IFC invests $2.4b in Ghana

IFCThe International Finance Corporation (IFC) of the World Bank Group says it has invested a total of $2.4 billion in Ghana.

It says in the past five years, its investment in the energy sector amounts to $525 million including oil and gas exploration and production, power production, and refined petroleum distribution.

The IFC today, June 8, 2015 signed a loan agreement of $8 million with Quantum Oil Terminal Limited to increase petroleum storage capacity in Ghana.

The OPEC Fund for International Development also provided an additional $8 million loan to the company, during the signing in Accra, Ghana.

Quantum is developing a 55,000 metric ton petroleum products storage facility near Tema. The project is expected to help address the storage constraints in the petroleum products distribution value chain and reduce shortages in Ghana.

Quantum Oil terminal Limited is a subsidiary of Quantum Group Limited.

By Emmanuel K. Dogbevi

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