Afriland First Bank brings CFAF 15 billion to MTN Cameroon
The financing is part of a syndicated loan totaling CFAF 60 billion.
Yaoundé December 9, 2016 - Afriland First Bank announced the signing today at the headquarters of MTN Cameroon Douala of a financing agreement of 60 billion CFA francs. This loan represents the third tranche of the syndicated loan granted to the mobile operator in June 2016.
The syndicate of banks consists of 5 Cameroonian banks with Citibank as arranger of the transaction and Afriland First Bank, Societe Commercial Bank of Cameroon (SCB), Societe Generale Cameroon (SOCGEN) and Standard Chartered Bank as co-arrangers.
In this way, MTN Cameroon will benefit, over a five-year period, from a credit line of 30 billion CFA francs and from financing facilities of an equivalent amount.
The financing obtained by MTN Cameroon will be spent on investment related to the development of its 3G / 4G network.
"The commitment Afriland First Bank in fiancement this operation is in line with our strategy to support the economic development of Cameroon by financing only creative corporate jobs and wealth," says Alphonse Nafack , Chief Executive Officer, to justify the participation of Afriland First Bank.
As for Philisiwe Sibiya, CEO of MTN Cameroon, she commented on the agreement concluded: "MTN Cameroon has always respected its contractual obligations by repaying the loans without incident. As a leading telecom and African company resolutely committed to contributing to the development of this sector in the continent, we are aware that telecommunications is a key element to infuse dynamism necessary for growth. We also intend to continue this considerable contribution in this regard ".
To recall, MTN Cameroon, communication solutions provider and payment, is a subsidiary of MTN Group, a leader in the telecommunications market in Africa and the Middle East with a presence in 22 countries. Present in Cameroon since February 2000, MTN Cameroon presents itself as one of the 5 largest companies and the second largest taxpayer for the year 2015.