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Nigeria: Proparco is supporting SMEs and is working to improve energy efficiency
Project
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Signature date
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Location
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Nigeria
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Financing tool
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Financing amount (Euro)
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77139486
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Financing details
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USD 85m loan
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Customer
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United bank for Africa
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Type of customer
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Financial institution
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Country of headquarters
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Nigeria
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Project number
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PNG1061
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Environmental and social ranking
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IF-A
This project is carried out with the support of the European Union and Organization of African, Caribbean and Pacific States (OACPS).
The content of this project information sheet falls under the sole responsibility of the Proparco and does not necessarily reflect the opinions of the European Union and the ACP Group. This information is given at the time of signature, without prejudice to any developments in the operation/project.
Proparco is supporting the growth of SMEs and promoting the financing of energy efficiency and renewable energy projects in Nigeria via a USD 85m loan to United Bank for Africa (UBA).
Client presentation
UBA is a Nigerian bank and is today the country’s 3rd largest bank. It is a major pan-African bank operating in 20 African countries and has over 18 million clients. UBA is a universal bank highly renowned in the segment of large corporates and wishes to open up to the SME market.
Project description
Our financing will support the development of its SME activity and promote the financing of energy efficiency and renewable energy projects in Nigeria. It will thereby contribute to the construction of green infrastructure, which is required to address the huge energy challenge facing the country, as well as other African countries, by financing several subsidiaries that do not have direct access to dollar financing.
Project impact
The operation should create over 7,000 jobs in the bank, which will increase the payroll by about 60%. Almost half of these jobs should be held by women and all employees will benefit from in-house training.
Furthermore, the funded projects, which are geared towards energy efficiency and renewable energies, should have a positive impact on access to electricity and contribute to reducing CO2 emissions.