UBN Notifies of $40m IFC Trade Funding


Friday, October 16, 2020 / 11:35 AM / NSE / Header Image Credit: Guardian NG

In compliance with the NSE Rule Book and the Amendments to the Listing Rules, Union Bank of Nigeria Plc ("Union Bank") hereby notifies our esteemed stakeholders that:

  1. IFC, a member of the World Bank Group, recently announced a forty million US Dollar (US$40,000,000) finance guarantee facility to Union Bank to boost access to finance for local business, enable increased international trade for Nigeria.
  2. The US$40 million facility, under IFC's Global Trade Finance Program (GTFP), will support Union Bank to establish working partnerships with nearly 300 major international banks within the GTFP network, thereby broadening access to finance and reducing cash collateral requirements for Nigerian businesses.
  3. The facility will enable the continued flow of trade credit into the Nigerian market at a time when imports are critical, and the country's exports can generate much-needed foreign exchange.
  4. According to the terms of the agreement, the GTFP will offer confirming banks partial or full guarantees covering payment risk on Union Bank's trade-related transactions. These guarantees are transaction-specific and may be demonstrated by a variety of underlying instruments including letters of credit, trade-related promissory notes, guarantees, bonds, and advance payment guarantees.

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