Skip to main content

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.


Comments

Popular posts from this blog

PFM Act to guide local government authority borrowing

By: Fred Yaw Sarpong
The bill, Public Financial Management (PFM) Act 921 which has been passed into law by Parliament is to guide public institutions especially the local government authority borrowing. The law was pass on 3rdAugust, 2016
According to the law, local government authority, a public corporation or state-owned enterprise is liable for the debt and other obligations without recourse to Government, unless otherwise explicitly guaranteed by Government in accordance with this Act.
Madam Eva Esselba Mends, the Chief Economic Officer and Group Head of PFM at the Ministry of Finance told the Daily Express that the law involves a lot but it also give instruction to how state institutions can borrow especially with the  local government authority.
She mentioned that there is no specific law in place that gives direction as to what local authority can do when it comes to borrowing by the authority. Other public corporations sometimes borrow with huge amount for their operation but loca…

Vodafone fined a record £4.6 million for IT blunder

A top-up error left pay-as-you-go customers out of pocket and complaints were mishandled
Vodafone has been fined a record £4.6 million by the telecoms watchdog forleaving thousands of customers out of pocket in a disastrous IT blunder.
Ofcom found that the operator mishandled complaints and failed to pay into the accounts of more than 10,000 pay-as-you-go customers when they topped up their credit.
The top-up error, which cost customers £150,000 over 17 months in 2014 and 2015, stemmed from the moving of 28.5 million accounts to a new billing system.Errors in billing data and price plans caused so much protest that it made Vodafone the most complained-about mobile network in Britain.The technical issues were resolved by April 2015 and all accounts are now on the new system, Vodafone said.
Lindsey Fussell, Ofcom’s consumer group director, said:“Vodafone’s failings were serious and unacceptable, and these fines send a clear warning to all telecoms companies.”
The company says that it has ref…

Enterprise Life inaugurates social centre for Kumasi SOS village

By: Fred Yaw Sarpong
Enterprise Life and Sanlam South Africa together with SOS Children’s Villages Ghana have jointly inaugurated a newly constructed social centre at the SOS Children’s Village, Kumasi in the Ashanti region.
The project, valued at GHc485,000.00 forms part of Enterprise Life and Sanlam-South Africa’s corporate social responsibility (CSR) to promote quality education and health for vulnerable children in Ghana.
The newly established social centre provides a suitable multi-purpose facility with a spacious auditorium among others to host different social activities related to child growth and development and will cater for both SOS children and students of the Hermann Gmeiner School.
The centre also offers the beneficiaries the opportunity to freely socialize and participate actively in educational oriented activities such as school concerts, art exhibitions and workshops.
The Executive Director of Enterprise Life, Mrs. Jacqueline Benyi expressed satisfaction that her outf…