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MILESTONE
TRANSACTION
FOR THE
QUARTER
U
nited Bank for Africa in its
characteristic
style
has
recorded a major milestone
transaction in the Republic of
Benin.
The key financial intervention is
a $50m facility provided by UBA
Benin, for economic development
in the West African country of Benin
Republic. This syndicated loan will
address infrastructural needs mainly
power and telecommunications.
A breakdown of the facility
indicates that UBA Benin acted
as lead arranger to an $18 million
syndicated mid-term loan for the
National Electricity Company,
while another $32 million mid term
loan was secured for MTN.
The facility for the National
Electricity Company would ensure
improved power distribution in
the Republic of Benin. The facility
to MTN is primarily to fund the
acquisition of the Third Generation
(3G) Telecommunication License
from the Government.
Managing Director of UBA Benin,
Mrs. Gwen Abiola Oloke said the
transactions stressed UBA’s ability
and resolve to support growth
and sustain development in the
economy of Benin Republic.
She emphasized that the bank’s
commitment to financing large
ticket transactions for corporate
customers, would stimulate growth
in economic activities.
According to her, UBA’s landmark
expansion drive across Africa is
a testimony to its commitment to
ensure that the economy of Africa
competes favourably with the rest
of the world. Commenting on the
development, Mr. Phillips Oduoza,
GMD/CEO, UBA Plc assured of
the bank’s readiness in meeting
the financial needs of the African
nations by bridging finance-project
gaps,
through
infrastructure
financing,
loans
syndication,
trade facilitation and investment
promotions.
UBA Finances Power
Project in Benin