Africa’s global bank, the United Bank for Africa (UBA) Plc, on Monday announced to invest US$6 billion in funding for African small and medium enterprises within the next three years through the Africa Continental Free Trade Area (AFCFTA) Secretariat. signed an agreement with.
An analysis of the US$6 billion investment shows that a total of US$1.2 billion has been budgeted for the year 2023; US$1.9bn for 2024 and US$2.88bn for 2025.
UBA signed the agreement with AFCFTA on the sidelines of the 30th Afreximbank Annual Meeting (AAM) opening ceremony held in Accra, Ghana on Monday.
Through this agreement, UBA will provide financial services to small and medium enterprises (SMEs) in four main sectors – agro-processing, automotive, pharmaceuticals, and transport and logistics – with the aim of promoting intra-Africa trade. 20 African countries where UBA operates.
