• Home
  • Radio
  • TV
  • Advertisement
  • Disclaimer
  • Public Notice
    • Opinion
  • New Africa Business News
  • Contact
  • Log In
facebook
    • News
    • Business
    • Video
    • Entertainment
    • Sport
    • Jobs
    • Government
    • Immigrants
    • Investment
    • Gallery
      • Animal
      • Africa Map
    • NGO
    BREAKING NEWS
    Nigeria’s Cargo Airline – Allied Air amasses Boeing 737-800 freighter jet
    Africa Continental Free Trade Area (AfCFTA) Secretary General to Headline Five Days Africa Private Sector Summit
    The Economic Community of West African States (ECOWAS) Bank for Investment and Development (EBID ) autographed €40 Million framework consensus with the ODDO BHF Amtiengesellschaft
    Ghana Signs Trade Partnership Agreement with the United Kingdom
    Malawi ‘s Betchani Tchereni advises the Administration of Malawi to decrease tax Rates thus the sweeping smuggling of Merchandises
    Rwanda Started Trading Coffee online for the Global Market
    Egypt to commence Enrollment of Millions of Fizgig Staffers for the Government Insurance
    Students of the University Management Technology exhorted to make Sierra Leone proud, Sierra Leone’s Minister of Information and Communications – Mohamed Rahman Swaray divulged
    African Energy Chamber Commits to Facilitate Capital Raising for Energy Projects In Africa
    Liberia’s Metieh Glassco – the Director General of Liberia’s Fisheries and Aquaculture Authority (NaFAA) to uphold the 2012 Cape Town consensus

    UAE Industrial Major Safes $750 million Loan for Guinea Project

    Posted On 31 May 2019
    By : New Africa Business News, Staff Correspondent
    Comment: 0

    By Abdul Rahman Suagibu –

     

    Photo Credit: Mining

    NEW AFRICA BUSINESS NEWS, Freetown, Sierra Leone- Emirate Global Aluminum (EGA), the largest industrial company in the UAE outside oil and gas, has announced that its wholly-owned subsiding Guinea Alumina Corporation (GAC) has closed the Republic of Guinea largest ever project financing for a greenfield mining project.

    The $750 million loan has a tenure of 12 to 14 years and was extended by development finance institutions, export credit agencies and international commercial banks.

    The loan represents the first time multilateral institutions and international commercial banks which have participated together in a project financing for a greenfield mining project in Guinea.

    The financing supports the development of EGA’s $1.4 billion bauxite mining project as well as related transport infrastructure, including an upgrade to an existing multi user rail system and the development of a port.

    ADVERTISING OPPORTUNITY
    NEW AFRICA BUSINESS NEWS IS GOING TO START ADVERTISING FOR COMPANIES, GOVERNMENTS, NGO’s AND FOUNDATIONS IN A FEW MONTHS TIME. YOU CAN ADVERTISE AS LOW AS $11,000.00 PER MONTH PRICE LOCKED FOR UP TO 60 MONTHS. TAKE ADVANTAGE OF THIS GLOBAL, UNLIMITED, OPPORTUNITY WITH AFRICA’S FASTEST GROWING GLOBAL NEWSPAPER. FOR INFORMATION CONTACT US @ INFO@NEWAFRICABUSINESSNEWS.COM

    The mine has some of the world’s best quality resources of bauxite the primary input in the production of alumina, the feedstock for aluminium smelters, A later phase of the project conceives construction of an alumina refinery.

    Abdulla Kalban Managing Director and CEO of EGA and chairman of GAC, lenders secures the have formed with GAC’s, said. “The partnership we have formed with GAC’s lenders secures the long-term success of our Guinea project and for EGA this project financing is in line with our capital allocation strategy, we are committed to completing and then operating the GAC project to high standards, contributing to improving sustainability performance in Guinea whilst helping to grow the economy.”

    The International Finance Corporation (IFC) has committed total financing of $330 million including syndicated debt from commercial banks. The African Development Canada has committed $100 million and $150 million respectively.

