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The Lion King | 7
Milestone For The Quarter
UBA and European Investment Bank
to
support Small Businesses across Africa
U
BA and the European
Investment Bank (EIB) on
Tuesday, November 6, 2012,
signed a Euro 50 million Regional
Funding Initiative for Small Scale
Enterprises in Africa at a signing
ceremony held at the UBA head
office Lagos, Nigeria.
The EIB loan will be used by UBA
for on-lending to eligible custom-
ers in its countries of opera-
tion. The initiative will assist UBA
strengthen its African regional
network and represents the
first time EIB has provided such
facility to a Nigerian Bank for
on-lending to small and medium
sized businesses across borders.
Head of Division, West Africa,
Sahel, Caribbean, European
Investment Bank (EIB), Mr. Guus
Heimm led the EIB team at the
signing while Group Managing
Director/CEO, Mr. Phillips Oduoza
led the UBA team.
The European Investment Bank
recognizes the need to help the
banking sector across Africa
overcome effects of the global
financial crisis and ensure sustain-
able development of small and
medium sized business.
Speaking at the event, GMD
highlighted the strategic intent
of our African expansion while
reiterating that the partner-
ship with EIB provides us with an
additional source of medium
to long term funding and will
enhance financial interme-
diation in key sectors such as
agriculture, manufacturing,
infrastructure, transport, energy,
health, education and, other
sectors where long term funding
is required.
R-L: Group Managing Director/CEO, UBA Plc, Mr. Phi l l ips Oduoza and Mr. Guus Heim, Head of Division, West Africa, European Investment Bank(EIB), during the
signing of Euro 50 mi l l ion Regional Funding Initiative for Smal l Scale Enterprises in Africa
The initiative will
assist UBA strengthen
its African regional
network and
represents the
first time EIB has
provided such facility
to a Nigerian Bank