Tullow goes to IFC for $115m loan to invest in Ghana

Information reaching ghanabusinessnews.com indicate that Tullow Oil has gone to the International Finance Corporation (IFC) for $115 million in corporate debt to back the Jubilee field development in Ghana.

Attempts by ghanabusinessnews.com to get clarification from Tullow’s Ghana office was unsuccessful as all officials were said to be busy at the time we made a phone call to the office Tuesday afternoon January 20, 2009.

However, ghanabusinessnews.com was able to contact Tullow’s media official in the UK. Martin Jackson returned our call but declined to comment on the subject. He however, said, Tullow will make an announcement tomorrow Wednesday January 21, 2009 at the London Stock Exchange. He reminded us however, that the exercise is a regular one which Tullow does and he would not say exactly what the matter would be about. He did not say if anything would be said about the $115 million loan from IFC.

Mr. Jackson promised to mail us details of the announcement tomorrow when it is released.

The International Finance Corporation is a member of the World Bank Group. on its website it says it provides investments and advisory services to build the private sector in developing countries.

Its eligibility criteria are that the applying company must:

·    Be located in a developing country that is a member of IFC;
·    Be in the private sector;
·    Be technically sound;
·    Have good prospects of being profitable;

And it also looks at the fact that the project would benefit the local economy.

The IFC as part of its criteria demands that the business must be environmentally and socially sound, satisfying IFC environmental and social standards as well as those of the host country.

Ghanabusinessnews investigations show that the IFC would issue a statement on the matter soon.

We will keep you updated on any development as we get the details.

By Emmanuel K. Dogbevi

E-mail: [email protected]