UBA injects Sh450bn into infrastructure, energy

Dar es Salaam. United Bank for Africa (UBA) has injected over $200 million (about Sh450 billion) in supporting Tanzania’s infrastructure and energy projects during the nine years, a senior official said on Tuesday.

Introducing the new chief executive officer (CEO) for UBA Tanzania on Tuesday, the bank’s CEO for Efrica-East and Southern Africa, Mr Emeke Iweriebor said the money was issued in loans to agencies and departments that work in the infrastructure and energy sectors. “We are working closely with the Government of Tanzania in building infrastructure and Tanesco in execution of power projects,” said Mr Iweriebor.

The bank’s Tanzania subsidiary will now be headed by Mr Usman Imam Isiaka.

UBA Group, said Mr Iweriebor, has taken a strategic decision to increase its resources, presence and play in East and Southern Africa.

“We are committed to the countries and economies in the region,” Mr Iweriebor said.

UBA Africa-East and Southern Africa region consists of Tanzania, Kenya, Uganda, the DRC, Mozambique and Zambia. Its headquarters are in Nairobi.

In his remarks, Mr Isiaka said he will ensure that the bank remains closer to its customers and people to facilitate support for infrastructural, as well as small and medium enterprises (SMEs).

The aim, he said, is to ensure that UBA Tanzania plays a pivotal role in advancing the government’s industrialization drive.

“The bank provides loan interest of an average of 16 per cent to SMEs and up to 10 per cent depending on customer type,” he said.

He added that their bank has already aligned itself with lower interest rates to remain competitive in the economy.

Source: The Citizen

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