London, 21 January 2022 (TDI): The UK is set to provide Ghana with 87 bridges in flood-affected areas through a Gloucestershire manufacturer. This comes as the UK Export Finance (UKEF) guarantees £42 million for this initiative.
The United Kingdom government is seeking to boost its investments in Africa. This is being done through the 3rd Africa Investment Conference. This conference aids buyers and sponsors in their investment goals.
The key organization in this conference is UKEF, which helps foreign countries with loans and infrastructure projects if these countries agree to source goods and services from the United Kingdom.
Financing for Africa has steadily gone up over the years. It stood at £600 million in 2018-19 and increased to £2.3 billion in 2020-21. This includes £1.2 billion pounds to support the construction of electric railway tracks in Egypt and $280 million for the construction of six new hospitals across the African continent.
“This is a prime example of an innovative UK business using its expertise to help countries adapt to climate change. The UK is committed to supporting a safer, greener, more open continent that is more resilient to shocks and stresses – using trading relationships and investment to deliver sustainable growth.” – Anne-Marie Trevelyan, Secretary of State for International Trade and UK International Champion.
Mabey Bridge will design and export the bridges to Ghana, additionally, they will also provide training to Ghanaian engineers and government on how to install them. The bridge program has been developed by Ghana’s Ministry of Roads and Highways as Ghana’s coast, which spans 340 miles was hit with severe floods which have caused immense damage to the infrastructure. Mabey bridge has provided bridges to over 150 countries, most of them in response to a natural disaster.
Sustainable, climate-resilient infrastructure is critically important to post-disaster recovery and development. The financing from UK Export Finance will enable us to successfully deliver this ambitious program, in partnership with the Ghanaian government. – Michael Treacy, CEO, Mabey Bridge.
The UKEF will provide a Buyer Credit Guarantee worth £42 million to the Ghanaian government to finance the project. The Standard Chartered Bank will act as the lead arranger and lender backed by the UKEF’s guarantee.
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