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GCB, AFD sign two credit agreements to promote renewable energy projects

Business & Finance GCB, AFD sign two credit agreements to promote renewable energy projects
MAY 27, 2022 LISTEN

GCB Bank PLC has signed $13.7 million credit facility and one million Euro grant financing agreements to support local businesses towards the development of energy efficiency and renewable energy projects.

The agreements and projects are part of the Sustainable Use of Natural Resources and Energy Finance (SUNREF) Ghana, aimed at promoting investment in sustainable energy and environmental protection among private sector players in developing economies.

Under the agreement, GCB and SUNREF will continue to offer competitive loans and technical assistance for structuring green investment to companies, organisations, individuals and households.

The Managing Director of GCB Bank PLC, Mr Kofi Adomakoh, signed the agreement on behalf of the Bank while the French Ambassador to Ghana, Anne Sophie Ave; the Head of Cooperation, European Union Development, Mr Mina Massimo; and the Director of AFD, Africa Department, Mr Christian YOKA, signed for their respective institutions.

The SUNREF Programme seeks to mobilise Ghanaian financial institutions including GCB to finance private sector investments in green technologies.

GCB and other financial institutions will provide green loans and investment grants (up to 10 per cent of the loan) and technical assistance to finance small and medium scale renewable and energy efficient projects.

In his speech, Mr Adomakoh highlighted the importance of the agreement and partnership in protecting the climate and promoting clean energy.

“For us at GCB PLC, sustainability is a matter of survival. It is for a rethink of how we deploy our capital and resources to achieve growth beyond our generation. Our partnership with AFD is a demonstration of our commitment to this cause,” Mr Adomakoh said.

He said Africa needs support and with the right kind of funding the continent will make progress in the promotion of energy efficiency.

Mr Adomakoh said GCB is committed to the partnership and will deploy the funds to achieve its objectives.

The French Ambassador to Ghana, Anne Sophie Ave, described affordable loans and grants to provide greener energy as “one of the tools to fight climate change, improve livelihood and contribute to sustainable growth.”

“This is a win-win partnerships between France and Ghana,” the French Ambassador opined.

The Director of AFD, Africa Department, Mr Christian YOKA, on his part, said the partnership between AFD and GCB Bank is a great way to promote Ghana’s efforts closer to the achievement of its contribution to the Paris Agreement Nationally Determined Contributions.

He said through this partnership, GCB would be able to reach local businesses and households with attractive financial offer for green projects.

Present at the signing ceremony were the Deputy Managing Director, Operations, Mr Emmanuel Odartey Lamptey, Executive Head, Retail Banking, Mr John Adamah, Chief Digital and Marketing Officer, Mr Eric Coffie, Head of Corporate Banking, Mr Linus Kumi, Head of Commercial Banking, Mr George Fuachie and other officials of GCB, as well as others from the Energy Commission of Ghana.

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