Liberian operator Lonestar Cell MTN has secured a US$25 million medium term loan from four banks, in a syndication agreement focused on funding the network’s upgrades across the country.
The banks providing the syndication loan are UBA Liberia, Ecobank, Liberia Bank for Development and Investment (LBDI), and the Guaranty Trust Banks (GT).
Chioma Mang, chief executive officer (CEO) of UBA Liberia, described the loan as an attestation to the confidence the nation’s banking sector has in the network’s robust strategy in market leadership.
“We therefore want to assure the government and the Liberian people for the continuous support large and micro projects designed for the uplifting of the well being of the general populace,” Mang said.
Tebogo Mogapi, Lonestar Cell MTN’s CEO, said the syndication shows the company cannot do all its current expansion projects by itself, but needs to partner with banking institutions.
“Reaching out to more than one bank allows a stronger stimulation of the banking sector and also holds true for the company,” Mogapi said.
“Restating a verifiable claim as the company with the most expansive network in Liberia reaching all fifteen counties, Lonestar Cell MTN will continue to invest in infrastructure to maximize our network coverage and improve quality of service.”
