The Chairman of UBA group, Mr Tony Elumelu has urged potential investors in Africa to consider doing their business in the Republic of Chad, describing the country as a good investment destination.
Elumelu made this call at the roundtable forum on financing of the National Development Plan 2017- 2021 by the government of the Republic of Chad. The forum was held in Paris from September 6 – 8, 2017.
Represented by the CEO, UBA Francophone Africa, Emeke E. Iweriebor, the group chairman stated that UBA’s decision to invest in Chad a decade ago turned out to be a very sound investment decision.
Iweriebor who spoke during one of the sessions at the forum disclosed that UBA Chad has contributed to the growth of the Chadian economy through financing infrastructure, a critical lever in sustainable development.
He went further to explain that UBA Chad is one of the Pan-African bank’s high performing subsidiaries in Africa and encouraged potential investors to look into Chad as an investment destination.
“With presence in 19 African countries, London, Paris and New York, UBA has supported several projects in Chad 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%.” He noted.
The bank however promises to continue 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.
The Forum which was declared opened by the Chadian President, His Excellency, Idris Deby Itno had in attendance the President of Mauritania, His Excellency Mohamed Ould Abdel Aziz, all the Chadian 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 forum on National Development Plan saw many organisations and countries pledge support to Chad with about $20 billion having been raised.
Bringing the forum to a close, President Itno thanked all the people and organisations present who had come to support had, 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.
