Tchad a good investment choice for UBA —Tony Elumelu

Top officials of United Bank for Africa(UBA)Plc participated at the roundtable Forum organised in Paris by the government of the Republic of Tchad, on the financing of the country’s National Development Plan 2017- 2021. The Forum businessnewsreport.com.ng gathered was opened and closed by the Tchadian President, His Excellency, Idris Deby Itno.

In attendance were the President of Mauritania, His Excellency Mohamed Ould Abdel Aziz, all the Tchadian cabinet ministers, representatives from various governments including the governments of Japan, Canada, the U.S.A, Saudi Arabia, Switzerland and from the African Union, AfDB, EU, IMF, the IFC and many others.

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 Tchad a decade ago turned out to be a very sound investment decision. ’UBA Tchad has contributed to the growth of the Tcahdian economy through financing infrastructure, a critical lever in sustainable development’.

He further said that UBA Tchad is one of the Pan-African bank’s high performing subsidiaries in Africa and encouraged potential investors to look into Tchad 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 improvement in the access to electricity in Tchad by 3.9 per cent.

The bank continues to support the government of Tchad in its development initiatives in the areas of infrastructure, Oil and Gas and other key sectors of the economy. The Forum on the National Development plan saw many organisations and countries pledge support to Tchad with about $20 billion having been raised. Ending the forum, President Itno thanked all the people and organisations present who had come to support Tchad, 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.