UBA, Citibank Give MTN Côte d'Ivoire $150 Million 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 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, according to a statement made available to THISDAY in Lagos, yesterday, will provide MTN with 76.1 billion CFA francs ($151 million) to restructure its debts and fund investments in the West African country, a statement from MTN noted.
In securing a loan facility of this magnitude, MTN Cote d'Ivoire has defied the strict credit conditions prevalent in the current economic clime. This also shows the commitment by these institutions to support viable African businesses, given the lack of interest from global financial institutions in the developed world.
Deputy General Manager, UBA Cote Dí Ivoire, Liby Guillaume, said UBA Cote d'Ivoire's participation in the transaction demonstrates its capacity to propel change and development in Cote d'Ivoire.