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President Akufo Addo Welcomes EUR 170 Million EIB Support for New National Development Bank of Ghana

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President Akufo Addo of Ghana, Werner Hoyer, President of the European Investment Bank and Thomas Östros, Vice President, today formally agreed EUR 170 million EIB backing for the new National Development Bank of Ghana. The EIB backing represents the largest ever engagement in Ghana by the world’s largest international public bank and most significant support for a national development institution in Africa.

Once operational in the coming weeks the National Development Bank of Ghana will increase access to long-term finance and boost job creation for thousands of businesses in key sectors, including agribusiness, manufacturing, ICT tourism and other services across Ghana.

“The European Investment Bank is a key partner for Ghana and Africa. As discussed with President Hoyer today, Ghana and the European Investment Bank share the same goals, and our close partnership will accelerate economic growth in Ghana in the future. The EIB’s backing for the new National Development Bank will support Ghana’s vision of empowering our private sector to embrace new business opportunities, create skilled jobs and successfully overcome COVID-19 challenges. The EIB’s unique technical, environmental and financing expertise is supporting priority business investment and delivering the green transition in Ghana and across Africa.” said President Akufo Addo.

“Since the start of the pandemic, the EIB has worked closely with visionary governments and private sector partners across Africa to ensure that together we can tackle the health, economic and social impact of COVID-19. Together with experts from the Ghanaian government, international financial partners and the EU Delegation in Accra the EIB is pleased to support the new National Development Bank of Ghana. The new institution will transform private sector investment across Ghana, enabling thousands of entrepreneurs and businesses to access long-term financing in local currency and strengthen resilience to COVID-19. Over the last 45 years the EIB has provided more than EUR 626 million to directly support entrepreneurs, agriculture, industry and energy investment across Ghana including the original and renovated Kpong Dam recently inaugurated by President Akufo Addo. As part of Team Europe and thanks to its local presence in Western Africa, the European Investment Bank aims to strengthen its support for ambitious investment in Ghana in the years ahead.” said Werner Hoyer, President of the European Investment Bank.

“The European Union has a long-standing partnership with Ghana and we share a broad common agenda to tackle global challenges, such as climate change and pandemics. Today’s new agreement to support the new National Development Bank of Ghana will boost private sector growth and economic resilience to COVID-19 and builds on the European Investment Bank’s enduring engagement to support high-impact investment in Ghana, in a true Team Europe spirit.” said Jutta Urpilainen, European Commissioner for International Partnerships

President Akufo Addo, Minister of Finance Ken Ofori-Atta, EU Ambassador to Ghana Diana Acconcia and President Hoyer highlighted the importance of ensuring that Ghanian businesses can access long-term financing to expand activities, harness new business opportunities and strengthen economic resilience to health and business challenges triggered by the COVID-19 pandemic at a signature ceremony in Brussels.

The announcement took place in Brussels following the African Financing Summit convened by President Macron and attended by President Akufo Addo and President Hoyer, along with heads of state and government, and international organisations from across Africa, Europe and the G7.

Enabling Ghanaian business to flourish and invest in challenging times

The new National Development Bank of Ghana will provide long-term wholesale financing, including working capital and investment loans, to the private sector through commercial banks.

The new institution will transform access to finance by small business and larger companies across Ghana and unlock investment in agribusiness, manufacturing, informational technology and tourism.

The National Development Bank of Ghana has been created by the Government of Ghana and supported by the European Investment Bank, the World Bank and the German Federal Ministry of Economic Cooperation and Development (BMZ) through the German Development Bank KfW.

Supporting green power in Ghana

Construction of the original Kpong Dam in 1976 to harness power of the Volta River was the first energy project in Ghana financed by the European Investment Bank. The EIB is now providing EUR 12.5 million for renovation of the Kpong Dam, alongside the French Development Agency, AFD.

The renovated plant will be more efficient, reliable and safe, as well as saving an estimated 400,000 tons of carbon dioxide emissions a year by contributing 1000 GWh of low-cost hydro energy a year to the national grid.

Building on 45 years of EIB engagement in Ghana

Over the last 45 years, the European Investment Bank has provided more than EU 626 million for investment by entrepreneurs, agriculture, industry and energy across Ghana.

The EIB is the world’s largest international public bank and last year provided EUR 5 billion for public and private investment across Africa supported by nine regional offices across the continent.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

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Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

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Banking Sector

Safaricom, Access Holdings Forge Partnership to Revolutionize Remittance Corridor in Africa

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Access bank

Safaricom, the leading telecommunications company in Kenya, has entered into a strategic partnership with Access Holdings, spearheaded by Aigboje Aig-Imoukhuede.

The collaboration aims to revolutionize the remittance corridor between East and West Africa, marking a significant step towards enhancing financial inclusion and empowering millions of individuals across the continent.

The partnership comes on the heels of Access Holdings’ recent acquisition of the National Bank of Kenya Limited, signaling the company’s ambitious expansion into the East African market.

Leveraging Safaricom’s extensive network and expertise in mobile money through M-Pesa, which currently dominates the mobile money market in Kenya, the alliance seeks to create seamless and efficient channels for remittance transactions.

Aigboje Aig-Imoukhuede, the driving force behind Access Holdings, expressed enthusiasm about the collaboration, highlighting its potential to transcend traditional boundaries and foster greater economic connectivity between East and West Africa.

He highlighted the fusion of collective expertise and resources between the two entities, underlining their shared commitment to driving financial inclusion and empowerment across the continent.

The partnership holds promise for addressing the challenges faced by millions of Africans in accessing affordable and reliable remittance services.

By connecting more than 60 million customers and 5 million businesses across eight countries, the collaboration aims to facilitate over $1 billion in daily transaction value, significantly boosting the flow of remittances within and outside Africa.

With the first phase of the collaboration focusing on key markets such as Nigeria, Kenya, Ghana, and Tanzania, stakeholders anticipate a transformative impact on the remittance landscape, paving the way for greater intracontinental trade and economic integration in line with the objectives of initiatives like the African Continental Free Trade Area (AfCFTA).

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Banking Sector

EFCC Urged to Repatriate Recoveries to NDIC for Depositors’ Relief

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The Nigeria Deposit Insurance Corporation (NDIC) has made a fervent plea to the Economic and Financial Crimes Commission (EFCC) to expedite the repatriation of recovered funds to its coffers to facilitate the timely reimbursement of depositors affected by bank failures.

During a recent meeting between the Managing Director of NDIC, Bello Hassan, and the Executive Chairman of the EFCC, Ola Olukoyede, at the NDIC headquarters in Abuja, Hassan stressed the importance of enhanced collaboration between the two agencies in recovering depositors’ funds lost due to bank failures.

Hassan emphasized that the return of recoveries made by the EFCC on behalf of the NDIC would significantly contribute to the prompt reimbursement of affected depositors.

He commended the EFCC for its unwavering efforts in combating corruption and financial crimes, highlighting its crucial role as a key member of the Taskforce on Implementation of the Failed Banks Act chaired by the NDIC.

The NDIC boss also highlighted the existing partnership between the two organizations, which led to the establishment of the NDIC Help Desk at the EFCC in 2022.

He disclosed that several high-profile cases referred to the EFCC were currently under investigation.

In response, Olukoyede reiterated the EFCC’s commitment to collaborating closely with the NDIC to combat financial crimes and safeguard the integrity of the Nigerian banking sector.

He pledged to intensify efforts to repatriate recovered funds promptly, acknowledging the interconnectedness between criminal activities and bank failures.

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