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Cameroon – Telecom: MTNC obtains a loan of 60 billion CFA francs from 5 Cameroonian banks

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Written by Deckson N.

This is the result of the successful execution of the first two tranches of a syndicated loan contracted on June 8, 2015.

MTN Cameroon, leader of Cameroon’s telecommunications market, announces the signature of Tranche C of the medium-term syndicated loan of CFAF 60 billion at its headquarters in Douala, Littoral Region. This appropriation represents the third and last tranche of a medium-term syndicated loan agreement signed on 08 June 2015 by MTN Cameroon and several Cameroonian banks. Under the loan agreement, MTN Cameroon benefited from a three-tranche loan consisting of a fixed portion of CFAF 30 billion, a revolving portion of the same amount and a continuation of which the conclusion Is being successfully completed on this day. This credit was granted by a group of 5 banks led by Citibank Cameroon, Coordinator, Manager, and Mandated Loan Arranger. The Commercial Bank of Cameroon (SCB), Afriland First Bank Cameroon, Société Générale (SOCGEN) and Standard Chartered Bank Have also joined the transaction as Arrangers.

This renewed loan in favor of MTN Cameroon is repayable over a period of 5 years and demonstrates the effectiveness of a private partnership for the improvement of sustainable development. The signing of this agreement was also carried out under particularly competitive terms and conditions, reflecting the current overall monetary situation in the CEMAC zone.

These funds obtained by MTN Cameroon will enable it to further finance its ambitious investment program for the Cameroonian consumer through the provision of exceptional quality digital products and services to improve communication, productivity and connectivity, and 3G/4G licensing on 11 March 2015 by the Government of Cameroon.

Commenting on the agreement, MTN Cameroon’s Director General, Mrs Philisiwe Sibiya, said: “MTN Cameroon has always respected its contractual commitments by repaying the loans without any incident. As a leading telecommunications and African company committed to contribute resolutely to the development of this sector in the continent, we are aware that telecommunications are a key element in instilling the dynamism necessary for growth. We also intend to continue this considerable contribution in this regard “.

This loan agreement signed between MTN Cameroon and a syndicate of banks led by Citibank Cameroon further testifies to the important role that MTN plays in Cameroon, in its sector of activity and as an engine of growth of the national economy.

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Deckson N.

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