Finance

CalBank signs USD108m term facility with OPIC and Citibank to support SMEs

CalBank announces the closure of a USD108million term facility with the Overseas Private Investment Corporation (OPIC) and Citibank (Citi)for on-lending to Small and Medium Enterprises (SMEs) in Ghana.

This arrangement will enable CalBank to advance loans at relatively low interest rates to SMEs in Ghana with flexible repayment terms. In addition, beneficiaries of this short to medium term financing will have access to dollar denominated loans for business expansion and new equipment.

CalBank has received previous financing support from both OPIC and Citi. In 2014, CalBank was the first institution in Ghana to collaborate with Citi and OPIC to raise USD40 million to support SMEs. As part of their new agreement, OPIC will provide USD100m in financing while Citi will finance the remaining USD8 million. Citi served as Sole Lead Arranger and Facility Agent on the transaction.

The agreement was signed in Ghana at the CalBank head office by representatives of OPIC, Citi and CalBank.

At the signing ceremony, Mr. Frank Adu Jnr, Managing Director of CalBank remarked, “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. It is a ground-breaking transaction and we look forward to many more of such transactions going forward”.

Commenting on the agreement, Ms. Julia Robbins, OPIC Director of Structured Finance and Insurance, stated, “Our commitment to meeting the capital needs of SMEs requires collaboration with institutions like CalBank that have the capacity to channel resources to communities that are underserved and often difficult to reach. We are proud of this project, which will help entrepreneurs across Ghana build thriving businesses that give back to their families and communities.”

Mr. Akin Dawodu, Head of Citi Sub-Sahara Africa remarked: “We continue to support real-economy initiatives such as this landmark financing closed with CalBank, in partnership with OPIC. This financing will provide support to SMEs in Ghana and will further enhance their role as key catalysts of economic growth in the country.

 

Source: CalBank

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

Related Articles

Back to top button