ANNOUNCEMENT 31 Aug 2020
On 29 August 2020, the UK Export Finance agency (UKEF) announced providing GBP 27 million loan to the UK-based Aqua Africa to support sterilizing drinking water.
NUMBER OF INTERVENTIONS
Business Green, Energy News, "UK provides £27m green loan to solar-powered water project in Ghana". Available at: https://www.businessgreen.com/news/4019524/uk-provides-gbp27m-green-loan-solar-powered-water-project-ghana
Energy Live News, Independent Energy News Agency, “UK provides £27m for clean energy to sterilise drinking water in Ghana”. Available at: https://www.energylivenews.com/2020/08/31/uk-provides-27m-for-clean-energy-to-sterilise-drinking-water-in-ghana/
UK Export Finance agency, Press Release, “UK government provides over £140 million of support for exports to Ghana”. Available at: https://www.gov.uk/government/news/uk-government-provides-over-140-million-of-support-for-exports-to-ghana
UKEF, Guidance, “UKEF's approach to foreign content”. Available at: https://www.gov.uk/government/publications/ukefs-approach-to-foreign-content/ukefs-approach-to-foreign-content
On 29 August 2020, the UK Export Finance agency (UKEF) announced providing GBP 27 million (USD 36.1 million) loan to the Ghanaian government to support sterilizing drinking water for 225 thousand people across Ghana. The project will be undertaken by the UK-based Aqua Africa and the company will use solar power technology for the delivery of clean drinking water.
Concerning the project, Aqua Africa’s Managing Director Philip Foster stated that: “We commend the tri-partnership approach between the government of Ghana, UKEF and the private sector in securing agreement for this vital social impact investment project that will provide access to clean water to over 225,000 Ghanaians, in support of Ghana’s ‘Water for All’ policy aligned with the SDG agenda. We are looking forward to implementing this project and to developing the relationship that will deliver further projects that are planned to follow.”
To be eligible for support from the United Kingdom Export Finance agency (UKEF), transactions must satisfy UKEF’s foreign content policy. According to the UKEF’s guidance on foreign content, the export contract value must have a minimum UK content of 20% (maximum 80% foreign content). Although 20% is the minimum level of UK content to be eligible for support, UKEF seeks a higher level of UK economic activity in transactions.