A cooperation between the construction firm LMI Holdings and the International Finance Corporation (IFC), a member of the World Bank, has been announced in order to deliver crucial infrastructure services to Ghanaian manufacturing enterprises.
They will encourage the development of greener, more sustainable, and more competitive industrial sectors in the nation’s special economic zones run by LMI.
As part of the agreement, LMI will construct a 16.8 megawatt rooftop solar plant that will supply energy to companies operating in the Tema Free Zone (Tema FZ), which is located outside of Accra. This project will assist Ghana achieve its climate goals.
In order to service enterprises in the brand-new Dawa Industrial Zone (Dawa IZ), which is located on the outskirts of Accra, LMI will also construct a water treatment and distribution facility with an initial capacity of treating 4,000 cubic meters per day.
In order to support LMI’s development ambitions in the two industrial zones, IFC will lend LMI up to US$30 million from its own funds. This would enable IFC to give dozens of businesses the necessary infrastructure to boost their productivity and competitiveness.
“As an indigenous Ghanaian company, LMI is committed to the task of facilitating our country’s industrialisation ambitions and boosting exports. This partnership with IFC gives LMI the means and space to make big bets on Ghana,” said Kojo Aduhene, LMI’s CEO.
Together with the water plant, LMI’s solar power facility in Tema FZ is anticipated to reduce Ghana’s emissions by roughly 10,000 tons of CO2 equivalent annually when compared to the country’s current thermal power supply. The water plant will be the first privately owned industrial water production facility in Ghana.
“This project demonstrates how the private sector can bring effective solutions to development challenges and support job-creation,” said Kyle Kelhofer, IFC’s Senior Country Manager for Ghana.
“Through this investment, IFC’s first that is funding both infrastructure and water development in an industrial special economic zone in sub-Saharan Africa, IFC is supporting Ghana’s industrialization ambitions for a greener and more sustainable future.”
The primary developer of the Tema FZ, which is home to more than 80 businesses engaged in a variety of industries, including building materials and agroprocessing, is LMI, a highly diversified Ghanaian company with interests in the construction, real estate development, logistics, utilities, and ICT sectors.
As part of a brand-new city development called Dawa City, 40 kilometers to the east of Accra, LMI has also started to build its second industrial park, which will cover a total of 2,000 acres.
IFC has given Ghanaian businesses in a variety of industries during the past ten years, including agribusiness, education, energy, healthcare, financial services, manufacturing, retail, tourism, and transport, about US$4 billion in financing and advisory services.
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