GCB and AFD sign two credit agreements to promote renewable energy projects

GCB Bank PLC has signed a $13.7 million credit facility and €1 million grant financing agreements to support local businesses in the development of energy efficiency and renewable energy projects.

The agreements and projects are part of the Sustainable Use of Natural Resources and Energy Financing (SUNREF) Ghana, aimed at promoting investment in sustainable energy and environmental protection among private sector actors in developing economies.

Under this agreement, GCB and SUNREF will continue to offer competitive loans and technical assistance for structuring green investments to businesses, organizations, individuals and households.

The Managing Director of GCB Bank PLC, Mr. Kofi Adomakoh, signed the agreement on behalf of the Bank while the French Ambassador to Ghana, Anne Sophie Ave; the Head of Cooperation, Development of the European Union, Mr. Mina Massimo; and the Director of AFD, Africa Department, Mr. Christian YOKA, have signed for their respective institutions.

The SUNREF program aims to mobilize 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 energy and energy efficiency projects.

In his speech, Mr. Adomakoh stressed 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’s about rethinking 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,” said Mr. Adomakoh.

He said Africa needs support and with the right kind of finance, the continent will make progress in promoting energy efficiency.

Mr Adomakoh said GCB is committed to the partnership and will deploy the funds to achieve its goals.

France’s Ambassador to Ghana, Anne Sophie Ave, described affordable loans and grants to provide greener energy as “one of the tools to fight climate change, improve livelihoods and contribute to sustainable growth. “.

“This is a win-win partnership between France and Ghana,” said the French Ambassador.

The Director of AFD, Africa Department, Mr. Christian YOKA, on his part said that the partnership between AFD and GCB Bank is an excellent way to promote Ghana’s efforts closer to the realization of its contribution to the contributions determined at the national level of the Paris Agreement.

He said that through this partnership, GCB would be able to reach local businesses and households with an attractive financial offer for green projects.

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

GCB and AFD sign two credit agreements to promote renewable energy projects

GCB and AFD sign two credit agreements to promote renewable energy projects