US gov’t provides $100m financing for commercial real estate project in Ghana, others
The Board of Directors of the US government’s finance institution, Overseas Private Investment Corporation (OPIC), has approved a $100 million for an investment fund, Actis Africa Real Estate Fund 2 LP, to build quality commercial real estate in sub-Saharan Africa including Ghana.
The OPIC says the Actis Fund will invest primarily in greenfield property developments in high-growth markets in East and West Africa focusing on retail and office sectors, as well as some residential and mixed-use development.
“Target countries include Ghana, Kenya, Nigeria, Tanzania, Uganda and Zambia,” the US agency said in a statement June 20, 2012.
In many cases, the fund’s investments will produce the first international-standard retail mall and/or Grade A office building in the targeted markets, the OPIC added.
The fund has a target capitalization of $250 million, according to the OPIC.
OPIC sees sub-Saharan Africa as “one of the fastest-urbanizing areas in the world,” but the region “suffers from significant underinvestment in office space.”
By Ekow Quandzie
Excellent and about time this development takes place. Because the market is there.