The United
Bank for Africa (UBA) Plc has described the Republic of Chad as one of
its subsidiaries in the continent and urged potential investors to look
into the country as an investment destination...
The
pan-African bank was present at a roundtable organised in Paris
recently, by the government of the Republic of Chad, on the financing of
the country’s National Development Plan (2017- 2021).
The forum was opened and closed by the Chadian President, Idris
Deby Itno. In attendance were the President of Mauritania, Moamed Ould
Abdel Aziz; all the Chadian cabinet ministers, representatives from
various governments, including the governments of Japan, Canada, the
United States, Saudi Arabia, Switzerland and from the African Union,
AfDB, EU, IMF, the IFC and many others.
A statement
from the bank explained that the Chairman of UBA Group, Mr. Tony
Elumelu. was represented by the CEO, UBA Francophone Africa, Emeke E.
Iweriebor.
Iweriebor
who spoke at a session during the forum stated that UBA’s decision to
invest in Chad a decade ago turned out to be a very sound investment
decision.
He said UBA
Chad had contributed to the growth of the Chadian economy through
financing infrastructure, a critical lever in sustainable development.
HThe
statement went further to describe UBA Chad as one of the Pan-African
bank’s high performing subsidiaries in the continent and encouraged
potential investors to look into Chad as an investment destination.
“With
presence in 19 African countries and in London, Paris and New York, UBA
has supported several projects in Tchad including a 60 Mega Watt Central
Electricity power plant in Farcha. UBA contributed $18.5million and led
the syndication that raised $80 million for the project resulting in an
improvement in the access to electricity in Chad by 3.9 per cent.
“The bank
continues to support the government of Chad in its development
initiatives in the areas of infrastructure, oil and gas and other key
sectors of the economy,” he added.
The forum on
the National Development plan saw many organisations and countries
pledging to support Chad with about $20 billion having been raised.
Ending the forum, the Chadian
President Itno thanked all the people and organisations present who had
come to support the country, promising that the administration was
going to put in the maximum effort to ensure that the development plan
is successful.
“This
administration is a transparent one that is working with partners to
ensure successful implementation of all the projects. It is the
responsibility of the government to lead the country to sustainable
development,” he said.
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