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General News of Tuesday, 30 April 2013

Source: Cameroon Tribune

Infrastructure Development - UBA Promises Sustained Support

The Group Managing Director met with Prime Minister, Philemon Yang, on Friday April 26.

Africa's rising global bank with a uniquely scaled platform, the Union Bank for Africa (UBA), through its Group Managing Director, Phillips Oduoza, has made known its intention to be part of the Head of State's vision of making Cameroon an emerging country by 2035. Nigerian-born Phillips Oduoza was received in audience last Friday April 26, 2013 by the Prime Minister, Head of Government, Philemon Yang.

Odouza told reporters after the audience that the bank is interested in infrastructure projects especially power supply like hydro electric dams and roads. UBA, operating since 2008 in Cameroon with 14 branches and employing over 300 young Cameroonians, Odouza said, has the capability and resources to do analysis of infrastructure development projects government is embarking on. "We carry out investment analysis, provide advisory services and also take part in funding or partnering with other funding financial bodies where the amount is very large to provide the financing required," he said He was accompanied in the audience by other executive staff of the bank alongside Cameroon's Managing Director, George Wega. The bank, with headquarters in Lagos, Nigeria and with offices in New York and Paris and spread in some 19 African countries, is also intending to support micro projects.

Besides, UBA delegation expressed gratitude to the government of Cameroon for the enabling business climate the bank is enjoying. "The business climate has been quite conducive and we want to assure government of our continuous support to the government and people of Cameroon," said Phillips Oduoza. The visiting UBA group was elated by PM Yang's belief the bank is adding value to the continent. He is appreciative of the bank's implantation and believes that "we understand the climate so well and can collaborate and partner very well with government towards achieving the economic development plan put in place", he said.

Friday's visit to the PM's Office was part of efforts by the management of UBA to meet their subsidiaries in various African countries and see their staff, customers and regulators pay courtesy visits to host government and thank them for the enabling business environments they are operating in.