By Caribbean News Global
LONDON, England – UK Export Finance (UKEF) announced it will provide over £140 million of financing to support UK exports to Ghana and help secure export opportunities for UK companies on major national infrastructure projects across the country. This infrastructure support has helped to secure export opportunities for UK companies in healthcare, sanitation and transport across the country.
Bruno Schambacher, chief executive officer of Tyllium, said:” UKEF’s support is allowing EPC companies like ours to take full advantage of the new trading opportunities created by the rise of developing economies like Ghana. Their flexible finance was at the core of our successful bid,” while Olivier Picard, chief executive officer of Ellipse Projects, said: “Our company operates actively in Africa and is already present in Ghana in the health sector. We are pleased that UK Export Finance is supporting us as we secure these exciting contracts. UKEF’s flexible finance demonstrates the government’s true commitment to the growth of UK exports.”
The support that UKEF has provided in Ghana includes:
- Adirect loan of £27 million to the Ghanaian government will help UK-based Aqua Africa provide clean energy to sterilise drinking water for 225,000 people across the country. Aqua Africa will use solar powered technology to deliver 5 litres of water a day for less than a quarter of a penny.
- Over £50 million will enable the construction of the new regional hospital in Koforidua. The project led by engineering companies Ellipse and Tyllium will provide 285 beds, a modern and fully functional hospital.
- Over £70 million of financing in the form of direct loans and guarantees that will boost UK involvement in the redevelopment of a major commercial road between Tema and Aflao by construction company BHM International (UK) Ltd. This road links Ghana with close trading partners including Togo, Benin, Nigeria and Niger.
UKEF has also increased its country cover in 24 African nations this year, including for Ghana which has now doubled to £1.5 billion.
This announcement is part of HM government’s ambition to cover 80 percent of the UK’s trade with free trade agreements to strengthen the UK’s position as the trading partner of choice for countries in Africa.
Minister for exports, Graham Stuart, said: “Building on the UK Africa Investment Summit in January this year, I’m delighted to see British capability being exported to Ghana and improving people’s lives across the country. UK Export Finance supports UK exports at no cost to the taxpayer and has an important role in powering an export-led recovery from coronavirus (COVID-19) and giving UK exporters of all sizes a foothold in fast-growing markets across Africa and beyond.”