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China Development Bank, UBA Sign $100m Loan Deal To Support Smes In Africa - Business - Nairaland

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China Development Bank, UBA Sign $100m Loan Deal To Support Smes In Africa by edunwablog: 5:09am On Feb 28, 2018
United Bank for Africa (UBA) Plc, a pan-African banking group, and China Development Bank (CDB), the world’s largest development finance institution, yesterday 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 would enhance UBA’s capacity to provide access to finance to small and medium enterprises (SMEs) across the 19 African countries where UBA currently operates.


“We are excited to partner 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,” Group Managing Director/CEO, UBA Plc, Mr. Kennedy Uzoka, said.

Uzoka noted that this line of credit is timely, as it would 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.
Speaking during the signing ceremony, Chairman of UBA Plc, Mr. Tony Elumelu, said the fund would 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 African continent,” Elumelu said. He expressed hope that he would like to see a 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 was 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 which operates in 19 African countries while providing a wide range of products and services.
It is the 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, founded in 1994, is the world’s largest development finance institution and, the largest Chinese bank for foreign investment and financing cooperation.
It 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 three 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

http://www.akelicious.com/2018/02/china-development-bank-uba-sign-100m.html

Re: China Development Bank, UBA Sign $100m Loan Deal To Support Smes In Africa by Atiku2019: 5:21am On Feb 28, 2018
shocked
Re: China Development Bank, UBA Sign $100m Loan Deal To Support Smes In Africa by Desyner: 6:26am On Feb 28, 2018
How are these loans accessible self. Hope UBA won't give it out at 24% - 30%

2 Likes

Re: China Development Bank, UBA Sign $100m Loan Deal To Support Smes In Africa by ekmike(m): 7:04am On Feb 28, 2018
That's how they call it smes loan but when you approach them for it, you start hearing requirements like annual turneover of #100million for a business that is less than 2 years to borrow 5-10milliion.

6 Likes

Re: China Development Bank, UBA Sign $100m Loan Deal To Support Smes In Africa by Nobody: 7:26am On Feb 28, 2018
angry





They keep saying they are supporting SME's with loans but the terms and conditions of these loans are out of this world. All thanks to the Nigerian government coupled with the banks to scam the citizens of this country..




I won't be surprised if they ask for my great grandfather's signature before I can access the loan.!

9 Likes

Re: China Development Bank, UBA Sign $100m Loan Deal To Support Smes In Africa by saydfact(m): 7:26am On Feb 28, 2018
Except the definition of SME in Nigeria = Average Billionaire's business

wasted fund

2 Likes

Re: China Development Bank, UBA Sign $100m Loan Deal To Support Smes In Africa by Wizberg12(m): 7:27am On Feb 28, 2018
We already have enough loans unsettled, China please, keep you money let's solve our problems first
Re: China Development Bank, UBA Sign $100m Loan Deal To Support Smes In Africa by smokedfish: 7:28am On Feb 28, 2018
;Dloan na for them them
Re: China Development Bank, UBA Sign $100m Loan Deal To Support Smes In Africa by abiolag(m): 7:28am On Feb 28, 2018
Is it not this same amount one OBO take buy car or wetin he buy sef?
Hope UBA will give d loan to those who really deserves it
Re: China Development Bank, UBA Sign $100m Loan Deal To Support Smes In Africa by Nobody: 7:32am On Feb 28, 2018
This is a country not that shithole called Nigeria
Re: China Development Bank, UBA Sign $100m Loan Deal To Support Smes In Africa by ifrosh: 7:35am On Feb 28, 2018
I cant read all this just wanna take my bath,dress up and straight to Nnamdi azikiwe airport,am leaving this country by fire by force........am going back to Ilorin.

1 Like

Re: China Development Bank, UBA Sign $100m Loan Deal To Support Smes In Africa by sismatic01: 7:35am On Feb 28, 2018
I hope it won't be like the same SME lending we already have. Difficult to access by small businesses due to collateral and other stringent conditions. Commercial banks and CBN really need to come up with ways of making these intervention funds easily accessible by SMEs.
Re: China Development Bank, UBA Sign $100m Loan Deal To Support Smes In Africa by Nihao: 7:35am On Feb 28, 2018
Good Job UBA, But make sure its actually meant for SMEs, that will really help the economy.
Re: China Development Bank, UBA Sign $100m Loan Deal To Support Smes In Africa by uzohrome(m): 7:38am On Feb 28, 2018
With or without collateral? Hustle ur way my people and forget
Re: China Development Bank, UBA Sign $100m Loan Deal To Support Smes In Africa by Nobody: 7:41am On Feb 28, 2018
Abeg wat happened to the naira yuan deal o

2 Likes

Re: China Development Bank, UBA Sign $100m Loan Deal To Support Smes In Africa by Ishilove: 7:41am On Feb 28, 2018
More loans, never ending debts...

