International Trade Secretary Dr Liam Fox has today (27 February 2019) announced that UK Export Finance (UKEF) will support UK firms with £130 million for three projects in Ghana. Support will be provided to projects that have a direct impact on the country’s infrastructure and economic development, while delivering opportunities for British companies. The announcement was made at the latest meeting of the UK Ghana Business Council, a strategic partnership designed to encourage trade between the two countries.
£70.3 million of the support will go towards a contract for Contracta Construction UK to develop and modernise Kumasi Central Market, a major trading centre in the Ashanti region which is currently visited by up to 800,000 people daily.
UKEF will provide a direct loan and bank guarantee to Ghana’s Ministry of Finance to fund the contract, which will include improvements to electrical networks, water supplies, generators, fire detection systems and public transport.
A guarantee for a £43.8 million loan will also be provided by UKEF to the Ministry of Finance to support the contract with QG Construction UK for the modernisation of Tamale Airport in the northern region of Ghana. The project will include the construction of a modern new international terminal building, access roads and ancillary facilities exclusive for civil aviation in the existing airport space.
The expansion is designed to promote economic growth, to increase tourism and to boost socio-economic development by improving connections to the north of Ghana. It will also benefit Hajj pilgrims with the new Multipurpose Facility serving as a terminal building during the Hajj Season.
Bekwai hospital will be provided with a guarantee for a £17.6 million loan from UKEF to support a contract between Ellipse UK and the Eurofinsa group. The companies will manage every aspect of the hospital’s completion including the supply and installation of medical equipment. Once completed, the hospital will have 120 beds, an emergency department, a maternity ward and an operating theatre.
International Trade Secretary Dr Liam Fox MP said:
Ghana is an increasingly dynamic economy and I am delighted that UKEF is supporting the development of the vital infrastructure that will underpin this growth. These projects will have a dramatic impact on trade, healthcare and transport in the country and demonstrate how British expertise across a number of sectors is improving vital infrastructure all over the world.
This is just one example of the work we are doing as part of the Government’s Export Strategy, an ambitious plan to grow exports to 35% of UK GDP. We’re supporting UK businesses with financial support provided by our award-winning export credit agency UK Export Finance, and teams around the world are on hand to provide market-specific support where needed. I encourage any business looking for similar financing support to get in touch with our team through the great.gov.uk website.
Fabio Camara, Director, Contracta Construction UK Ltd said
UKEF’s flexible financial support played a key part in securing the Kumasi Central Market contract. Kumasi is a vital trading hub for the Ashanti region and West Africa’s largest market, and this modernisation will have huge benefits for vendors and customers, as well as for our continued international growth and UK supply chain.
Cristiano Becker Hees, Managing Director, QGMI UK said
Tamale airport’s expansion is a priority for the Ghanaian Government, demonstrating the importance of improved transportation links to the continuing growth of the country’s economy and, particularly, the northern region of the country. We look forward to working on this transformational project and welcome the UK Government’s continued support of British exports overseas.
Matthew Shires, Managing Director, Eurofinsa said
The completion of the Bekwai district hospital will have a significant positive impact on the standard of healthcare provided to the inhabitants of Bekwai. This crucial project would not have been delivered without the government’s support and we are delighted that UKEF has chosen to support Ghana’s on-going development and our overseas expansion.
UK Export Finance is the UK’s export credit agency and a government department, working alongside the Department for International Trade as an integral part of its strategy and operations.
Our mission is to ensure that no viable UK export should fail for want of finance or insurance from the private market. We provide finance and insurance to help exporters win, fulfil and ensure they get paid for export contracts.
Sectors in which UKEF has supported exports include: aerospace, healthcare, infrastructure, telecommunications and transport.
UKEF has a national regional network of 24 export finance managers supporting export businesses.
Our range of products includes:
- Bond insurance policy
- Bond support scheme
- Buyer & supplier credit financing facility
- Direct lending facility
- Export insurance policy
- Export refinancing facility
- Export working capital scheme
- Letter of credit guarantee scheme
Our country cover positions outline our current cover policy and risk appetite for each country.
- February 27, 2019 at 12:36 pm by Editor (displayed above)
- February 27, 2019 at 12:36 pm by Editor