Skye Bank, Others Fund $240m Sub Marine Cable Project

Skye Bank Plc and two other financial institutions have signed a $240 million loan agreement with Main One Limited for the financing of the sub marine cable system which will lead to improved internet access and telecommunication services in the country.
A statement issued by Kayode Akinyemi, head corporate affairs said the bank is the lead bank/fund arranger while First Bank Plc, African Finance Corporation and First City Monument Bank Plc are also providing part funding for the project.
Speaking at the ceremony, Kehinde Durosinmi-Etti, deputy managing director, Skye Bank Plc,   said the bank was pleased with the partnership with Main One, saying the project had provided another opportunity for the bank to showcase its commitment to the nation’s economic development.
Durosinmi-Etti said the bank would continue to leverage its project financing skills as well as lead the effort to transform the economic fortune of the country.
Skye Bank has been a major financial partner to various corporate bodies, state and federal governments in their determination to improve and upgrade their infrastructure. Recently, the bank signed a power project financing agreement with the Kaduna, Oyo and Ekiti State Governments.
Besides, the bank is involved the various urban renewal and infrastructure development programmes of states across the federation. It is actively involved in the maritime and aviation sector, agriculture and the oil and gas sectors.