Nigeria - Line of Credit to United Bank for Africa Plc

The proposed project is to provide United Bank for Africa PLC (UBA) with a Line of Credit (LOC) in an amount of USD 30 million. This facility will be targeted by UBA in the various productive sectors, including the agribusiness, manufacturing and extractive industries, energy, telecommunications and the oil and the gas service sectors. The loan will be used solely for the purposes of providing project finance, specifically to finance the purchase or importation of capital and replacement equipment and machinery as is required, which would be used to increase the productive capacities and the export potential of the sub-borrowers. The loan may also be used by the Borrower to finance the re-capitalisation of the balance sheet of recently privatised and localised companies, so as to, inter alia, increase the productive capacity utilisation of those enterprises. Part of the loan will be used to meet the financing needs of SME’s; particularly those that are export oriented.