United Bank for Africa Group and a host of other financial services institutions led by Citibank are providing a $151 million five-year loan facility to MTN Cote D’ Ivoire...
UBA, CITIBANK And Others To Provide Mtn Cote D’ Ivoire With $150m Loan Facility
United Bank for Africa Group (UBA) and a host of other financial services institutions led by Citibank are providing a $151 million five-year loan facility to MTN Cote D’ Ivoire in a move that underscores the capacity of the major African banks to fund big ticket transactions across Africa.
The institutions which also include Bank of Africa CI, BIAO CI, Omnifinance-Nigeria, SocGen's SGBCI, Societe Ivoirienne de Banque (SIB), Groupe Credit Agricole, Standard Chartered CI and regional banking group Ecobank will provide MTN with the sum of 76.1 billion CFA francs ($151 million) to restructure its debts and fund investments in the West African country, a statement from MTN said.
In securing a loan facility of this magnitude, MTN Cote d’Ivoire has defied the strict credit conditions prevalent in the current economic clime and shows the commitment by these institutions to support viable African businesses given the lack of interest from global financial institutions in the developed world.
“UBA Cote D’Ivoire’s participation in this transaction demonstrates its capacity to propel change and development in Cote D’Ivoire,” says Liby Guillaume, Deputy General Manager, UBA Cote D’ Ivoire.