StanChart Announces € 55 Million Enhanced Term Finance by the Export Credit Agency for Ghana Infrastructure Project

Standard Chartered announced the signing of a € 55 million financing with the Ministry of Finance (MoF Ghana, the borrower) for road infrastructure supported by an Export Credit Agency (ECA).

In close collaboration with Exportkreditnämnden1 (EKN, Swedish CEA) and Swedish Export Credit Corporation2 (SEK), Standard Chartered’s project finance will finance the asphalt of 100 km of feeder roads in Tamale, Walewale, Nalerigu, Gambaga, Damongo and Yendi (every city in the northern region of Ghana).

The financing transaction makes a significant contribution to the Ghanaian government’s commitment to major investments in road transport infrastructure and alignment with the United Nations Sustainable Development Goal 93 (SDG) on industry, l innovation and infrastructure.

The road infrastructure project will significantly contribute to the government’s efforts to boost the socio-economic development of the country’s urban and rural communities by facilitating access to health care, education, employment and other social services.

The Tamale road network project is being developed by a Swedish EPC (engineering, procurement and construction) contractor, QG Konstruktion AB (customer QGMI, SCB), and will help improve regional networks in the Northern region and consequently to increase the flow of business, agricultural trade. and market access.

Desislava Radeva, Director of Structured Export Finance, Standard Chartered Bank, said: “We are extremely proud to strengthen our position as a trusted bank of choice with the Ministry of Finance and enhance our collaboration with EKN and SEK by closing this financing. of historic infrastructure during difficult times. ”

Mansa Nettey, CEO of Standard Chartered Bank Ghana Plc, said: “This transaction stays true to the Standard Chartered brand promise, Here for good, and underlines our competence and ability to provide solutions that contribute to the socio-economic development of Ghana.

“The Bank has been operating in Ghana for 125 years and will continue to be a vehicle for financing long-term projects and infrastructure that help Ghana achieve its sustainable development goals.”

Maria Mattsson, Senior Underwriter at EKN, said: “EKN’s mission is to enable the financing of the purchase of high quality Swedish equipment. It is particularly gratifying that EKN has participated in this important project. ”

Marcio Jordao, Director of Structured Finance and Export at QGMI, said: “Our participation once again reaffirms QGMI’s commitment with Ghana.

“This project, developed with the strong support of Standard Chartered Bank, EKN and SEK, will promote the growth of the region’s economy and a better quality of life for the local population.

This transaction marks another major ECA-backed term facility organized by Standard Chartered Bank and signed with MoF Ghana in 2020. It follows the Bank’s € 78 million in funding from UKEF for the construction of a new regional hospital in Koforidua, Ghana4 (developed by a British EPC Entrepreneur, JV Tyllium-Ellipse UK Ltd).