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Ex-Im approves $155.4 million loan to finance expansion of Ridge Hospital
From: U.S. Embassy Ghana          Published On: January 15, 2013, 13:24 GMT
 
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Ex-Im approves $155.4 million loan to finance expansion of Ridge Hospital

When completed, the hospital will number among the most advanced medical facilities in West Africa

In keeping with its focus on sub-Saharan Africa, the Export-Import Bank of the United States (Ex-Im Bank) has authorized a $155.4 million direct loan to the Republic of Ghana to finance the design and construction of a hospital expansion in Accra. Americaribe Inc. of Miami, Fla., will export the goods and services required in the project.

“This transaction, which is our second authorization for sub-Saharan Africa of the calendar year, reflects our continued commitment to supporting exports to Africa and the priorities of the President’s 2012 Presidential Policy Directive,” said Ex-Im Bank Chairman and President Fred P. Hochberg. “Moreover, the transaction will ensure Ghana can provide better healthcare to its people and in the process support hundreds of jobs in a key sector.”

The Ridge Hospital Complex, which was built in 1928, serves as the primary medical facility for the Greater Accra Region (GAR). Between 2000 and 2010, the GAR population increased from 1.4 million to 3.9 million, and so the expansion of the complex will help alleviate the capacity shortages. When completed, the hospital will number among the most advanced medical facilities in West Africa and will include a new 420-bed building housing a comprehensive diagnostic and treatment block and a state-of-the-art maternity ward.

Americaribe, incorporated in Florida in 2002, is a subsidiary of the multinational group Bouygues and specializes in the design, engineering, and construction of healthcare, education, transportation, residential, and commercial projects.

HSBC London and New York Project & Export Finance teams acted as financial advisor to the Government of Ghana throughout the Ex-Im Bank application and due diligence processes. In FY 2012, Ex-Im Bank authorized more than $1.5 billion to support U.S. exports to sub-Saharan Africa.


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