Skip to main content

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


By: Fred Yaw Sarpong
sarpong007@gmail.com

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 HouĂ©rou, 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

Post a Comment

Popular posts from this blog

Vodafone sells 45% shares in Verizon for US$130 billion

Vodafone has sold its 45% stake in Verizon Wireless to US telecoms group Verizon Communications in one of the biggest deals in corporate history. The US$130 billion (£84bn) deal was announced by Vodafone after the close of trading on the London Stock Exchange. The company will return £54 billion to its shareholders, of which £22 billionn will go to shareholders in the UK. Vodafone will also invest money in its business, with funds earmarked for high speed mobile phone networks. It said that by 2017 its main five European markets would have almost complete 4G coverage. Possibly it would be wrong to carp and wring hands that Vodafone won't be paying a penny of tax to the British taxman” Vodafone group chairman Gerard Kleisterlee said: "The transaction will position Vodafone strongly to pursue our leadership strategy in mobile and unified communication services for consumers and enterprises, both in our developed markets and across our emerging markets businesses." The...
Post a Comment
Read more

Shortage of weighing cards hit major hospitals in Accra

By: Fred Yaw Sarpong- Daily Express There is scarcity of Child Health Records Book (weighing cards), in some major public hospitals in the capital, information reaching the Daily Express indicates. Checks by this paper revealed that while some of the hospitals have being encountering the shortage for about a year now, others started experiencing it six months ago. In place of the Child Health Record Book (weighing card), the nursing mothers are given a single card on which information of children are recorded on it. Those hospitals identified are the Korle Bu Teaching Hospital, Korle Bu Polyclinic, Kaneshie Polyclinic, Adabraka Polyclinic and the Ridge Hospital. At the Korle Bu Teaching Hospital, the nursing mothers are given yellow cards in place of the weighing cards. The Public Relations Secretariat at the Korle Bu Teaching Hospital said such information has not come to their notice and for that matter they cannot comment on it. “We do not have some ...
Post a Comment
Read more

ABL launches chibuku super in Bolgatanga

By: Fred Yaw Sarpong sarpong007@gmail.com Accra Brewery Limited (ABL) has officially launched the Chibuku Super drink at Bolgatanga in the Upper East region with the aim of reaching a lot of customers. Mr. Thomas Nii Ponku, Supervisor in charge of Chibuku Super at ABL told Daily Express that the management decided to launch the Chibuku Super drink in the Upper East region because they’ve realized it is similar to a traditional drink in the region. “Chibuku is like a well developed pito, a traditional drink made from fermented millet or sorghum in the Northern part of Ghana. So the idea is to provide them with similar drink,” he added. Mr. Nii Ponku disclosed this when members of the Institute of Finance and Economic Journalists (IFEJ) toured the facility of ABL to acquaint themselves with the expansion project at the factory. He mentioned that after a feasibility study, they realized there is a potential market for the product in the northern part of Ghana ...
Post a Comment
Read more