The ECOWAS Bank for Investment and Development (EBID) has signed an agreement to extend a loan facility of 60 million dollars to the Ghana Grid Company Limited (GRIDCo).
A statement issued by the Bank, copied to the Ghana News Agency said the signing ceremony took place in Lome, Togo, its head office.
Dr George Agyekum Donkor, the President and Chairman of the Board of Directors, EBID, signed on behalf of the bank, while Mr Ebenezer Kofi Essienyi, the Chief Executive Officer of GRIDco, signed for the Company.
The facility is to finance the installation and upgrading of transmission lines in Ghana.
Dr Donkor said as ECOWAS Member States worked towards post COVID-19 economic recovery, it was necessary to expand regional electricity connectivity to accommodate growth.
Therefore electricity infrastructure expansion in the sub-region is a key sector that must be given the necessary attention.
The Bank’s total commitment to Ghana stood at 250 million dollars as of October 12, 2022, he said.
He reiterated the Bank’s commitment to continuously finance infrastructure projects across all sectors of the economies of ECOWAS Member States to accelerate recovery and development of the Sub-region.
The project is in line with the Bank’s strategic objectives and aligned perfectly with Ghana’s Agenda for Jobs II.
Mr Kabral Blay-Amihere, the Chairman of the Board of Directors, GRIDco, said projects to be undertaken with EBID’s facility were part of a broader plan to upgrade infrastructure for improved efficiency and increase power transmission within Ghana and other West African countries such as Togo, Benin, Burkina Faso, Mali and the Ivory Coast.
While appreciating the confidence reposed in GRIDCo by EBID, he noted that the completion of the project would lead to reduction in technical losses to enhance businesses and livelihoods in Ghana and the ECOWAS sub region.
Mr Blay-Amihere commended the President of EBID and his team for their dedication and professionalism that saw the expeditious completion of the credit process and the consummation of the transaction.
Present at the ceremony were Mr Kofi Demetia, Ghana’s Ambassador to Togo, Mr Philip Owiredu, the Managing Director of Calbank PLC., and executives from C-Nergy Ghana.
EBID is a leading regional investment and development bank, owned by the 15 ECOWAS Member States.
These are Ghana, Benin, Burkina Faso, Cape Verde, the Ivory Coast, The Gambia, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo.
Based in Lomé, Togo, it is committed to financing developmental projects and programmes covering diverse initiatives from infrastructure and basic amenities, rural development and environment, industry, and social services sectors, through its private and public sector windows.
Source: GNA