UBA partners Senegalese government to Finance Key Projects
The pan-African financial services Group, United Bank for Africa (UBA) is to partner with the administration of President Abdoulaye Wade of Senegal in furthering the economic growth and development of the West African country. To this end, the bank has made a fresh commitment to fund key projects in energy, agriculture and transportation sectors of the Senegalese economy.
An agreement-in-principle to this end, was reached at a bilateral meeting held in Dakar, Senegal by the representatives of UBA Group, led by its Managing Director, Mr. Phillips Oduoza and that of the government of Senegal, represented by Senior Minister for Energy, Transportation and Infrastructure, Mr. Karim Wade.
This meeting and new areas cooperation follows the $300m facility extended to the Senegal’s national oil refinery company, Societe Africaine de Raffinage (SAR) by UBA Group in 20100. It was the first of its kind by an African financial institution in the sub-region.
Specifically UBA is positioning to contribute to the short and medium plans to jump-start economy through adequacy in energy, accelerated growth in transport and increased road infrastructure “As one of Africa’s leading financial services group we have proven ability to finance big ticket transactions. All parties are convinced of the sustainability and workability of the new partnership” said Mr. Oduoza.
Senegalese Senior Minister, Mr. Karim Wade, said Africa cannot develop without strong African financial institutions with an African know-how like UBA. According to him Senegal has had a successful relationship with the Group. “What we are doing now is to extend the frontier of partnership in addressing critical needs in that sector and other areas. The Senegalese government is happy with the capability and commitment demonstrated by UBA Group,” Wade stated
In a related development, Senegal is also seeking UBA’s support in growing the groundnut sub-sector. Indications to this effect emerged from discussion with the Prime Minister of Senegal, Mr. Souleyman Ndene Ndiaye. Plans are underway for UBA Senegal to finance the offshore component of the groundnut industry through UBA Capital by “putting in place the ideal structure for 2012 groundnuts season” said Mr. Jean Luc Konan, MD UBA Senegal.
This article was originally posted on Africa Banking Network
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