PROPARCO signs one million-dollar agreement with General Leasing

Accra, March 31, GNA - General Leasing and Finance Company (GLFC) on Friday signed a one-million dollar credit agreement with PROPARCO, a subsidiary of Agence Francaise de Developpement (AFD).

Mr Kofi Andah, Managing Director of GLFC, and Mr Pierre Buchaillard, Executive Vice-President of AFD and Vice-Chairman of PROPARCO, signed for their respective organisations.

A statement issued in Accra said the loan would enable GLFC to finance the acquisition of equipment by export-oriented companies in competitive industrial sectors through leasing contracts.

GLFC has since its incorporation in 1994 been providing medium to long-term equipment leasing facilities. It also provides Trade and Corporate Finance, Financial Advisory and Consulting Services.

The signing ceremony was attended by Mr Didier Ferrand, French Ambassador to Ghana, Mr Giles Pertier, Managing Director of PROPARCO, and Mr Willie Fuggar, Chairman of the Board of Directors of GLFC.

The statement said PROPARCO has already provided 26 million dollars to four Ghanaian financial institutions. "PROPARCO's mission is, among other things, to develop its partnership with established local financial institutions and to provide them with long-term funding to better support small-medium size Ghanaian companies."

The statement said GLFC has extended credit to the bulk of the economic sectors of the economy with the most significant being manufacturing, which got 23.71 per cent, energy 21.99 per cent, mining 14.29 per cent and construction 5.7 per cent.

The types of equipment financed include manufacturing plants, vehicles, communications and construction.