Why we invested in Tchad – UBA

The United Bank for Africa (UBA) Plc has stated that its decision to invest in the Republic of Tchad has contributed to the growth of the economy through financing infrastructure, which has served as a critical lever in sustainable development.

According to the bank, the decision to invest in Tchad a decade ago turned out to be a very sound investment decision.Speaking at the roundtable Forum organized in Paris recently by the government of the Republic of Tchad, on the financing of the National Development Plan 2017- 2021, the Chairman of UBA Group, Tony Elumelu re-affirmed the decision to invest in the country.

Elumelu, who was represented by the Chief Executive Officer, UBA Francophone Africa, Emeke Iweriebor, said 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, he added.

“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 Tchad by 3.9%.

“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”, he said.

The Forum on the National Development plan saw many organisations and countries pledge support to Tchad with about $20 billion having been raised.The Forum was opened and closed by the Tchadian President, Idris Deby Itno, who commended the people and organisations for supporting 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.

Also 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.