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 letter of intent for $100 million seven-year 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. “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. About China Development Bank:CDB, funded in 1994, is the world’s largest development finance institution and is the largest Chinese bank for foreign investment and financing cooperation.

Source: GNN Liberia March 01, 2018 16:07 UTC