KOANS Building
KOANS Building

The company last week acquired a 10 million dollar loan facility from ECOWAS Bank for Investment and Development (EBID).

MDAs Building.
MDAs Building.

Also, it is expecting the result of the 380 million Ghana Cedis domestic bonds it issued on the Ghana Alternative Market last month.

These monies, according to its CEO, Dominic Adu aims at increasing the volume of its mortgage loans in Ghana.

This is the first money it is raising from the sub region. It is expected that about 400 affordable homes will be written under this facility.

A projected 2000 people will be roofed under these homes. The company in the past has relied on foreign funding to invest in their operation.

Speaking to Starr Business, Mr. Adu said acquiring loans in the sub region is a strategic decision which will diversify the company’s funds in preparation to the establishment of a bank in the next two years.

“We want to make sure that we solidify our funding base before we get into the bank where we will use our balance sheet to also get into the construction of affordable homes, so we will be resolving two things that we haven’t done in the past; which is one, actually building the properties and two funding the mortgages,” he stated.

Source: Starrfmonline.com

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