Barclays provided an integrated US$190m financing package, including an ECGD-backed export finance facility, a letter of credit facility, as well as risk management.
The deal has previously won awards from both Trade Finance and GTR magazines.
The Investment Bank team worked closely with colleagues at Barclays in Ghana to execute the transaction on behalf of two clients, the Republic of Ghana and NMS Infrastructure.
Barclays has had a relationship with the Republic of Ghana for almost 100 years. NMS Infrastructure, which is leading a consortium of both UK and Ghana-based sub-contractors to build the hospitals, has had a relationship with the Investment Bank for the last two years.
“The deal is a great example of what we can achieve by working across Barclays,” said Gabriel Buck, Head of ECA and CAPEX Financing Solutions. “Our ability to find solutions for both the supplier and buyer side helped to secure the programme.”
The deal also includes the provision of a centralised pharmaceutical and medical supply management system across the seven new hospitals.
“The deal demonstrates what Barclays means by Citizenship, and the role banks can play in supporting the growth of businesses and societies,” said Ed Harkins, Head of Emerging Market Origination, CAPEX Financing Solutions.
“The deal also helps to disprove the notion that social development deals need to have development agencies on board if they are to pass smoothly.”
“With the support of Barclays we have been able to achieve an affordable, flexible, timely and cost effective funding solution for the government of Ghana,” said Honourable Robert Joseph Mettle-Nunoo, The Deputy Minister of Health, Ghana.
Barclays is currently in talks with the Ghana government on other social infrastructure projects, including financing an affordable housing project.
NMS recently switched its corporate banking provider to Barclays, following an introduction by the Investment Bank.