Wednesday, October 27,2021 / 02:07 PM / by AfDB Group / Header Image Credit: AfDB Group
The African DevelopmentBank's support aligns with Ghana's Coordinated Programme of Economic and SocialDevelopment Policies 2017-2024 and Medium-Term National Development PolicyFramework.
The African Development Bank's Board of Directors hasofficially approved a $75 million commercial loan to the GhanaInfrastructure Investment Fund (GIIF).
The African Development Bank's loan will enable theGhanaian state-owned GIIF to efficiently leverage its paid-in equity capital of$325 million to secure additional debt resources to finance several criticalGhanaian infrastructure projects and reduce the country's estimatedmulti-billion dollar infrastructure finance deficit.
"This loan is an important step to anchor thesustainability of a national infrastructure financing vehicle in Ghana, a modelwe'd like to promote to bridge the infrastructure financing gap over thecontinent", said Amadou Oumarou, African Development Bank Director forInfrastructure & Urban Development.
Since 2016, the Fund has committed over 88% of itsequity investment capital towards several infrastructure projects within thetransport, climate-resilient energy, ICT and affordable housing sectors, whilesuccessfully mobilizing over one billion dollars of private capital from bothdomestic and international sources.
In terms of development impact, The AfricanDevelopment Bank's participation is expected to catalyze private sector-ledinfrastructure development, expand access to infrastructure services in Ghana,and generate significant employment opportunities.
The African Development Bank's support aligns withGhana's Coordinated Programme of Economic and Social Development Policies2017-2024 and Medium-Term National Development Policy Framework (MTDF2018-2021), as well as the African Development Bank's Ten-Year Strategy, andHigh-5 strategic priorities.
As of July 2021, The African Development Bank hasprovided over $3 billion of financing for various projects in Ghana, ofwhich over $600 million has been directed towards various road, aviation,and rail transportation projects.
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