GCB, AFD sign credit pacts to promote renewable energy projects

GCB Bank PLC has signed a US$13.7 million credit pact and a one million Euro grant agreement 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, 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, Mina Massimo; and the Director of AFD, Africa Department, Christian Yoka, signed for their respective institutions.

Green technologies

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% of the loan) and technical assistance to finance small and medium-scale renewable and energy-efficient projects.

In his speech, 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,” he said.

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

Adomakoh said GCB was committed to the partnership and would deploy the funds to achieve its objectives.

Fighting climate change

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 partnership between France and Ghana,” the French Ambassador opined.

Yoka, for 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 an attractive financial offer for green projects.

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

Source:GCB, AFD sign credit pacts to promote renewable energy projects – Asaase Radio