27.7 C
Saturday, September 26, 2020
- Advertisement -

Africa Finance Corporation Partners Volta River Authority


What Manner of Olive Branch? By John Mayaki

Happy times are here for Godwin Obaseki, who rode into victory, courtesy of his Rivers State counterpart and comrade-in-electoral sleight of hand,...

Between ‘Dividers-in-Chief and Dividers-in-Law’ By Wole Soyinka

I am notoriously no fan of Olusegun Obasanjo, General, twice former president and co-architect with other past leaders of the crumbling edifice...

Putting our Money Where Our Mouth Is – By Femi Adesina

There is a story that President Muhammadu Buhari likes to tell. He has done so many times in public and private meetings....

El-Rufai and the next Emir of Zazzau By Aliyu Tilde

The last colonial Governor of Northern Nigeria, Sir Bryan Sharwood Smith, was the District Officer (D.O.) of Zaria when the Emir of...

Africa Finance Corporation (AFC) has signed an Agreement with Volta River Authority (VRA) to provide a US$ 50 million loan tranche in a syndicated US$150MM three year loan facility arranged by Ecobank Capital, for the Volta River Authority (VRA) of Ghana.

VRA, which was established in 1961, is the principal source of power generation in Ghana generating its electricity principally from hydro and thermal sources. Mr. Kweku Awotwi – Chief Executive Officer, VRA said today “I am delighted that we have been able to successfully complete this headline 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 South-south cooperation and highlights the growing important and critical role of AFC in infrastructure investments across Africa.”

AFC is an African-led multilateral financial institution, established in 2007 whose mission is to improve African economies by proactively developing and financing infrastructure, industrial and financial assets. AFC is involved as an investor, developer and financier of various infrastructure projects. Currently in its fifth year of operation, AFC is playing a major role in helping to bridge the Continent’s critical infrastructure investment gap. It has not only emerged as a benchmark financier of infrastructure projects across Africa, but also as a key partner in attracting new financing to Africa.

AFC’s objective is to help ease the power deficit in Ghana, reduce the cost of electricity and thereby assist and support the Government of Ghana in realizing its vision to accelerate Ghana’s economic development. Commenting on AFC’s role, Andrew Alli, President and CEO of AFC said “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. We are delighted that this facility is for an African institution with which AFC collaborates closely. The transaction further demonstrates the increasing financial capacity within the continent, and the ability of intra African partnerships to drive economic development and help transform Africa”.

- Advertisement -


Please enter your comment!
Please enter your name here

- Advertisement -

Business Profiles

Okechukwu Ohanta

Okechukwu Ohanta is the Sub-Surface Manager at Tenoil Petroleum and Energy Services. Mr Ohanta is responsible for the company's subsurface studies, formation...

Chukwunonye Emenalo

Chukwunonye Emenalo is a lecturer of financial management at Lagos Business School. His teaching interests are in financial management/corporate finance. His research...

Oyewale Ariyibi

Oyewale Ariyibi is the Chief Financial Officer at FBN Holdings Plc. Before this appointment, he was Chief Finance Officer at Transnational Corporation...

Dada Awosika

Dada Awosika is the Managing Partner of D.A Awosika & Partners LLP. He started his Legal Practice in 1996 at the law...

Olamide Edun

Olamide joined Lion’s Head Global Partners in 2017 and is a member of the African Local Currency Bond Fund team, focussed on...