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Ghanaian firm gets $31 million loan facility
- Emerging Africa Infrastructure Fund (EAIF) grants the loan facility for a period of 10 years
- The facility is for the construction of a Liquid Natural Gas (LNG) facility at the port of Tema
Access Liquefied Natural Gas recently acquired a loan facility in the sum of $31 million. The facility is granted for the construction of a liquefied natural gas storage facility. The storage facility will be located at the port of Tema, Ghana.
The loan facility forms part of the funds required for the construction of the Floating Regasification Unit (FRU). On the completion, the project will deliver LNG from the port to Tema industrial area.
Speaking on the project, Martijn Proos (Director, EAIF’s Managers), stated “The new terminal at Tema is an innovative approach to securing reliable and cost-efficient gas supply. The investment by EAIF will contribute to reducing carbon emissions, contributing to Ghana’s long-term energy needs and strengthening its economic stability and economic development efforts. The project gives local and international power sector investors added confidence in the future of the country”
The project will be beneficial to Ghana’s electricity sector as the on-going expansion drive. The industry will require an adequate gas supply to meet the growing demand.