Original disclosure @ DFC website
Updated in EWS Jan 1, 2023
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According to the Bank’s website, the loan will (a) refinance the Existing Loans (as defined below) in full and (b) be applied to other Project costs. In 2007 and 2011, OPIC provided a direct loan to support the expansion of ICS’ original campus in Kumasi. ICS subsequently undertook the expansion of the Ogbojo campus of International Community Schools Limited, an existing private, day and boarding K-12 coed school in Ghana (the “Ogbojo Expansion”), including completion of Phase 1 (construction of a three-story residential building) and Phase 2 (construction of a four-story state-of-the-art structure that will hold classrooms, administration offices, an auditorium, swimming pool, and a multi-purpose sports complex). While seeking a third loan from DFC to support the Ogbojo Expansion, ICS obtained long-term financing from Ecobank Ghana Limited (“Ecobank”) in an original principal amount of $6 million (the “Ecobank Long-Term Loan”). The proceeds of the Ecobank Long-Term Loan, proceeds of short-term loans from Ecobank and Zenith Bank (such short-term loans together with the Ecobank Long-Term Loan, the “Existing Loans”), and previously funded cash equity have been applied to finance the Ogbojo Expansion plus the provision of new equipment and funding of working capital.
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
|-||-||-||-||International Community Schools Limited (Ghana)||Client||-|
No contact information provided at the time of the disclosure.
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