Lybia to invest $56 billion in UTL

Lybian Foreign Affairs minister said investment is required to compete fairly
Lybia to invest $56 billion in UTL

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The Lybian government will invest $56 billion into the Ugandan fixed and broadband provider Uganda Telecom Ltd (UTL).

Lybia owns a 69% stake in UTL via the Libya Africa Portfolio Green Network (LAP GreenN), while the Ugandan government holds the remaining 31%.

According to the news portal New Vision, the Lybian Foreign Affairs minister Mohamed Dayri said: “Since 2010, we have injected in $72 million, but we are going to pump in an additional $56 million in the next two months to be in a position to compete fairly.”

“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,” he added.

UTL is competing with broadband operators such as MTN, Smile Communications and Vodafone/Afrimax.

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