AGS NEWS – In a bid to empower Small and Medium Enterprises (SMEs) across the continent, the African Guarantee Fund (AGF) and United Bank for Africa (UBA) have sealed a partnership spanning 20 African countries.

As per a statement released by UBA on Monday, the collaboration will see the AGF supporting and guaranteeing SMEs with a $50 million Portfolio Guarantee.

It will facilitate extensive capacity development for UBA’s SME customers, with a particular focus on women-led businesses and green finance projects.

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Speaking at the partnership signing ceremony held at UBA’s Head Office in Lagos, Oliver Alawuba, the Group Managing Director of UBA, emphasized the bank’s commitment to SMEs in Africa, especially those led by women.

He highlighted the significance of the guarantee in boosting UBA’s interventions for SMEs, women-led businesses, and environmentally friendly projects, thus extending their impact across the continent.

Alawuba also underscored UBA’s dedication to advancing the African Continental Free Trade Area (AfCFTA) initiative, reiterating the bank’s $6 billion commitment to SMEs across Africa.

He pointed out that this initiative, announced in September the previous year, aligns with UBA’s vision to promote economic integration in Africa.