Sh3.3 Billion Loan for Telecoms

Posted to the web 15 August 2008 Philip Wahome Nairobi The telecommunication industry is set to be the biggest beneficiary of a Sh3.3 billion loan ($50 million) facility signed between two development finance institutions on Thursday. The deal, between China Development Bank (CDB) and PTA, which is the largest line of credit the latter has ever received from a single institution, will support the bank's strategy in financing the growing industry. "The developmental impact of improving telecommunication networks cannot be underestimated and we intend to continue being active in this sector," said PTA bank president, Dr Micheal Gondwe. "The partnership with PTA bank dates back to 2006, when we met in Sino-Africa Beijing Summit and signed the Framework Cooperation Agreement since our two organisations have the same goal of... [read full story]