Prosper Africa : UBA Signs MoU With USAID

By Stephen Ubanna

For the past nine years, The Tony Elumelu Foundation,  founded  by Elumelu, who is  incidentally  the Chairman of the United Bank For Africa, UBA, plc, has taken  the challenge of promoting African Entrepreneurs. With a Commitment of $100 million, equivalent of N36 billion , going by the current exchange rate of N360.00 to a dollar.

The Foundation was  said to have produced 9, 631 African Entrepreneurs. There are indications that   the 10,000 African Entrepreneurs  targeted  by the Foundation  spread in in ten years  of 1,000 each would  be outstripped with the selection of new set of  applicants to benefit from its seed Capital this 2020, being the last year  of selecting  African Entrepreneurs   by the Foundation.

Given that  Elumelu,   who is an  Enterprising business mogul  associated with both a Foundation, ,involved in promoting  African Entrepreneurs in order to reduce the  level of   unemployment  in the 54  countries that make up the African   Continent and a banking business, that had grown into a  conlmerate , he has was said to have  moved a step further to sustain the tempo of the development  by facilitating  the signing of a Memorandum of Understanding , MoU, between UBA, a pan African Bank, and the United  States Agency for International Development, USAID.

Tony Elumelu: Chairman, UBA plc

Note that USAID is the world’s  premier  international  development  agency  and a catalytic  actor  primarily responsible  for administering  foreign aid and development assistance . Many believe that it was a wise move  By the UBA Authorities to  have entered   into a working relationship with an established development agency   which according sources has a yearly  budget of   about  $30 billion for foreign assistance. The agency m may have been looking  credible sources to channel funds into African  development instead of giving it out as  aid to African countries  that will be  corruptly utilised without serving its purpose. It was  therefore not surprising  that  when  UBA, which had been involved in African  development came into the scene  to Collaborate with it  to jump-start the development of African, it did not hesitate  in jumping at the deal.

  The  MoU, according to sources, may have provided   the agency, through  the   Prosper Africa  initiative to increase   the two-way  trade  and investment   between the United States  and African countries.  Business analysts are optimistic that the partnership   of the  bank and the development organisation  will  go   a long way to ensure that  trading  and investment relationships  between the two countries   are equipped with the necessary technical and financial tools.  

The bank sources informed The Value News   that the US International Development agency  will provide  the technical  assistance  and advisory services  to prospective  businesses  through its  Trade   and Investment  Hubs. The  Development   agency, the source said   will connect the  UBA   with African Diaspora  business  groups  working  in different states of the North  American  country.

The good news was that  the  MoU will  give  the  pan African bank , which is  the only Sub-Saharan Financial Institution   that had been licensed  to operate  in the United States ,  the opportunity  to ‘’access its reach  and extend  financing  to the  American  Companies looking to do business  with American  and African nations.

Donald Trump , the US President ,  may have  thrown his weight behind the  USAID  and UBA,  working  relationship  in order   to enhance the country’s   trade and business relationship  with African nations as a way  of launching  the  country  back to the African Continent.  The African Continent   had been taken over  by the Asian country of China which was telling on the American economy. The  key  remarks made   by Representatives  of  the  US government , US  and  African private   sector, speaks volume. The recent Tunisia Prosper Africa Conference organised  by the US. Embassy in Tunis, the North  African  country’s Capital may have facilitated the signing of the agreement.

Insiders believe  that  the Collaboration between  the  Nigerian  bank and  the United States International  development agency, will  strengthen  the American economy , grow African economies  and create jobs  on both  sides of the Atlantic. Many American Companies which had  lost  the  African market  are alreading warming up  to  take their pride of  place in the African economy, no thanks  to UBA.

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