GCB, AFD Sign Renewable Energy Projects Pact


Kofi Adomakoh (3rd left), Anne Sophie Ave and other officials after the signing

GCB BANK PLC has signed a US$13.7 million credit facility and a €1 million grant financing agreement to support local businesses toward the development of energy efficiency and renewable energy projects.

The agreements and projects are part of the Sustainable Use of Natural Resources and Energy Finance (SUNREF) Ghana, aimed at promoting investment in sustainable energy and environmental protection among private sector players in developing economies.

Under the agreement, GCB and SUNREF will continue to offer competitive loans and technical assistance for structuring green investment to companies, organisations, individuals, and households.

Managing Director of GCB Bank PLC, Kofi Adomakoh, signed the agreement on behalf of the Bank while the French Ambassador to Ghana, Anne Sophie Ave, the Head of Cooperation, European Union Development, Mina Massimo; and the Director of AFD, Africa Department, Christian Yoka, signed for their respective institutions.

The SUNREF programme seeks to mobilise Ghanaian financial institutions including GCB to finance private sector investments in green technologies.

GCB and other financial institutions will provide green loans and investment grants (up to 10 per cent of the loan) and technical assistance to finance small and medium scale renewable and energy efficient projects.

In his speech, Mr. Adomakoh highlighted the importance of the agreement and partnership in protecting the climate and promoting clean energy.

“For us at GCB PLC, sustainability is a matter of survival. It is for a rethink of how we deploy our capital and resources to achieve growth beyond our generation. Our partnership with AFD is a demonstration of our commitment to this cause,” he said.

He added that Africa needs support and with the right kind of funding the continent will make progress in the promotion of energy efficiency.

Mr. Adomakoh said GCB is committed to the partnership and will deploy the funds to achieve its objectives.

Ambassador Sophie Ave described affordable loans and grants to provide greener energy as “one of the tools to fight climate change, improve livelihood and contribute to sustainable growth.”

“This is a win-win partnerships between France and Ghana,” she opined.

Director of AFD, Africa Department, Mr. Yoka, on his part, said the partnership between AFD and GCB Bank would allow the latter reach local businesses and households with attractive financial offers for green projects.


BY Jamila Akweley Okertchiri