Original disclosure @ IFC website
Updated in EWS Apr 4, 2020
Disclosed by Bank Mar 30, 2020
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The Project is the construction of a greenfield steel manufacturing plant in Kumasi area, Ghana, with a nameplate capacity of 300,000 metric tons (MT) per annum, by Rider Iron and Steel Ghana Limited (“The Company” or “RSK”). The Project on completion will be the 2nd steel plant to be constructed by the Sponsor in Ghana, primarily to promote import substitution of steel into Ghana.
The most significant expected Project-level outcomes are: (i) Economy wide effects, and in particular, related to the formal income generating opportunities that the Project will create for individuals and micro enterprises engaged in scrap collection activities in RSK's supply chain; (ii) Environmental effects: It will contribute to the abatement of pollution and emission of greenhouse gases, due to greater use of steel scrap in the production process as opposed to primary steel production from iron ore. The local steel production supported by the Project will lead to the elimination of up to 240,000 tons of steel imports, resulting in an annual emissions reduction of 331,900 tons of CO2e.
The market impact includes: (iii) Market Integration- Beyond the Project, IFC anticipates that the Project will have a moderate effect on the integration of manufacturing sector in Ghana via the building of economic complexity. As the first steel manufacturing plant in Kumasi, RSK is expected to stimulate competition and pave the way for improving the efficiency and increasing the productivity of the steel sub sector in Ghana.
Rider Iron and Steel Ghana Limited
Mr. Majd H.
Tema Free Trade Enclave, Ghana, P.O. Box CT 9212, Cantonments, Accra, Ghana
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