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Norfund is investing in B5 Plus, a steel manufacturer in Ghana.
Norfund’s investment is in the form of a $15 million loan. The capital will be used to refurbish a recently acquired steel plant in Ghana’s Tema Freezone and build a 16 MW solar power facility at B5 Plus’ site in Prampram. It will also strengthen the company’s operations through modernisation and improved efficiency.
“This investment aligns with our mandate to create jobs and improve lives, and it helps reduce the carbon footprint of the supply chain and production processes, including through increased use of scrap metal and integration of renewable energy. It also strengthens the company’s competitiveness and contributes to green industrial growth in Ghana,” says Naana Winful Fynn, Norfund’s regional director for West Africa.
Demand for construction materials like steel is rising in line with economic growth in Ghana and the region.
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