David Ssempijja
15 November 2009
Kampala — UGANDA telecom is one of the African telecommunication companies set to benefit from the $300m fund offered by the Chinese government through the LAP Green Network, a Libyan telecom firm.
The money will be used to fund the Libyan African Investment Portfolio (LAP) Green's telecommunication operations in Africa.
LAP has telecom stakes in Uganda (uganda telecom), Rwanda, Ivory Coast, Sierra Leone, Niger and Togo.
Mark Kaheru, the uganda telecom publicist, explained in a statement over the weekend that the $300m fund was secured from the Industrial and Commercial Bank of China (ICBC).
The deal was secured during the recently-concluded Third Conference of Chinese and African Entrepreneurs at the Egyptian Red Sea Resort.
The conference aimed at expanding bilateral trade with China to further open up its market to African products.
ICBC is one of the biggest commercial banks in teh populous China.
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