Pan-African financial institution, United Bank for Africa (UBA) Plc, has expressed interests in providing financial support for East African energy and infrastructure industries. This was revealed by the Bank’s Group Managing Director, Mr Phillips Oduoza, while addressing private and public sector leaders in Nairobi, Kenya.

According to Oduoza, the bank plans to provide its financial services by exploring areas of collaboration with key players in private and public sectors. In doing this, UBA will assist in fostering growth and development through financial advisory services, infrastructure financing, financing emerging energy sector and improving revenue collection efficiencies in the region.

While acknowledging that energy is one of the strengths of UBA, Oduoza said the bank “hopes to build capacity by bringing in people who have expertise in energy transactions.”

“We have knowledge in structuring oil and gas transactions and we shall train our people here in the region on financing oil and gas deals, no matter its volume and magnitude of the transactions.”

The Managing Director also expressed the bank’s commitment to improving the market integration of the East African Economic Community by facilitating not only regional trade but also intra-African trade.

“For two African countries to trade, a letter of credit has to be issued through a corresponding bank in Europe or Asia, this is not only costly but also time consuming. Having UBA present in the two countries ensures a fast and less costly transaction,” he stated.

UBAis one of Nigeria’s Top five banks; it currently operates in 19 countries within Africa, with representative offices in France, the United Kingdom and the United States of America.

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