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Business News of Monday, 20 July 2020

Source: Class FM

RISGL lauds IFC for US$12 million capital injection

Rider Iron and Steel Ghana Limited (RISGL) has expressed appreciation to International Finance Corporation (IFC), a member of World Bank Group for the approval and disbursement of US$12million loan to support the construction of steel manufacturing plant in Kumasi in the Ashanti Region.

The director of Rider and Steel Ghana Limited, Eng. Walid Al Alami, believes that the capital injection from IFC is a game-changer, not just for the company but also for the industry and Ghana.

“The loan will propel us to meet domestic demands and support many other businesses along the way,” he said.

The company also expressed its gratitude to President Nana Addo Dankwa Akufo-Addo for bringing some relief to the Ghanaian people at a time that the world is struggling with job losses due to COVID-19.

Again, the company expressed gratefulness to His Majesty Asantehene, Otumfour Osei Tutu II for the warmest reception and offering the company a vast land to operate.

“The Rider Iron & Steel Ghana Limited factory based in Odumasi-Konongo, right on the N6 Accra-Kumasi road will be the largest steel manufacturing factory in West Africa equipped with six 20 MT furnaces that will be able to produce more than 240,000MT worth of Rebar steel and Structural material such as angle steel, C channels, I beams, ..etc). The plant will create about 450 direct jobs and generate more than 13,000 indirect jobs in value chain, mostly among individuals and micro-enterprises engaged in scrap collection,” a statement from the company said.

General Manager of RISGL Dr Majd Hawwari indicated that this engagement with IFC, will take the industry to another level regarding the rate of employment for the next 30 years.

Also, he emphasised that the company pays lots of attention when it comes to environmental protection since the factory will be equipped with sophisticated air pollution reduction systems. On the other hand, being under the one district one factory initiative (1D1F) the company will be able to better satisfy its corporate social responsibilities.

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