CDB partners with United Bank of Africa
31 October 2007
China Development Bank (CDB) will partner with United Bank for Africa (UBA), one of Nigeria's biggest lenders, to continue to finance infrastructure projects in Africa, the Financial Times reported. The deal, along with Industrial and Commercial Bank of China's 20% investment in South Africa's Standard Bank last week, marks an opening up to Chinese finance on the continent, which had previously been mainly dependent on Western companies and donors. The deal was signed last month and has not yet been made public, but an agreement between the two banks suggests Chinese staff from CDB will work with UBA's headquarters in Lagos to fund projects in West Africa.
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