Afreximbank Grants UBA $150m Trade Finance Facility

United Bank for Africa Plc has got a $150m trade finance facility from the African Export-Import Bank, to cushion the effect of the Ukraine war on customers.

In a statement, UBA noted that the facility formed part of Afreximbank’s Ukraine Crisis Adjustment Trade Financing Programme for Africa.

It stated that the signing ceremony for the trade finance had been concluded by both institutions on the sidelines of the ongoing Intra-African Trade Fair, organized by Afreximbank in Cairo, Egypt on Saturday.

It stated, “The terms of the agreement state that the facility will be utilised to finance trade and trade-related transactions in support of UBA’s clients.

“In addition, the facility will aid in increased financing of trade businesses in various sectors of the Nigerian economy, thereby, mitigating the adverse effects of the Russia-Ukraine crisis. “

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