Launch of a $6 billion project for African SMEs by Tony Elumelu's UBA

The $6 billion funding project was started by United Bank of Africa (UBA) with the intention of fostering SMEs across the African continent.With the help of this program, SMEs in the agroprocessing, pharmaceutical, automotive, transportation, and logistics industries would be able to expand. The finance effort has been launched by UBA in collaboration with the secretariat of the African Continental Free Trade Area (AfCFTA). Over the following three years, this initiative would provide $6 billion in funding to qualified SMEs across Africa. This historic deal was reached in Accra, Ghana during the 30th Afreximbank Annual Meeting. According to the agreement, UBA and AfCFTA will support the growth of SMEs by offering technical and financial solutions for intra-African and local options during the partnership's first phase.