1 Like

Re: China Development Bank, UBA Sign $100m Loan Deal To Support Smes In Africa by chuksjuve(m): 7:44am On Feb 28, 2018
This loans will not be accessible to start ups and project driven entrepreneurs but will be made accessible to politicians for 2019 election campaigns..

..........................................................
We simply add value to your real estate properties...

Check my profile and be happy
Re: China Development Bank, UBA Sign $100m Loan Deal To Support Smes In Africa by tunary(m): 7:46am On Feb 28, 2018
Embezzlement Ti ready
Re: China Development Bank, UBA Sign $100m Loan Deal To Support Smes In Africa by damola1: 7:48am On Feb 28, 2018
UBA is a useless bank. with very bad record with smes. CDB should find maybe some micro finance to deal with. not these ones. they are going to share the money and then the big boys will owe and amcon will buy the loan with tax payers money.

how many sme have they powered?
Re: China Development Bank, UBA Sign $100m Loan Deal To Support Smes In Africa by Yoshy: 7:51am On Feb 28, 2018
Beautiful, UBA does not dupe customers like some Banks I know.
Re: China Development Bank, UBA Sign $100m Loan Deal To Support Smes In Africa by kings09(m): 7:53am On Feb 28, 2018
Bla bla bla....same bla bla bla everyday
Re: China Development Bank, UBA Sign $100m Loan Deal To Support Smes In Africa by 400billionman: 8:06am On Feb 28, 2018
Kudos to UBA and it's chairman Elumelu. A man with a heart for youths
Re: China Development Bank, UBA Sign $100m Loan Deal To Support Smes In Africa by Tajbol4splend(m): 8:09am On Feb 28, 2018
Desyner:
How are these loans accessible self. Hope UBA won't give it out at 24% - 30%

In fact I strongly believe it should not include interest
Re: China Development Bank, UBA Sign $100m Loan Deal To Support Smes In Africa by 400billionman: 8:14am On Feb 28, 2018
Desyner:
How are these loans accessible self. Hope UBA won't give it out at 24% - 30%
The soaring interest rates are the major shortfall. what happens if Nigerian banks lend at 8% like their foreign counterparts. CBN doesn't want this economy to grow
Re: China Development Bank, UBA Sign $100m Loan Deal To Support Smes In Africa by Kobicove(m): 8:30am On Feb 28, 2018
I hope the loans will not be diverted to friends and cronies undecided

1 Like

Re: China Development Bank, UBA Sign $100m Loan Deal To Support Smes In Africa by Joshuaoseoboh(m): 8:41am On Feb 28, 2018
ifrosh:
I cant read all this just wanna take my bath,dress up and straight to Nnamdi azikiwe airport,am leaving this country by fire by force........am going back to Ilorin.
I can see you have headache on your leg
Re: China Development Bank, UBA Sign $100m Loan Deal To Support Smes In Africa by ifrosh: 8:47am On Feb 28, 2018
Joshuaoseoboh:
I can see you have headache on your leg
No actually it is u that ave stomach pain in ur bumbum.
Re: China Development Bank, UBA Sign $100m Loan Deal To Support Smes In Africa by Joshuaoseoboh(m): 8:52am On Feb 28, 2018
ifrosh:

No actually it is u that ave stomach pain in ur bumbum.
So why are you vomiting with your armpit
Re: China Development Bank, UBA Sign $100m Loan Deal To Support Smes In Africa by ifrosh: 8:57am On Feb 28, 2018
Joshuaoseoboh:

So why are you vomiting with your armpit

Bro abeg how many mechanic ave done some repairing on ur brain this year......coz ur brain functioning looks a bit BUHARIC.
Re: China Development Bank, UBA Sign $100m Loan Deal To Support Smes In Africa by Akamo(m): 9:24am On Feb 28, 2018
Tajbol4splend:


In fact I strongly believe it should not include interest

it has to include interest na, That's why it's a loan. Moreover, am sure the chinese wont be giving it without interest as well.
Re: China Development Bank, UBA Sign $100m Loan Deal To Support Smes In Africa by Joshuaoseoboh(m): 10:07am On Feb 28, 2018
ifrosh:


Bro abeg how many mechanic ave done some repairing on ur brain this year......coz ur brain functioning looks a bit BUHARIC.
Ok. Its becoming more insulting. I rest my case
Re: China Development Bank, UBA Sign $100m Loan Deal To Support Smes In Africa by Joshuaoseoboh(m): 10:57am On Feb 28, 2018
ifrosh:


Bro abeg how many mechanic ave done some repairing on ur brain this year......coz ur brain functioning looks a bit BUHARIC.
Its becoming insulting. Bye bye

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