The African Export-Import Bank (Afreximbank) and the United Bank for Africa (UBA) Plc have signed a $150 million trade finance facility agreement under the Ukraine Crisis Adjustment Trade Financing Programme for Africa.

The funding will be utilised to finance trade and trade-related transactions in support of UBA clients to facilitate increased financing of trade businesses in various sectors of the Nigerian economy to mitigate the adverse effects of the Russia-Ukraine crisis.

Signed by Mr Denys Denya, Executive Vice President, Finance, Administration and Banking Services, Afreximbank, and Mr Oliver Alawuba, Managing Director of UBA PLC, the facility is expected to enhance confidence in the settlement of international trade transactions for strategic imports.

According to a statement, this is one of financing and other agreements valued in excess of one billion Dollars agreed upon between the Cairo-based bank and several leading business entities from across the continent at the ongoing third Intra-African Trade Fair (IATF2023) which started last week and will conclude on Wednesday, November 15.

Source: Business Post