UBA promises financial support to East African energy sector
Friday, 24 August 2012 09:23
Pan-African financial institution, United Bank for Africa (UBA) Plc, will provide financial support to East African energy and infrastructure industries
According to the bank’s managing director, Phillips Oduoza, the step will be directed towards exploring areas of collaboration with key players in the private and public sectors.
Oduoza said, “Through such collaborations UBA will assist in fostering growth and development through financial advisory services, infrastructure financing, financing emerging energy sector and improving revenue collection efficiencies in the region.”
While identifying energy as one of the strengths of UBA, Oduoza said the bank hoped to build capacity by bringing in people who had expertise in energy transactions.
“We have knowledge in structuring oil and gas transactions and we shall train our people here in the region on financing oil and gas deals, no matter its volume and magnitude of the transactions,” he added.
Oduoza also expressed the bank’s commitment to improving the market integration of the East African Economic Community by facilitating not only regional trade, but also intra-African trade.