Elumelu Advocates Inclusive Development in East Africa

Obinna Chima
The United Bank for Africa (UBA) which operates in 19 African countries, New York, London and Paris has committed to deploy more resources to its East African subsidiaries in Uganda, Tanzania and Kenya.

Indications to the effect emerged yesterday during separate meetings in Kampala, Uganda by the UBA Group Chairman Mr. Tony Elumelu, with President Yoweri Museveni and Governor of the Central Bank of Uganda, Mr. Emmanuel Tumusiime-Mutebile. Elumelu was accompanied by the Chairman of UBA Uganda Dr. Eric Adriko and other members of the Board of UBA Uganda.

The bank explained in a statement yesterday that it recognises the increasing importance of Africa to its growth and diversification strategy. It will further enhance the capacity of the UBA subsidiaries in financing development initiatives in the region.

“We are deeply committed to the markets in which we operate and have established a strong track record of supporting critical infrastructure and other development initiatives that drive inclusive growth and job creation ” said the UBA Group Chairman.

He informed the President and Central Bank Governor of the Group Board approval to boost the operating capital of its East African subsidiaries, including UBA Uganda.

“This move will strengthen their capacity to explore and finance emerging opportunities in the entire region. East Africa is a good investment destination for the UBA Group,” Elumelu added.

On his part, the Governor of the Central Bank of Uganda said: “I have every confidence in UBA,” just as the statement disclosed that President Museveni indicated that the Ugandan government would be pleased to work with UBA on collections and other mutually beneficial areas in infrastructure financing and mobile payments when he met with the banks Board at the Presidential palace in Entebbe.

“Though the protracted weakness in commodity prices has impacted many African economies, the UBA Group remains optimistic especially as governments of various African countries embark on macro economic reforms to stabilise and diversify their respective economies,” it added.

It was on this backdrop that UBA Group recently decided to expand into six more African countries which will bring its footprint on the continent to 25 countries, especially as it aims to extract synergy opportunities in its unique pan-African platform.