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17.05.2006 Business & Finance

IFC makes $30 million investment in Ghana


A statement by IFC said the loan represented the largest IFC investment in the financial sector in Ghana to date.

"The IFC loan will provide Barclays Ghana with much-needed term foreign currency funding to meet the rapidly growing demand for term financing in one of the most promising economies in West Africa," the statement said.

It said the loan would help the Bank to meet the financing needs of its corporate clients as well as those of small and medium enterprises, which were a vital engine of economic growth in Ghana.

Richard Ranken, IFC's Director of the Sub-Saharan Africa Department, said: "One of our main objectives in Ghana is to deepen financial intermediation and facilitate the private sector's access to financing from local financial institutions like Barclays Ghana.

"The IFC loan, which will support the development of export-oriented companies and small and medium enterprises, has the potential to increase the contributions of these businesses to the Ghanaian economy."

IFC's Director for Global Financial Markets, Jyrki Koskelo, said: "IFC is keen on seeing significant development in the financial markets in Sub-Saharan Africa and is engaged in several initiatives on the Continent. This financing to Barclays Ghana is a demonstration of IFC's confidence in the Ghanaian economy and the future of its financial markets."

Barclays Ghana, a wholly owned subsidiary of Barclays Bank PLC, has been operating in the country for the past 80 years.

With 25 branches around the country, the Bank provides a full range of banking services to its retail customers, small and medium enterprises, and corporate clients.

As of December 2005, Barclays Ghana's total assets and shareholders' funds stood at 540 million dollars and 59 million dollars, respectively.

Barclays Ghana's Managing Director, Margaret Mwanakatwe, said the Bank was extremely pleased with the partnership with IFC, adding "the financing will help the Bank to expeditiously meet the term foreign currency needs of its clients."