UBA Ghana is the largest subsidiary of the pan-African Banking Group and is primed to take advantage of this opportunity on behalf of Ghanaian customers seeking to do business with American businesses.
The recent $100 million memorandum of understanding (MOU) signed between United Bank for Africa (UBA) and the Export-Import Bank of United States to finance trade between Africa and America will be of great benefits to Ghanaian businesses.
Fred P. Hochberg, Chairman and President of the Export-Import Bank of the United States (EXIM Bank), and Phillips Oduoza, CEO and Group Managing Director of United Bank for Africa (UBA) signed the MOU with the specific goal of expanding trade between the U.S. and sub-Saharan Africa at the World Economic Forum Africa (WEF) in Kigali.
“EXIM Bank is proud to build on its decade’s long commitment to financing American exports to sub-Saharan Africa,” said Chairman Hochberg. “This memorandum signals to American exporters and African businesses alike that there are many more promising opportunities to work together, and EXIM stands ready to provide the financing needed to turn more of those opportunities into realities.”
The two were joined by Uzoka Kennedy, Deputy Managing Director and Group Managing Director Designate, UBA and Sola Yomi-Ajayi, Group Head, Financial Institutions and International Organizations, UBA, who all participated in the signing ceremony.
Speaking on the MOU, ABiola Bawuah, MD/CEO, UBA Ghana said “This deal will open up new opportunities for our customers to tap into the lucrative American market. It is also a testimony to the high regards that the UBA is held in the international financial community and the group’s capacity to handle international transactions. I urge Ghanaian businesses to take advantage of this finance window to expand their trading activities with their American business partners.”
The MOU is a statement of general intent between EXIM Bank and UBA to promote the availability of EXIM financing of up to $100 million in the region. EXIM Bank and UBA will work together to share information and develop export-financing opportunities in key sectors including commodities, agriculture and food products, spare parts, and large and small equipment purchases.
Under the MOU, EXIM Bank and UBA will explore options for offering a range of financing solutions for American exporters and African buyers, including short and medium-term financing programs that allow for flexible repayment terms and competitive insurance policies guaranteed by EXIM.