MTC to invest USD480 million

8 Aug 2007

Kuwait’s Mobile Telecommunications Co (MTC) plans to invest up to CFA230 billion (USD480 million) in the Republic of Congo over the next five years. ‘The Republic of Congo is a favourable environment for attracting foreign private investors,’ MTC Chief Executive Saad al-Barrak said after a meeting with President Denis Sassou Nguesso in the capital, Brazzaville. ‘I confirmed to the president that from now until 2012, over the next five years, MTC will invest up to CFA230 billion in Congo Brazzaville,’ he told reporters.

MTC said it had agreed last month to borrow USD320 million from the World Bank’s commercial arm, to finance expansion in Africa.

Congo, Rep., Airtel Congo