Universal Merchant Bank (UMB) and Ghana International Bank PLC, have entered into a 20-million-dollar loan facility that will boost medium-term financing for the corporate and SME sector in Ghana.

The facility is a remittance-backed medium term loan with a three-year tenure.

UMB is one of Ghana’s leading indigenous and customer-oriented banks, while Ghana International Bank PLC is a London-based and wholly-Ghanaian owned financial institution.

Recognizing the on-going need for access to capital for corporate and SME customers, UMB’s Chief Operating Officer, Mr. Stephen Antwi-Asimeng, stated that “this loan facility is an important element of our strategic plan, to provide our customers with the financial support that they need to grow their businesses”.

He further commented that “we are privileged to be working with Ghana International Bank as they share our commitment to Ghana and to the growth of industry in this great nation.”

Present at the signing ceremony from Ghana International Bank were the Chief Executive Officer, Mr. Joe Mensah, Chief Operating Officer, Mr. Andrew Kairu and Country Head, Mrs. Barbara Tetteh.

In a statement made at the signing, Mr. Joe Mensah commented that “Ghana International Bank is excited to be entering into this loan agreement with UMB as this emphasizes our integrated strategy of strengthening our ties in Ghana through association with indigenous banks, whilst expanding our footprint into other parts of Africa”.

For many in the corporate and SME sector, the injection of 20 million dollars into the banking system, will be a tremendous boon to business.

Ms Nilla Selormey, Managing Director/CEO of UMB, noted that “UMB is committed to the success and development of its corporate and SME customers, and this facility will help provide the necessary financing to assist them in their continued growth and success.”