Guaranty Trust Bank (Ghana) Limited has signed a US$20million term facility agreement with the Dutch development bank, FMO.
The facility amount will be applied toward on-lending to businesses and other borrowers in Ghana. It will also enhance GTBank’s ability to provide competitively-priced dollar denominated facilities to customers in the country.
The current agreement with FMO, an organisation that has been partnering with Guaranty Trust Bank (Ghana) Limited since its inception in 2006, again proves that the bank is poised to play a meaningful role in the financial sector and the economic development agenda in Ghana.
Commenting on the transaction, the Managing Director of Guaranty Trust Bank (Ghana) Limited, Mr. Lekan Sanusi noted that “This facility will enable our bank to extend significant support to some companies, which will in turn help boost the economyâ€Â.
He further stated that, “The confidence entrusted in us by FMO in extending this facility is another testament of our high reputation and reliability in honouring international financial covenants.
“It also confirms GTBank’s ability to meet stringent internationally acceptable criteria, principally in the areas of Anti-Money Laundering, Environmental and Social policies and Good Corporate Governance, all necessary conditions for the term facility,†he added.
"FMO is very pleased to sign this facility with Guaranty Trust Bank, because we believe that the bank can create a great impact in the current and future economic developments in Ghana," said Jaap Reinking, Director Financial Institutions at FMO.
FMO (the Netherlands Development Finance Company) is the Dutch development bank. It supports sustainable private sector growth in developing and emerging markets by investing in ambitious entrepreneurs.
FMO believes that a strong private sector leads to economic and social development, empowering people to employ their skills and improve their quality of life.
It focuses on three sectors that have high development impact: financial institutions, energy, and agribusiness, food and water.
With an investment portfolio of 6.9 billion euro, FMO is one of the largest European bilateral private sector development banks.
It will be recalled that in 2010 Guaranty Trust Bank (Ghana) Limited signed a US$15million term facility agreement with FMO, also to provide competitively-priced dollar denominated loans to its customers then engaged in export related businesses.
Guaranty Trust Bank (Ghana) Limited began operations in Ghana in 2006, and has over its relatively short eight years grown to become one of Ghana’s most reputable banks and a reference point in the industry.
It presently operates from 29 branches spread across the country. It is one of the ten international subsidiaries of Guaranty Trust Bank Plc, one of the foremost banks in Africa with a Triple A rating and the first indigenously-owned sub-Saharan bank to be listed on the London Stock Exchange.
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