UBA Gets $150 Credit Line From AFDB

San Francisco (THEWILL) - The African Development Bank (AFDB) has agreed to lend the United Bank for Africa, UBA, $150 million (N22, 350, 000, 000) the largest amount it has ever loaned a private sector institution in Africa.

Representatives of AFDB and UBA signed the agreement in Tunisia on Wednesday at the Tunis headquarters of the Development Bank.

UBA’s Deputy Managing Director, Faith Tuedor-Matthews says it expects to use the loans to support private and public enterprises across Africa.

"The support from the AFDB will further enhance UBA's ability to service its customers across the African continent," she explained.

The loan is coming at a time when credit is tight globally thus demonstrating UBA’s cutting edge in banking.

The bank is one of Nigeria’s biggest in terms of assets and liquidity and has branches in about 11 African countries including Kenya. It also has branches in New York, London and Paris.

It did not receive bailout funds from the Central Bank while in its last quarterly reporting, it said its profit dropped 37 percent.