…Commends UBA’s role in facilitating africa’s development
The President of the African Development Bank (AfDB) Group, Dr Akinwumi Adesina, stated on Wednesday that strengthening connections between global financial hubs and African markets is crucial for unlocking economic opportunities. Dr Adesina made this statement during a courtesy visit to the United Bank for Africa (UBA UK) Limited office in London.
Dr Adesina, a staunch advocate for Africa as a prime investment destination, challenged prevailing misconceptions about the continent’s investment risks. He cited data from Moody’s Analytics, which revealed that Africa’s investment default rate over the past 14 years is only 1.7%. This is significantly lower than the 13% rate in Latin America and 10% in Eastern Europe, underscoring that the perception of risk in Africa is often disconnected from reality.
Dr Adesina recognised the long-standing partnership between the African Development Bank Group and UBA Group, which spans over two decades. The discussions centred on areas of shared interest, including supporting Africa’s financial systems and advancing sustainable economic development.
“Our relationship with UBA is a testament to the many significant partnerships the African Development Bank Group has with financial institutions across the continent. Over the years, our collaboration has evolved, reflecting our common goal of strengthening Africa’s economic landscape,” Dr Adesina remarked.
Theresa Henshaw, CEO of UBA UK, warmly welcomed the AfDB delegation and provided an overview of the bank’s operations in the United Kingdom. She explained, “Our primary focus is to facilitate trade, investment, and aid flows into Africa, leveraging our deep understanding of the African financial environment.”
The meeting also addressed several sectors of interest to the AfDB’s development agenda, such as agriculture, energy, women’s financial inclusion, and youth entrepreneurship.
Dr Adesina drew attention to the Affirmative Finance Action for Women in Africa (AFAWA) initiative, which he conceived and was launched by the French G7 Presidency in 2019. The program aims to address the $49 billion financing gap faced by women-led businesses in Africa.
As of March 2025, the AfDB Group, through AFAWA, had approved $2.5 billion in funding, with over $1.2 billion already disbursed to women entrepreneurs through a network of 185 AFAWA partner financial institutions in 44 African countries. The initiative has supported more than 24,000 African women through both financing and capacity-building programmes.
UBA UK, a subsidiary of United Bank for Africa Plc, operates in the United Kingdom while maintaining links to various African markets. United Bank for Africa has a presence in 20 African countries, as well as several international locations, including the United Kingdom, the United States, France, and the United Arab Emirates.