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The Africa Finance Corporation (AFC) has signed a pact with Ghana's Volta River Authority (VRA) to provide it with a US$50mn loan tranche in a syndicated US$150mn three-year loan
The three-year loan facility has been arranged by the Ecobank Capital for VRA, who has been functioning as the principal source of power generation in Ghana, generating its electricity principally from hydro and thermal sources.
VRA CEO Kweku Awotwi said, “I am delighted that we have been able to successfully complete this transaction with key African investors. The facility will enable VRA procure light crude oil on an uninterrupted basis for power generation, thus helping ensure the availability of electricity supply to the country.
“The transaction demonstrates the value of growing importance of AFC in infrastructure investments across Africa.”
AFC President and CEO, Andrew Alli, added, “As a pan-African multilateral financing institution, we are committed to helping Africa bridge the power infrastructure development gap and operational requirements to drive economic growth.
“This transaction demonstrates the increasing financial capacity within the continent, and the ability of intra-African partnerships to drive economic development and help transform Africa.”