Africa’s global bank, United Bank for Africa (UBA) has announced an initiative aimed at providing robust and comprehensive financing solutions to support and boost activities of small and medium scale enterprises (SMEs) across the African continent.
Through this initiative, UBA will be giving SMEs the opportunity to access financing for small businesses that specialise in the key sectors of agro-processing, pharmaceuticals, automotive, transport and logistics.
The financing initiative is powered by UBA’s recent partnership with the African Continental Free Trade Area (AfCFTA) secretariat. It is designed to provide financing for up to $6 billion over the next three years to eligible SMEs across Africa, an agreement which was signed on the sidelines of the 30th Afreximbank Annual Meeting (AAM) which was held in Accra, Ghana.
By the agreement, UBA and AfCFTA agreed to promote the development of SMEs operating in four sectors under the 1st phase of the partnership which…