AfDB seeks stronger partnership with UBA, lauds bank for facilitating Africa’s devt

The President of the African Development Bank (AfDB), Dr Akinwumi Adesina, stated that building bridges between international capitals and African markets remains an important factor in advancing economic opportunities.

Adesina said this when he paid a courtesy visit to the United Bank for Africa (UBA UK) Limited office in London, the United Kingdom.

Adesina, who has consistently advocated for Africa as the new investment frontier, challenged the misconceptions about risk on the continent.

He referenced findings by Moody’s Analytics showing that Africa’s investment default rate over the past 14 years stands at just 1.7%, significantly lower than any other region in the world including Latin America’s 13% and Eastern Europe’s 10%.

The AfDB president also acknowledged the historical relationship between the African Development Bank Group and UBA Group, which spans over two decades.

He said: “Our relationship with UBA represents one of many important partnerships the African Development Bank Group maintains with financial institutions across Africa.

“Over the years, our engagement has evolved, reflecting our shared interest in supporting Africa’s economic landscape.”

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Welcoming AfDB’s delegation, the CEO of UBA UK, Theresa Henshaw, provided an overview of her bank’s operations in the United Kingdom, saying: “Our core focus is to facilitate trade, investment and aid flows into Africa, leveraging our deep understanding of the African financial landscape.”

UBA, in a statement issued on Monday, April 7, 2025, said the meeting explored several other sectors of interest to the AfDB ‘s development agenda, including agriculture, energy, women’s financial inclusion, and youth entrepreneurship.

Adesina highlighted the Affirmative Finance Action for Women in Africa (AFAWA) initiative, which he designed and was officially launched by the French G7 Presidency in 2019. The programme addresses the estimated $49 billion financing gap facing Africa’s women-led businesses.

As of March 2025, the AfDB Group through AFAWA had approved $2.5 billion in financing, with more than $1.2 billion already distributed to women entrepreneurs through a network of 185 AFAWA partner financial institutions in 44 African countries.

The initiative has benefited more than 24,000 African women through financing and capacity building programs.

UBA UK is a subsidiary of United Bank for Africa Plc, operating in the United Kingdom with connections to multiple African markets.

The Star