Uba Applauds the Paris Club and the Nigerian Government

July 28, 2011

Houston, TX (PRWEB) October 28, 2005

Economic Technologies’ Chairman & CEO, Jude E. Uba, today, hailed the Paris Club for canceling most of Nigeria‘s foreign debt.

The Paris Club, an informal group of creditor nations, agreed to cancel 60% ($ 18 billion) of Nigeria’s estimated $ 30 billion in foreign debt, including moratorium interests.

The agreement with Nigeria, which will be executed in multiple phases, including a regularization of $ 6.3 billion of arrears and a debt balance of $ 6.1 billion, both of which ($ 12.4 billion) will be paid by the Nigerian government, with market-related discount provisions, through a buy back arrangement “gives the country an impressive, clear exit strategy to be debt-free from the Paris Club. This high-quality, comprehensive agreement is truly remarkable and complimentary to Nigeria’s ongoing reforms and deep desire to emerge a stronger global leader and, most importantly, the government of Olusegun Obasanjo, when this agreement is fully executed, may have delivered the biggest gift to the next generation of Nigerian leaders and people, who will not be burdened by such debt,” said Jude E. Uba, Economic Technologies’ Chairman & CEO. This is also a fair and profitable agreement for the Paris Club members.

No nation or people cherishes the prospect of being incapable of paying its debt in full. For African leaders, in particular, it brushes their historic sense of dignity and respect. However, it is clear that the Paris Club is doing the very necessary thing, which will benefit the global economy immensely, by far outpacing the cost, if any. “This is a clear challenge to all Nigerians, you must now deliver on your great promise, with greater and meaningful cooperation and dedication,” Uba stated. Nigeria and its 120 million truly energetic people, must now deploy cutting-edge and result-motivated economic growth platforms, not stop-gap measures, with the broadest social and economic impact. Economic Technologies is committed to help do just that, and do it correctly.

The Paris Club’s negotiations with other countries, for debt relieve, are currently at different stages, but proceeding with resilient upsides. “I am very confident that the hardened resolve commenced at the G8 Summit in Scotland, in June, with British prime minister, Tony Blair’s ardent leadership, will facilitate the desired outcome of real debt relieve for these nations.”

About Economic Technologies, Inc.

Economic Technologies, Inc. builds, integrates and manages the economic intelligence, economic operating systems, critical backbone infrastructures and synthesized common platforms that make economies work, enabling nations to, rapidly, achieve massive and sustained economic growth. The company is leading an ambitious worldwide effort, to build the largest and most comprehensive market distribution infrastructures and services in the world, through the bundling of economic growth technologies and applications, implementation logistics management, critical financial infrastructures (CFI), advanced global healthcare access and massive information/knowledge distribution and delivery platforms.

Economic Technologies’ proprietary economic science breakthrough, the product of a 15-year intensive R&D, the first-of-its-kind, is changing how an estimated 4.5 billion people, worldwide, work and live.

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