CAL Bank Signs $28.5m Loan Agreement With Proparco

CAL Bank Signs $28.5m Loan CAL Bank Ghana Limited has signed a $28.5 million loan agreement with Proparco, the private sector arm of the French Development Agency (FDA), to support the private sector with a long term capital investment.

The loan will be used to strengthen the financial base of the bank to enable it to support Small and Medium Enterprises (SMEs) with a long term funds to beef up their business operations.  

Signing the agreement, the regional director, West Africa for Proparco, Julien Lefillur, said his outfit has been working with Ghanaian banks over a decade and so far had injected over $70 million into the financial service industry.

Mr. Lefillur, stressed that the $28.5 million loan was to help improve the financial position of the beneficiary companies to help grow the economy.

“Private sector projects like microfinance, agro-business, energy, mining, manufacturing, services and telecommunications are some of the vibrant areas the funds would be invested in,” he said.

The Chief Executive Officer of Cal Bank, Frank Adu Jnr, who signed for the bank, said Cal was committed to strengthening its financial standing and enhancing shareholder value.

Mr. Adu said a substantial portion of Cal Bank’s capital was secured from Proparco, saying their partnership have been very beneficial to the economy. By Victor Buxton

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