Ghana’s HFC Bank secures $10m credit facility for SMEs, mortgage investments
HFC Bank Ghana and PROPARCO, a development finance institution, on Tuesday signed a 10-million dollar credit facility to support the bank’s growth strategy, funding of small and medium enterprises, and for mortgage investments.
PROPARCO is jointly owned by Agence Francaise de De’veloppement(AFD), public and private shareholders.
Mr Asare Akuffo, Managing Director of HFC Bank Ghana, who signed for the bank, said the agreement marked the beginning of a mutually beneficial relationship with PROPARCO.
“We expect the relationship between the two institutions to grow over the years. We hope they would finally become an equity partner,” he said.
Mr Akuffo said the bank’s performance had been successful, and extending its activities beyond the present frontiers in future.
Mr Julien Lefilleur, Regional Director of PROPARCO in West Africa, who signed for PROPARCO, said the company had many plans for Ghana and HFC bank was chosen because “We look at quality delivery and sound practices”.
He said the bank’s involvement in small and medium enterprise financing, mortgage financing, also made it “a good candidate for PROPARCO”.
Mr Lefilleur said the event, which was the first of its kind between PROPARCO and HFC, marked the beginning of fruitful relations.
The French Ambassador to Ghana, Mr Frederic Clavier said Ghana stood high on France’s development agenda.
“Your country has all the advantages that are needed for a high level partnership with France and at the moment, France and Ghana are discussing how to fulfil an ambitious future,” he said.
Mr Clavier recounted that since 2004, Agence Francais de De’veloppement had allocated 655 million euros into Ghana’s economy, adding “This shows our commitment. We assure you that France will be with you for mutual gain.”
PROPARCO catalyses private investment in emerging and developing countries with the aim of supporting growth, sustainable development and the achievement of the Millennium Development Goals.
Source: GNA