EBID extends loan facility of $60m to GRIDco Limited

The ECOWAS Bank for Investment and Development (EBID) has signed a loan agreement extending a facility of $60 million to the Ghana Grid Company Limited (GRIDco).

The President and Chairman of the Board of Directors of EBID, Dr. George Agyekum Donkor, signed on behalf of the Bank while the Chief Executive Officer of GRIDco, Mr Ebenezer Kofi Essienyi, signed on behalf of GRIDco.

An official statement copied the GNA said the facility is to finance the installation and upgrading of transmission lines in Ghana.

In his short remarks, Dr. Donkor, observed that as ECOWAS Member States work towards post COVID-19 economic recovery, it will be necessary for regional electricity connectivity also to expand in order to accommodate growth.

He said the need for expansion of electricity infrastructure in the sub-region as a key sector must be given the necessary attention.

Dr. Donkor disclosed that the Bank’s total commitment to the Republic of Ghana as $250 million as of October 12, 2022.

He reiterated the Bank’s commitment to continue to finance infrastructure projects across all sectors of the economies of ECOWAS Member States to accelerate recovery and development for the Sub-region.

The President of EBID observed that the project was in line with the Bank’s strategic objectives and aligned perfectly with Ghana’s Agenda for Jobs II.

Taking his turn, the Chairman of the Board of Directors of GRIDco, Ambassador Kabral Blay-Amihere, said the projects to be undertaken with EBID’s facility were part of a broader plan of GRIDCo to upgrade and install infrastructure to continue to improve efficiency and increase the transmission of power within Ghana to other West African Counties such as Togo, Benin, Burkina Faso, Mali and Cote D’Ivoire.

While appreciating the confidence reposed in GRIDCo by EBID, he said the completion of the project would lead to strengthening and expansion of the transmission network, reducing technical losses and enhancing businesses and livelihoods in Ghana and the ECOWAS sub region.

Ambassador Blay-Ahimere 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 Ghana’s Ambassador to Togo, His Excellency Kofi Demetia, Executives from C-Nergy Ghana, and the Managing Director of Calbank PLC., Mr Philip Owiredu.

Source: GNA

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