Audio By Carbonatix
The African Development Bank’s (ADB) Board of Directors has approved a $75 million loan for the Ghana Infrastructure Investment Fund (GIIF).Â
The fund is expected to finance some big ticket projects in the country.
The African Development Bank’s loan will enable the Ghanaian state-owned institution to efficiently leverage its paid-in equity capital of $325 million dollars to finance several critical infrastructure projects.
It will also reduce the country’s estimated multi-billion dollar infrastructure finance deficit.
The ADB described the loan as an important step to anchor the sustainability of a national infrastructure financing vehicle in Ghana.
Since 2016, the Fund has committed over 88 percent of its equity investment capital towards several infrastructure projects within the transport, climate resilient energy, ICT and affordable housing sectors. It has also successfully mobilized over one billion dollars of private capital from both domestic and international sources.
According to ADB, this support aligns with Ghana’s Coordinated Programme of Economic and Social Development Policies 2017-2024 and Medium-Term National Development Policy Framework, as well as the African Development Bank’s 10-year strategy.
As of July 2021, the African Development Bank has provided over $3 billion of financing for various projects in Ghana.
$600 million of it has been directed towards various road, aviation, and rail transportation projects.
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