MTC Managing Director meets with Zambian President, investment to reach US$ 400 million by end of 2007
US$ 250,000 Celtel Bursary Fund set up to assist children

On a two day visit to Zambia to acquaint himself with investment opportunities in the country, Dr. Saad Al Barrak, Managing Director and Deputy Chairman MTC Group, met with the President of Zambia H.E. Levy P. Mwanawasa (SC) on Saturday 10 March at the State Lodge in Lusaka.

During the meeting, Dr Al Barrak pledged that MTC Group’s new investments in Zambia would exceed US$ 130 million during 2007, bringing the company’s total capital outlay in the country to US$ 400 million by end of the year. Additionally Dr Al Barrak announced the setting up of a US$ 250,000 (one billion Kwacha) fund for children in Zambia. This Celtel Bursary Fund will pay education fees for five years for vulnerable children.

Prior to his meeting with the President, Dr Al Barrak visited Mutambe Basic School in Mandevu Compound in Lusaka to assist the local Celtel management who were donating books under Celtel’s Build Our Nation programme. He was so moved during his visit that he doubled the contribution and took the necessary steps to expedite the establishment of the US$ 250,000 Celtel Busary Fund.

Celtel launched the Build Our Nation programme two years ago in partnership with Zambia’s Ministry of Education. Since then the company has donated more than US$ 120,000 worth of text books and educational supplies to more than 20 government owned schools across Zambia.

Celtel Zambia was launched in 1998 and currently serves over 1.33 million customers. The company’s networks cover all nine provinces in Zambia.

This was Dr. Al Barrak’s first visit to Zambia since MTC Group acquired the pan African mobile telecommunications operator Celtel International in April 2005.

Enquiries:

Mr Mwambu Wanendeya
Email: Wanendeya.M@celtel.com