Businesses to benefit from US$30m IFC, LMI power and water projects

International Finance Corporation (IFC)

The International Finance Corporation (IFC) and LMI Holdings have signed a US$30million fund agreement to facilitate the generation of clean power and water to manufacturing companies in the Tema enclave.

The initiative is to support job creation, greener and more sustainable and competitive industrial development in the country, as well as provide water security.

The projects include the generation of 16.7 megawatts of solar power, and the building of a water treatment and distribution plant to supply water for the construction of an industrial park, as well as the surrounding communities in the marked area.

Speaking at the signing ceremony, Chief Executive Officer of LMI holdings, Kojo Botsio Aduhene, stressed that the initiative does not only focus on businesses, but also factors in the social aspect; hence, the decision to supply neighbouring communities to champion the country’s industrialisation agenda.

“As an indigenous Ghanaian company, LMI is committed to the task of facilitating our country’s industrialisation ambitions and boosting exports. This partnership with IFC gives LMI the means and space to make big bets on Ghana,” he said.

He further added in an interview with the B&FT on the sidelines of the event, that the solar plant would be completed and operational in October next year, with the water treatment plant being operational 6 months after.

The LMI’s solar plant in Tema, together with the water plant, compared with the current thermal power on the national grid, is expected to reduce Ghana’s emissions by approximately 10,000 tonnes of CO2 equivalent annually.

IFC’s Regional Representative in Ghana, Kyle Kelhofer, reiterated his outfit’s resolve to supporting domestic and local enterprises, hence, the partnership to provide funds for the said projects.

“That is why we are delighted today to announce our partnership with LMI and to spur our efforts to help support Ghana’s efforts in higher value manufacturing and industrialisation.

“These investments in economic zones will impact and support development of dozens, and eventually hundreds of export-oriented manufacturers in Ghana providing essential services of an operating environment,” he noted.

Over the last decade, IFC has provided over US$4billion in financing and advisory services to Ghanaian companies in sectors including agribusiness, education, energy, healthcare, financial services, manufacturing, retail, tourism, and transport.

LMI is a highly diversified Ghanaian company with interests in the construction, property development, logistics, utilities, and ICT sectors. It is the primary developer of the Tema FZ which hosts more than 80 companies operating in various sectors, including building materials and agro-processing.

LMI has also embarked on developing its second industrial park with a total area of 2,000 acres, as part of a new city development, Dawa City, 40 kilometres to the east of Accra.

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