 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 “  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.

Also commenting, the President of CDB, Mr. Zheng Zhijie, said the agreement 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.

“UBA 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,” Zhije said

UBA, Africa’s global bank, is one of the largest commercial banks in Nigeria incorporated which operates in 19 African countries whilst providing a wide range of products and services. UBA is a leading bank in infrastructure financing particularly in the Power, Telecoms and Transport sectors. UBA leads in social infrastructure such as hospital and education facilities to various countries in Africa. In Nigeria, the bank operates in each of the country’s 36 states, helping to deepen financial inclusion through its brick and mortar network as well as through its cutting edge digital platforms. Globally, UBA has over 1,000 branches and customer touch points, serving over 14 million customers.

CDB, funded in 1994, is the world’s largest development finance institution and, the largest Chinese bank for foreign investment and financing cooperation.  CDB provides medium-to-long-term financing facilities that serve China’s major long-term economic and social development strategies. By the end of 2016, its assets grew to RMB 14.34 trillion, a balance of loans of RMB 10.32 trillion. CDB currently has 37 primary branches and 3 secondary branches on the Chinese mainland, one offshore branch in Hong Kong and five representative offices in Cairo, Moscow, Rio de Janeiro, Caracas and London

Related Posts

Solar Powered Bags
Business & Brands

Fidelity Bank Launches Solar Powered Bags For School Children

July 26, 2025
Lost In Love Teasers August 2025
Star Life

Star Life: Lost In Love Teasers August 2025

July 26, 2025
Advocate Anjali Teasers August 2025
Star Life

Star Life: Advocate Anjali Teasers August 2025

July 26, 2025
AI Investment
News

Google Unveils $37M AI Investment And New Community Center In Africa

July 26, 2025
RADAR Africa
Celebrities

Spotify RADAR Africa Turns The Volume Up On FOLA And Thakzin

July 26, 2025
Pregnancy
Society/Gists

Priscilla Ojo & Juma Jux Announce Pregnancy, Share Adorable Baby Bump Photos

July 25, 2025
Next Post
Bored

30 Things To Do When You Are Bored

LATEST COVER

Priscilla Ojo

GPBN Associates Member

Fidelity Bank

Zenith Bank

Solar Powered Bags

Fidelity Bank Launches Solar Powered Bags For School Children

July 26, 2025
Lost In Love Teasers August 2025

Star Life: Lost In Love Teasers August 2025

July 26, 2025
Advocate Anjali Teasers August 2025

Star Life: Advocate Anjali Teasers August 2025

July 26, 2025
AI Investment

Google Unveils $37M AI Investment And New Community Center In Africa

July 26, 2025
RADAR Africa

Spotify RADAR Africa Turns The Volume Up On FOLA And Thakzin

July 26, 2025
Pregnancy

Priscilla Ojo & Juma Jux Announce Pregnancy, Share Adorable Baby Bump Photos

July 25, 2025
Jhanak Teasers August 2025

Star Life: Jhanak Teasers August 2025

July 25, 2025
SME

Fidelity Bank Empowers SMEs With Business Management Systems

July 25, 2025
Sterling One Foundation

Sterling One Foundation, UN Set Stage For Africa’s Next Leap At ASIS 4.0

July 25, 2025
Blood

Access Group Staff Donates Blood Across Africa In Life-Saving Initiative  

July 24, 2025

GLAMTUSH

 

Glamtush publishes the latest trends in fashion, beauty, and lifestyle, as well as those making the fashion world interesting and adorable.

RELEVANT PAGES

  • About Us
  • Advertise
  • Contact Us

REACH OUT

Do you have any news for us? Event Coverage, Press Releases or Adverts? Then reach out to us via glamtush@gmail.com or glamtush15@gmail.com

OFFICE ADDRESS

Lagos, Nigeria

Copyright © 2022 Glamtush

  • About Us
  • Advertise
  • Contact Us
  • Disclaimer
  • Glamtush – Nigeria News, Nigerian Newspapers, Naija News
  • Glamtush – Nigeria News, Nigerian Newspapers, Naija News
  • Terms And Conditions
  • Write for Us

© 2022 Glamtush

No Result
View All Result
  • Home
  • News
  • Beauty
  • Business & Brands
  • Entertainment
  • Fashion
  • Features
  • Lifestyle
  • Politics
  • Sports
  • Telenovelas
  • Events

© 2022 Glamtush