Libya investing USD56m in Uganda’s UTL

1 Jul 2015

The Libyan government is to pump USD56 billion into the Ugandan fixed and broadband provider Uganda Telecom Ltd (UTL) in order to shore up its ailing business. Libya owns a 69% stake in UTL via the Libya Africa Portfolio Green Network (LAP GreenN), while the Ugandan government holds the remaining 31%. A report from local news portal New Vision quotes Libyan Foreign Affairs minister Mohamed Dayri as saying: ‘Since 2010, we have injected in USD72 million, but we are going to pump in an additional USD56 million in the next two months to be in a position to compete fairly.’ He added: ‘I admit a wide range of issues, such as good governance [and] lack of state of the art modern equipment like our competitors … are some of the issues affecting UTL operations.’ UTL has been struggling to keep pace with rival broadband operators such as MTN, Smile Communications and Vodafone/Afrimax.

Uganda, Uganda Telecom Limited (UTL)