Monrovia – Loita Capital Partners International, a Pan-African investment bank, has formed a “formidable” partnership with the Liberia Bank for Development and Investment (LBDI) to boost the investment component of its services.
Through the partnership, Loita Capital Partners International, a division of the Loita Group with headquarters in Mauritius will serve as the investment banking unit of the LBDI.
A colorful dedicatory ceremony was held on Thursday, January 16 and graced by local and international stakeholders including former President Ellen Johnson Sirleaf and the President of the Africa Export-Import (Afrexim) Bank, Dr. Benedict Oramah, who served as guest of honor.
The launch of the investment banking unit (IBU) is with the support of the Central Bank of Liberia (CBL), the Government of Liberia and the National Investment Commission (NIC).
Speaking at the event, Dr. Oramah expressed hope that the partnership will make a significant impact on the banking sector in Liberia.
As President of Afrexim Bank, he pledged his institution’s fullest support to the partnership and the Government to boost the sector.
Loita’s initial intervention in Liberia was the successful creation of a discount facility for the National Social Security and Welfare Corporation (NASSCORP), which, among other things, to refinance the Jahmale Diagnostic Medical Center in Paynesville.
Loita has also been instrumental in advising on, structuring and placing the US$52 million facility 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 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.
Giving background information about the partnership, the president of LBDI, John B. Davies said the venture 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 extolled Dr. Oramah for his continued 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 been here for this significant launch,” he said.
“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 forgiving that hope.”
Also speaking, the Chairman and Chief Executive Officer of Loita, Justin Chinyanta said Loita’s 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.
Mr. Chinyanta pledged Loita’s commitments to playing 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.
Since its inception in 1992, he revealed, Loita have advised, 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, and also welcome the complementarity and partnership of the Non-African international financial community.
Speaking further, he told the gathering that they were invited to Liberia through the encouragement of former President Sirleaf in 2016 to consider a non-traditional financial approach structured to the Liquidity Issues confronting NASSCORP.
With the warm reception of the George Weah-led Government, he vowed to support LBDI, through the partnership to implement the Investment and development components of its (LBDI) mandate.
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.