1D1F: Exim Bank secures US$100m credit to finance more factories

The Ghana Exim Bank has secured US$100 million from International Investment Bank (Credit Swiss) to finance more factories under the One District One Factory Initiative.

The loan facility would help extend soft credit to potential firms working to establish industries under the 1D1F as well as complete the existing ones.

Speaking after the agreement was signed at the Ghana Investment and Opportunities Summit in London, Chief Executive Officer of the Ghana Exim Bank, Lawrence Agyinsam said the facility will first go to the Pharmaceutical Industry.

“Receiving US$100 million is a big boost for us to be able to complete and make sure our strategic industries in this country will glitter in the first four years of the president; we are going to use some of this monies to complete seven pharmaceutical companies who are WHO complaint by 2020 this year, we will be able to have 60% of drugs manufactured in this country,” said Mr. Agyinsam.

He added that about 150 small and medium scale factories across the country will be completed this year.

Ghana Exim Bank’s vision is to become a strong financial institution that will be a key engine in the development of Ghana’s export trade, facilitate cross border trade and make Ghana a pillar in regional and continental trade.