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Shell, United Bank For Africa Sign $200 Mln Nigerian Contractor Support Deal

Royal Dutch Shell Plc's (RDS-B,RDSB.L,RDSA.L,RDS-A) Nigerian unit agreed a $200 million deal with United Bank for Africa Plc to help its local vendors and suppliers access project finance.

This latest deal brings Shell's Nigerian contractor support fund to $2.4 billion. The fund can be accessed by contractors who have a valid purchase order and meet the bank's risk assessment criteria, Shell said.

"Lack of access to capital hinders many Nigerian companies from competing for and executing contracts effectively," Bashir Bello, Shell's general manager for government and business relations, said in an emailed statement on Sunday.

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