IFC and MIGA, members of the World Bank Group, today announced the commitment of $517 million in debt and guarantees to support Ghana's Sankofa Gas Project, an integrated offshore oil and natural gas project that will provide a source of reliable, affordable energy in the West African country. The project will fuel up to 1,000 megawatts of power generation, helping Ghana meet its growing energy needs and displace oil-fired power generation with a clean-burning alternative.
The $7.7 billion Sankofa project will be developed by Vitol Ghana and Eni Ghana, in partnership with Ghana's National Petroleum Corporation. IFC has committed a loan of $235 million to Vitol Ghana and arranging another $65 million in debt from the Managed Co-Lending Portfolio Program, a loan-syndications initiative that enables third-party investors to participate passively in IFC's senior loan portfolio. The IFC financing is part of a $1.35 billion loan facility provided by commercial banks, including HSBC, SociétéGénérale, ING, Standard Chartered Bank, UKEF, among others. MIGA has committed these commercial lenders with up to $217 million in political risk guarantees.
Click here for full story