UBA Backs Lonestar's U.S. $10 Million Network Expansion Programme in Liberia
The United Bank for Africa (UBA) Liberia Limited has signed a$10 million financing deal with Liberia 's leading telecom company, Lonestar Limited, a company majority owned (51 per cent) by MTN Communications Limited, for a network expansion programme.
The deal according to a press statement issued by the bank yesterday, is one of the biggest single projects to be financed by a commercial bank in the country, which underscores UBA Group's role in project financing across Africa.The Managing Director/ Chief Executive Officer, UBA Liberia, Ebele Ogbue, led other UBA management team to sign the deal on behalf of the bank, while Managing Director/Chief Executive Officer of Lonestar Liberia, Francois Joubert and his Deputy, Stephen Fleming signed on behalf of the telecom giant, Lonestar Liberia Limited. Ogbue was quoted as saying that the financing was part of the group's policy of supporting investments in sectors such as the telecoms industry, especially given the increasing role that telecommunication is playing in e-banking and e-commerce development in Africa
He described the event as "a key milestone in the history of project financing in the country," noting that Lonestar Communications, the Liberian subsidiary of MTN Communications, which controls about 56 per cent market share of the telecoms industry, would now be able to expand its network and services, much to the delight of the people. Joubert, in his remarks, said that the collaboration was a sign of renewed optimism for economic growth and development in the country. According to him this kind of long-term financing is good for to the business environment and translates into increased investors' confidence.