Standard Chartered and the Ghana’s Ministry of Finance have signed a 55-million Euro agreement for a road infrastructure supported by an Export Credit Agency (ECA).
Working closely with Exportkreditnämnden1(EKN, the Swedish ECA) and Swedish Export Credit Corporation (SEK), Standard Chartered’s project financing will fund the asphalt overlay of 100km of feeder roads in Tamale, Walewale, Nalerigu, Gambaga, Damongo, and Yendi all in the Northern Region of Ghana.
A statement said the financing transaction provided a significant contribution to the Ghanaian Government’s commitment for major investments in road transportation infrastructure, and alignment with the United Nations’ Sustainable Development Goal 93 (SDG) concerning industry, innovation and infrastructure.
The road infrastructure project will help considerably, the Government’s efforts to boost the socio-economic development of the country’s urban and rural communities by providing easier access to healthcare, education, employment and other social services.
Tamale’s road network project is being developed by a Swedish EPC (engineering, procurement and construction) contractor, QG Konstruktion AB (QGMI, SCB client),and will help improve regional networks in the Northern Region and consequently increase the flow of business, agricultural trade and market access.
Desislava Radeva, Director, Structured Export Finance, Standard Chartered Bank, said: “We are extremely proud to reinforce our position as a reliable bank of choice to Ministry of Finance of the Republic of Ghana and to enhance our collaboration with EKN and SEK by closing this landmark infrastructure financing during such challenging times.”
Mansa Nettey, Chief Executive, Standard Chartered Bank Ghana Plc said: “This transaction stays true to Standard Chartered’s brand promise, Here for good, and underscores our proficiency and capacity to provide solutions that contribute to Ghana’s socio-economic development.
The Bank has operated in Ghana for 125 years and will continue to be a conduit for long term project and infrastructure financing that help Ghana achieve its Sustainable Development Goals.”
Maria Mattsson, senior underwriter at EKN, said: “EKN’s mission is to enable financing of the purchase of Swedish high-quality equipment. It is particularly rewarding that EKN has participated in this important project.
”Marcio Jordao, Structured and Export Finance Director at QGMI, said: “Our participation once again reaffirms QGMI’s commitment with Ghana. This project, developed with the important support of Standard Chartered Bank, EKN and SEK, will promote the growth of the region economy and a better quality of life for the local population.”
This transaction marks another significant ECA-supported term facility arranged by Standard Chartered Bank and signed with MoF Ghana during 2020.It follows the Bank’s EUR 78 million UKEF-supported financing for the construction of a new regional hospital in Koforidua, Ghana.
- Fire guts new Kejetia Market
- Citi FM journalist, Caleb Kudah released from National Security custody
- Don’t shake your car when fueling – Transport Consultant
- Wesley Girls: Aside ban on fasting, Muslims aren’t allowed to observe Salat – Old student
- Uber, Bolt, Yango drivers in Kumasi suspend services over life-threatening incidents
- Cape Coast airport to be completed before end of second term – Transport Minister assures
- Over 90% of ‘rotten’ vehicles at National Security premises distributed – Former MASLOC boss
- Social media users list Top 5 Ghanaian players
- I will resign from Parliament if anyone proves that I promised to fix any road – Sam George
- #FixTheCountry: Be measured in your expectations of Akufo-Addo due to Covid-19 – Chief of Staff
I was slapped, kicked in the groin by National Security officials – Citi FM’s Caleb Kudah recounts ordeal
Fela Kuti misses out on 2021 Rock & Roll Hall Of Fame induction
Tina Turner and Jay-Z among 2021 Rock and Roll Hall of Fame inductees
TVET must be a national agenda – Dr Turkson
Chief of Staff urges public institution PROs to dominate public information discourse
FDA trains 91 herbalists in Ahafo Region
Citi FM journalist broke GJA code of ethics by filming at National Security premises – Affail Monney
Wesley Girls: We are resolving ‘No Fasting’ issue – Peace Council
NSMQ 2021: Assin State beats Ghana National College to win last Central Regional Championship slot
Mercury can cause defects in babies – Dr Fameye
Bono Minister implores contractor to speed-up Sunyani town roads project
We are under-resourced – RTI Commission
Manner of Citi FM journalists’ arrest worrying – Sulemana Braimah
#FixTheCountry: Politicians in public office should be ready to forgo all luxury – Afenyo-Markin
Idris Elba to host second Africa Day concert