FMO has closed a ten-year USD 22.5 million syndicated loan facility with Ghana Home Loans Limited (GHL), Ghana’s leading residential mortgage provider. The loan was arranged by FMO, in syndication with European Financing Partners (EFP), which contributes USD 12.5 million of the total facility amount.
The funds will be used for on-lending to Ghanaian home owners (owner-occupants). The facility will contribute to job creation in Ghana through the positive impact that mortgage provision has on the development of the local housing (construction) sector. FMO’s Director Financial Institutions Huib-Jan de Ruijter said: “By supporting GHL, we will contribute to enable provision of credit to home owners in Ghana, supporting economic development. FMO has been involved with GHL since its start up days and is pleased to see how it has grown and developed over time. As Ghana’s leading mortgage provider, GHL has played an important part in the development of Ghana’s housing market and will continue to do so. The lenders are therefore very pleased to be able to continue to support GHL.”
“We have always enjoyed a solid partnership with FMO and hope it continues that way well into the future. This additional facility enhances our capacity to make a major in-road into the housing crisis -over USD$150m of which we have done already - and entrenches GHL’s leadership in the affordable housing space in Ghana. ” GHL’s Chief Executive Officer, Mr. Dominic Adu was quoted as saying. “Our recent addition of remittances, insurance and comprehensive property related services have made transacting with GHL easier, secure and a one-stop-shop solution”.
About Ghana Home Loans
Ghana Home Loans Limited (“GHL”) is Ghana’s leading residential mortgage provider, mostly providing mortgages to middle class Ghanaians. Having started in 2006, GHL has emerged as an entrepreneurial success in the Ghanaian market place. Its total assets are currently in excess of USD 100 mln and further growth is anticipated. GHL’s largest shareholder is Aureos (Abraaj), which invested in GHL in 2012. For more information visit www.ghanahomeloans.com
About European Financing Partners
EUROPEAN FINANCING PARTNERS S.A. (“EFP”) is a private limited liability company established under the laws of the Grand Duchy of Luxembourg, and is owned by 14 shareholders, mostly European Development Financial Institutions (DFIs). http://www.edfi.be/about/efp-european-financing-partners.html
