The Standard Chartered Bank has announced the completion of an agreement for a €78 million financing to the Ministry of Finance, for the construction and equipping of the new Eastern Regional Hospital, at Koforidua.
The facility which was made possible through UK Export Finance (UKEF) is seen as a significant contribution to the government’s commitment for major investments in healthcare infrastructure.
The government committed, in the wake of the COVID-19 pandemic, to construct district and regional hospitals, to complement the existing health infrastructure and fortify health service delivery in the country.
This latest development is, therefore, said to be in line with the United Nation’s Sustainable Development Goal (SDG) 3, which emphasizes access to health services.
The Chief Executive of Standard Chartered Bank Ghana Limited, Mrs. Mansa Nettey, said the Bank continues to leverage its network to support diverse sectors of Ghana’s economy.
She said “This is a landmark transaction for Standard Chartered Bank in Ghana, as it marks the bank’s first Export Credit Agency (ECA) – supported financing for the Ministry of Finance. Given our unique position, having operated in this market for over 120 years, we remain a conduit for the long term project and infrastructure financing.”
Mrs. Nettey who was speaking at a sod-cutting ceremony for the project, further stated that “this transaction stays true to Standard Chartered Bank’s brand promise, here for good.”
She said it also “underscores our adeptness and capacity to provide sovereign solutions while supporting the government to achieve the Sustainable Development Goal of providing adequate healthcare infrastructure for Ghanaians.”
The Minister of Health, Kwaku Agyemang-Manu, acknowledged that the “project has given Standard Chartered Bank the opportunity to support the government’s agenda of boosting healthcare delivery in the country and demonstrates Government’s commitment to work with the private sector to bridge the infrastructure investment gap.
“The Ministry of Health has a number of mandates with Standard Chartered and I laud the bank for successfully closing the first ECA transaction, indicating it is a solid ECA Bank of choice,” Mr. Agyemang-Manu stated.
The Acting Head of Global Banking, Standard Chartered Bank Ghana Limited, Richard Annor Bram, said also “this demonstrates the bank’s aptitude to provide well-structured transactions and drive sustainable finance that supports the UN SDG’s in its footprint markets.”
He said “Standard Chartered acted as the Sole Lead Arranger, Original Lender, Structuring Bank and Agent for the total financing package of EUR 78 million. The efficient and successful closure of this transaction has reinforced the bank’s relationship with UKEF”.
He further noted that Standard Chartered Bank is committed to supporting initiatives that lead to socio-economic development and sustainability and believes that Ghanaians, especially the residents of Koforidua and the entire Eastern Region will enjoy quality healthcare services for decades to come courtesy of this project.
The British Chargé d’affaires to Ghana, Thomas Hartley, who was also present at the ceremony said: “Throughout the COVID-19 pandemic, and now as we continue to respond and recover from the virus, I am proud that the UK and Ghana have worked shoulder-to-shoulder to save lives, support business and industry and share expertise to lessen the spread of coronavirus.”
“At today’s sod-cutting ceremony I saw the UK-Ghana partnership in action once again, resulting in a hospital which will change healthcare provision across the Eastern Region for the first time in more than 100 years.”