UBA Group, BII Sign Letter of Intent to Explore Trade Finance Collaboration across Africa

United Bank for Africa (UK) Limited (“UBA UK”) and British International Investment plc (“BII”), the UK’s improvement concern instauration and interaction investor, contiguous announced that they person signed a missive of intent to make commercialized concern collaboration opportunities. The projected inaugural aims to grow entree to commercialized and moving superior facilities for businesses operating crossed Africa.

Access to commercialized concern remains 1 of the astir important structural constraints connected African trade. Businesses – peculiarly tiny and medium-sized enterprises – are often incapable to unafraid letters of credit, guarantees, and proviso concatenation concern connected commercially viable terms, limiting their capableness to export and import competitively. This commercialized concern spread is estimated by the African Development Bank to beryllium implicit USD 80 cardinal annually.

To assistance adjacent this gap, UBA UK, the London subsidiary of UBA Group, Africa’s Global Bank, volition leverage its heavy relationships crossed the Group’s 20-country African web to originate and operation commercialized concern transactions. While BII, with a mandate to enactment productive, sustainable, and inclusive maturation crossed Africa, tin enactment transactions that mightiness different autumn extracurricular accepted commercialized appetite.

“The signing of this missive with BII represents a landmark infinitesimal fo...