Ghana to get additional oil and gas project funding from World Bank group

The World Bank Group says two of its units would provide another $517 million to Ghana in debt and guarantees to support the country’s $7.7 billion Sankofa gas project, an integrated offshore oil and natural gas project.

The financing adds to a $700 million World Bank guarantee package announced in July and brings the institution’s total financing to around $1.217 billion for the offshore project, whose gas component is set to open in 2018.

The International Finance Corporation has committed a loan of $235 million and is arranging another $65 million in debt.

Guarantees by the Multilateral Investment Guarantee Agency, another world bank institution, will support commercial borrowing needs for the project and will be issued for up to 15 years.

The new pledges bring the World Bank Group’s financing share of the offshore oil and natural gas project to about 16 percent.

Reuters