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Ghana govt receives financing for Regional Hospital

Thursday, 06 Aug 2020
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The Standard Chartered Bank has signed a UK Export Finance (UKEF) backed agreement with the government of the Republic of Ghana.

The government has sought finance of a total of EUR 78 million to support design, construction and equipping of a new Eastern Regional Hospital in Koforidua.

The new Regional Hospital project will be undertaken by a joint venture company, formed by Ellipse Projects and Tyllium, a French headquartered company that provides engineering and contracting services, professional telecom works and services as well as electromechanical engineering services in the African market.

The two signed EUR 70 million commercial contract with the Ghanaian government in July 2020 for execution of Phase-I of the project which entails construction of 285-bed hospital. Phase-II will potentially expand the capacity to 600 beds.

This project is part of the government efforts to build multiple health centres across the nation, in response to growing fears surrounding the health impact of the Coronavirus pandemic.

The Standard Chartered Bank is acting as lead coordinator and original lender and will provide a EUR 17.6 million commercial loan with a tenure of five years. The majority of financing (EUR 60.2 million) which is divided into two tranches i.e. a direct loan and a buyer’s credit facility, will come from UKEF.

Other key players in the agreement are the Global law firm Sullivan Cromwell which served as transaction counsel and the ENSafrica which provided local legal advice.

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