Economic/Infrastructural Development: New Optimism As UBA Collaborates With US EXIM Bank.
LAGOS, October 20, (THEWILL) - Poised to enhance the developmental effort of the Nigerian economy, the Pan African Banking group, the United Bank for Africa (UBA) Plc is exploring fresh opportunities with the United States Export –Import Bank (USEXIM) on ways of enhancing economic development and bridging the gaps infrastructure in NIgeria. This collaboration, in addition to strategic issues between UBA and EXIM Bank of the US formed the spotlight of a meeting between top management of both institutions at the Head Office of UBA in Lagos on Monday, October 17, 2011.
The EXIM Bank is the official export credit agency of the United States whose mission is to assist in financing the export of U.S. goods and services to international markets. The visit to UBA was aimed at exploring ways of intervening in critical sectors of the Nigerian economy in partnership with local players like UBA. As a highly valued strategic partner of the bank and a global leader in structured trade finance and related business, the meeting according to Group Managing Director/CEO Mr. Phillips, specifically discussed financing opportunities in the area of Infrastructural development, manufacturing and processing, agriculture and agro-allied businesses, construction, oil and gas as well as the power sectors of the economy.
Also speaking during the meeting, Vice Chairperson of EXIM Bank, Wanda Felton said, “US EXIM is ready to expand and deepen its business relationship/partnership with UBA”. She said that since inception, the bank's interventions have resulted in investments in excess of US$456 billion of U.S. exports, primarily to developing markets worldwide covering key industrial sectors including oil & gas, mining, agribusiness, renewable energy, construction equipment & services, medical equipment & services, aircraft & avionics, power generation & related services.
“US EXIM Bank also supports long-term financing for transactions or projects that are over US$10million adding that repayment terms are typically up to 10 years, but can be up to 12 years for large civil aircraft and up to 18 years for nuclear power plants and certain renewable energy and water sector exports,” she stated.