CalBank Ghana will be expanding its support to the Small and Medium Enterprises (SMEs) sector of the economy in the coming weeks.
This follows the closure of a financing deal of about $108 million between the Bank, Overseas Private Investment Corporation (OPIC) and CitiBank.
The deal by the three parties is to allow CalBank to extend its support to the country’s SME sector with low interests.
This arrangement will also enable CalBank to advance loans at relatively low interest for business expansion and equipment acquisition.
Managing Director of CalBank Frank Adu Jnr noted “this agreement has been made possible because the parties involved believe in the vision of CalBank and the capability of the bank in supporting the small and medium enterprises over the years.
As a bank, we shall continue to build the necessary partnerships with all our stakeholders even as we journey forward together.”
He also added that CalBank has received previous financing support from both OPIC and Citi to support other sectors of the economy and its operations.
Citi bank is providing $8 million whilst the overseas private investment Corporation is offering $100 million.
(By Ebenezer Sabutey)