African Guarantee Fund Partners On $100m SME Loan.

African Guarantee Fund Partners On $100m SME Loan.

African Guarantee Fund and United Bank for Africa have signed a partnership that will benefit Small and Medium Enterprises across 20 African countries

African Guarantee Fund under this agreement will support and guarantee SMEs with a $50m Portfolio Guarantee as well as facilitate extensive capacity development for the bank’s customers who run small businesses across the continent, paying special attention to women-led businesses and green finance projects.

UBA’s Group Managing Director, Oliver Alawuba, who spoke during the partnership signing ceremony at the bank’s Head Office in Lagos, said that as Africa’s global bank, UBA remained committed to supporting SMEs in Africa, especially to women-founded and managed businesses.

He also said, the bank’s commitment to promoting gender equality was reflected in its collaboration with the Affirmative Finance Action for Women protocol.

The partnership will help the bank fulfil its $6billion dollars commitment to SMEs across Africa under the AfCFTA initiative.

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