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IFC to arrange US$65 million for third-party investors


By: Fred Yaw Sarpong

The International Finance Corporation (IFC), a member of the World Bank Group has announced that it’s arranging US$65 million loan from the Managed C0-Lending Portfolio Program (MCPP) to enable third-party investors to participate passively in IFC's senior loan portfolio.

According to the IFC, the MCPP Infrastructure is designed for institutional investors who are seeking to increase their exposure to emerging market infrastructure debt.

IFC said it has committed a loan of US$235 million to the Vitol Ghana to support investors in Ghana especially for those into oil and gas industry.

Phlippe Le Houérou, the IFC Executive Vice President and CEO announced this in Accra when his outfit collaborated with the Multilateral Investment Guarantee Agency (MIGA), also a member of the World Band Group to announce a US$517 million loan in support of the Sankofa Gas Project.

The Sankofa Gas Project is an integrated offshore oil and natural gas project that will provide a reliable, affordable energy in Ghana.

The project will fuel up to 1,000 megawatts of power generation, helping Ghana meet its growing energy needs and displace oil-fired power generation with a clean-burning alternative.

The US$7.7 billion Sankofa project will be develop by the Vitol Ghana and the Eni Ghana, in partnership with the Ghana's National Petroleum Corporation (GNPC).

The IFC said the US$65 million is part of a US$1.35 billion loan facility provided by commercial banks which includes HSBC, Société Générale, ING, Standard Chartered Bank, UKEF, among others. Meanwhile, MIGA has committed up to US$217 million as lending to investors.

Ghana's government identified the Sankofa project as one of two transformational projects that will help the country achieve its COP21 commitments for climate mitigation.

Once it starts to produce gas in early 2018, the project is expected to reduce carbon emissions in Ghana by an estimated 1.6 million metric tons annually.

Sankofa is expected to generate US$2.3 billion per year in revenue for Ghana's government and provide a stable and long-term gas for domestic use.


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