Ghana airport gets British support
Ghana Airport Company (GACL) has received a UK Export Finance-backed US$35mn loan from HSBC, for the rehabilitation and expansion of the Kotoka International Airport in Accra.
HSBC acted as sole mandated lead arranger and lender on the buyer credit facility, which will finance the works undertaken by UK contractor Mourne. The rehabilitation, which includes the construction of a new ramp to ease parking for eight additional aircraft, was prompted by the congestion encountered at the airport as a result of growing demand for flights to Ghana.
“HSBC has a long-standing relationship with the airport authorities in Ghana, having been involved in two previous export credit agency-supported financings – totalling US$110mn – for rehabilitation and upgrade projects at Kotoka International Airport,” a spokesperson for the bank tells GTR.
GACL is a private limited liability company wholly owned by the government of Ghana. It was formed in 2007, following a restructuring of the Ghana Civil Aviation Authority (GCAA), which was previously responsible for all of Ghana's aviation-related activities.
GCAA is now focused on air traffic and aviation safety, while GACL oversees the development, maintenance and management of Ghana's airports and aerodromes.
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