The Pan-African investment bank, known as Loita Capital Partners International, a division of the Loita Group with headquarters in Mauritius, has opened up shop in Monrovia as the investment banking unit of the Liberia Bank for Development and Investment (LBDI).
Opened and dedicated on Thursday, January 16, 2020, by the President of African Export-Import Bank (Afrexim Bank), Dr. Benedict Oramah, the launch of the investment banking unit (IBU) is undertaken with the support of the Central Bank of Liberia, the Government of Liberia and the National Investment Commission (NIC).
Loita's initial intervention in Liberia was the successful creation of a discount facility for the National Social Security and Welfare Corporation (NASSCORP), which was, inter alia, to refinance the Jahmale Diagnostic Medical Centre in Paynesville.
Loita has also been instrumental in advising on, structuring and placing the US$52 million facilities for the Liberian Bankers Association, which benefits the Commercial Banking Sector of Liberia through Afrexim Bank.
In addition, Loita is advising the Ministry of Finance and Development Planning (MFDP) on various disposal strategies for the PUTU iron ore mine, as well as the development of Rail and Port infrastructure in Liberia. Loita will further explore ways of diversifying the country's financial services sector to support the local public and private sector in accessing international capital markets for long-term financing needs.
LBDI president John B. S. Davies, who spoke of the partnership said, "This is part of a long-term campaign to establish Liberia as a stable and growing economy attractive to potential investors looking to establish a presence in the West African market."
Mr. Davies lauded the chairman and president of the African Export-Import Bank for his support to African countries, especially Liberia.
"Today, as we are launching this initiative, we must also recognize the facts that Africa Export-Import Bank (Afrexim Bank) has exhibited a true partnership in Africa, as highlighted by the presence of Dr Oramah being here for this significant launch," Davies noted.
"Dr. Oramah, let me tell you in this public manner when the news broke last month that the Africa Export-Import Bank has approved financing to the Liberian Banking sector of US$65 million worth of bonds, it was like hope has finally arrived and yes we were on the road. Thank you so much for giving that hope. To the fact that you did not only match your words, but you also consummated your words with deeds by your presence in Liberia today. It also shows another strong indication that in Africa, the Africa Export-Import Bank is one of those truthful bearers of a real true African partnership," he said.
Chairman and Chief Executive Officer of Loita, Mr. Justin Chinyanta, said "Loita Capital Partners plans to play an active role in Liberia's banking community in creating conducive platforms for stakeholders to brainstorm and implement innovative financial solutions to boost government's ability to position Liberia as an ideal location for regional investment. This event brings together a network of stakeholders who have an interest in Liberia and are already implementing ways in which this strategy can be achieved."
He said since its inception in 1992, Loita has advised on, structured and arranged in excess Of US$6 billion for various African clients who are composed of Governments, Central Banks, banks, major exporters, importers and manufacturers as well as welcome the complementarity and partnership of the Non African international financial community.
Mr. Chinyanta told the gathering that they were invited to Liberia through the encouragement former President Ellen Johnson Sirleaf in 2016 to consider a non-traditional financial approach structured to the liquidity issues confronting "our now landlords, NASSCORP."
"Our vision for the investment banking unit is to support Liberia's economic development ambitions through addressing the country's financial needs with Loita's non-traditional financing approach. We will leverage on the rich natural asset base of the country in doing so. We will also not only work with LBDI but with the entire financial sector to focus on strengthening the country's exports potential and positioning Liberia as an attractive investment destination," he said.
Loita is headquartered in Mauritius and has regional offices in South Africa, Kenya, Ghana, Malawi, Tanzania, Tunisia, Uganda, Zambia and Zimbabwe. In addition, Loita Group companies, Loita Transaction Services and Fintech International assist in the implementation of Loita's financial technology and payment strategies.
Loita derives its name from the Loita Naimina Enkio Forest in Kenya, a beautiful indigenous forest preserved by the local Maasai community. Importantly, many of Kenya's early independence struggles were launched from the forest and thus it still stands today as a symbol of a rich, emerging Africa.