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IFC mulls support for Ghanaian property project

Image Credit: Urbila.com

The IFC’s Board of Directors is expected to meet on July 31st, 2015 to review making a potential loan package available to The Exchange, an Actis-sponsored mixed-use property project in Ghana’s capital, Accra.

The project will be located on a greenfield site next to Liberation Road, the main arterial road connecting the city’s airport to downtown Accra. The cost of the project is expected to be $115 million, with the IFC extending a $26.3 million A loan package and mobilizing a B or parallel loan package of $31.2 million to cover the debt requirements of the project.

The Exchange is being financed and developed by private equity firm Actis through the $268 million Africa Real Estate Fund 2 in partnership with the Saleem family, the founders of the West African conglomerate Forewin Group and the UK’s development finance institution CDC.

Originally the project was referred to as “Project Sunrise” and, in May 2013, the IFC announced that it was considering making an equity co-investment in the development. Subsequently it was agreed that the IFC could better support the development with a loan package.

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