United Bank for Africa (UBA) Plc in conjunction with a Germany based firm Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG), has decided to support small and medium scale businesses (SMEs) in Nigeria.
Both institutions have signed a $50 million term-facility agreement. The facility with a tenor of six years is targeted at supporting SMEs and family-owned businesses.
Chief Executive Officer, UBA America, 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 UBA Group was proud of the collaboration with DEG, particularly as it supports financial intervention in the SME space, enabling financial inclusion, as well as facilitating economic empowerment.
“These objectives remain core aspects of our strategy, particularly as regards to facilitating the achievement of Sustainable Development Goals on the African continent,” Yomi-Ajayi said.
Regional Director, West Africa, DEG, Bernhard Tilemann, said the development finance institution was delighted to enter into a long-term cooperation with UBA in Nigeria and the region.
“This cooperation will address the current economic challenges of the country while fostering private sector growth and impact in the largest economy of the continent,” Tilermann said.