UBA part­ners W/bank agency on in­fra­struc­ture fi­nanc­ing

Daily Trust - - NEWS - By Hamisu Muham­mad

The United Bank for Africa (UBA) Plc is set to part­ner with Mul­ti­lat­eral In­vest­ment Guar­an­tee Agency (MIGA), the po­lit­i­cal risk in­sur­ance and credit en­hance­ment arm of the World Bank Group, to mo­bi­lize cap­i­tal for im­por­tant in­fra­struc­ture projects in Africa.

Michel Wormser, Vice Pres­i­dent and Chief Op­er­at­ing Of­fi­cer of MIGA re­vealed the col­lab­o­ra­tion plan with UBA dur­ing a work­ing visit to UBA House in La­gos on Mon­day. Speak­ing dur­ing the visit, Wormser said the pro­posed part­ner­ship with UBA would ex­plore ar­eas MIGA can in­crease its sup­port to UBA to­wards in­creas­ing its in­vest­ment into emerg­ing mar­kets in its coun­tries of oper­a­tion.

He dis­closed that MIGA pro­vides po­lit­i­cal risk in­sur­ance and credit en­hance­ment prod­ucts that can help mo­bi­lize UBA’s in­vest­ment into projects with high de­vel­op­ment im­pact. “UBA is play­ing a prom­i­nent role as an in­vestor in other coun­tries in sub-Sa­ha­ran Africa, and MIGA can help UBA in­crease its in­vest­ments in these new mar­kets,” he stated.

Phillips Oduoza, UBA’s Group Man­ag­ing Di­rec­tor/ Chief Ex­ec­u­tive Of­fi­cer, while re­spond­ing said UBA’s in­volve­ment in cross bor­der businesses across 19 African coun­tries means that it is well po­si­tioned to part­ner with MIGA.

Ac­cord­ing to him UBA is to col­lab­o­rate with MIGA on credit risk man­age­ment in big ticket trans­ac­tions for in­fra­struc­ture projects with par­tic­u­lar in­ter­est in power and trans­mis­sion projects. UBA has been sig­nif­i­cantly in­volved in the fi­nanc­ing of the power sec­tor pri­va­ti­za­tion ex­er­cise in Nigeria, pro­vid­ing fund­ing for dif­fer­ent in­vestors to ac­quire the Dis­tri­bu­tion and Gen­er­at­ing Com­pa­nies (DIS­COs and GEN­COs) sold by the Federal Govern­ment of Nigeria.

MIGA’s Vice Pres­i­dent is vis­it­ing Nigeria from March 31st to April 2nd. The aim of Wormser’s trip is to iden­tify ar­eas where MIGA can help the Nigeria mo­bi­lize cap­i­tal for im­por­tant in­fra­struc­ture projects and other job-cre­at­ing en­ter­prises to meet its de­vel­op­ment goals. As part of the visit, Wormser is meet­ing with govern­ment min­istries, banks, and en­ter­prises.

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