    Other funds, have been extended by two European development finance institutions including PIDG’s company. The Emerging Africa Infrastructure fund limited, and commercial banks including Societe Generale, ING Bank, Natixis, First Abu Dhabi Bank, Emirates NBD and Mashreq Bank.

    Production from the GAC project is expected to begin during the second half of 2019 and is expected to be 12 million tonnes of bauxite per year once steady state operations are achieved. The construction of the GAC project is more than 90% complete.

    Over 4,600 people were employed in the construction of the GAC project at Peak, were than 85% Guineans. During the operations phase, the project is expected to directly employ some 1,000 people.

    EGA recently started production at the UAE’s first alumina refinery, near its Al Tameelah aluminium smelter.

     

    For New Africa Business News Abdul Rahman Suagibu Reports,  Africa Correspondent

    Facebook: newafricabusinessnews.com

     info@newafricabusinessnews.com

      www.newafricabusinessnews.com

    About the Author
    New Africa Business News Staff Correspondent
    • google-share
    Previous Story

    2 million Sierra Leonean to Receive Solar Electricity from Ignite Power

    Next Story

    Royal Air Maroc Opens New Connections

    Leave a Reply Cancel reply

    *
    *

    Members Area

    • Members Log In

    RECENT

    POPULAR

    COMMENTS

    Nigeria's Cargo Airline – Allied Air amasses Boeing 737-800 freighter jet

    Posted On 08 Mar 2021

    Africa Continental Free Trade Area (AfCFTA) Secretary General to Headline Five Days Africa Private Sector Summit

    Posted On 07 Mar 2021

    The Economic Community of West African States (ECOWAS) Bank for Investment and Development (EBID ) autographed €40 Million framework consensus with the ODDO BHF Amtiengesellschaft

    Posted On 06 Mar 2021

    New Africa Business News, Person of the Year 2020-2021, Goes to Dr. Arikana Chihombori Quao

    Posted On 01 Jan 2021

    New Africa Business News, Africa President of the Year 2020-2021 Goes to Tanzania's John Pombe Joseph Magufuli

    Posted On 01 Jan 2021

    New Africa Business News, REPORTER of the Year 2020-2021, Goes to Richard Adorsu

    Posted On 08 Feb 2021

    Thanks for reading, Africa’s fastest...

    Posted On 08 Mar 2021

    Another investment opportunity for our...

    Posted On 08 Mar 2021

    Thanks for reading, Africa’s fastest...

    Posted On 08 Mar 2021

    Facebook

    Latest Posts

    Nigeria's Cargo Airline – Allied Air amasses Boeing 737-800 freighter jet

    Africa Continental Free Trade Area (AfCFTA) Secretary General to Headline Five Days Africa Private Sector Summit

    The Economic Community of West African States (ECOWAS) Bank for Investment and Development (EBID ) autographed €40 Million framework consensus with the ODDO BHF Amtiengesellschaft

    Recent Posts

    • Nigeria’s Cargo Airline – Allied Air amasses Boeing 737-800 freighter jet
    • Africa Continental Free Trade Area (AfCFTA) Secretary General to Headline Five Days Africa Private Sector Summit
    • The Economic Community of West African States (ECOWAS) Bank for Investment and Development (EBID ) autographed €40 Million framework consensus with the ODDO BHF Amtiengesellschaft
    • Ghana Signs Trade Partnership Agreement with the United Kingdom
    • Malawi ‘s Betchani Tchereni advises the Administration of Malawi to decrease tax Rates thus the sweeping smuggling of Merchandises

    Categories

    • Business
    • Education
    • Entertainment
    • Featured
    • Government
    • Immigrants
    • Investment
    • News
    • NGO
    • Obituary
    • Opinion
    • Public Notice
    • Sport
    • Video

    Tag Cloud

    african economy business africa

    Contact Form

    1. Name *
      * Please enter your name
    2. Email *
      * Please enter a valid email address
    3. Message *
      * Please enter message
    Copyright 2019 New Africa Business News, Inc. A Global International Company, Inc. All Rights Reserved.