United Bank for Africa (UBA) Plc, and Deutsche Investitions- und Entwicklungsgesellschaft mbH, the German Development Finance Institution have entered into a partnership aimed at supporting Small and Medium Enterprises (SMEs) in Nigeria.
To this end, both institutions have signed a USD 50million term facility agreement with a tenor of six years targeted at supporting SMEs and family owned businesses in Nigeria.
UBA America’s Chief Executive Officer, Sola Yomi-Ajayi, who spoke about the partnership, said as a financial institution, UBA remains passionate about the growth of the private sector and small businesses which according to her, remains critical for any developing country. She noted that the passion to see this sector succeed is what led both organisations to collaborate on this laudable feat.
Yomi-Ajayi, who is also the Global Head for Financial Institutions, Multilateral and Development Organisations, said, “At UBA Group, we are proud of this collaboration with DEG, particularly as it supports our financial intervention in the SME space, enabling financial inclusion, as well as facilitating economic empowerment.
She said, “These objectives remain core aspects of our strategy, particularly as regards to facilitating the achievement of Sustainable Development Goals on the African continent.”
In his comments, DEG’s Regional Director for West Africa, Bernhard Tilemann, said, “DEG is delighted to enter into a long-term cooperation with UBA in Nigeria and the region.