Home First National Bank Ghana Ltd. First National Bank Ghana Ltd. In brief Finnfund’s financing is part of a DEG-led loan syndicate of USD 85 million, including Proparco and Norfund as co-lenders. Finnfund’s proposed financing is allocated to a newly formed bank through the merger of GHL Bank Limited and First National Bank Ghana following the acquisition of GHL Bank by FNB Ghana. Participation in this transaction will support the development of the nascent Ghanaian mortgage market and provide increased possibilities for lower-income household home ownership. Main development impact The Ghanaian government estimates a shortage of about 2 million homes against a population of 30 million. The syndicated loan facility will help to grow the nascent mortgage market by maintaining GHL’s mortgage loan portfolio and improving FNB Ghana’s ability to increase its housing loan offering in the future. FNB Ghana (previously GHL Bank) is also partnering up with a local finance institution, Shelter Afrique, to provide funding for the construction of 2,000 “Bijou Homes” housing units at a lower cost, a program which will be further expanded in the future after receiving wide-spread acclaim. GHL Bank has systematically increased its share of lower-income mortgage customers, reducing its average mortgage loan size to around USD 60,000. For a low-cost housing unit currently priced at around USD 30-40,000, a household with a total income of USD 750 per month suffices to be eligible for a GHL mortgage loan. Investment details Name: First National Bank Ghana Ltd. Project number: 80000211 Region: Africa Country: Ghana Sector: Financial institution Signing date (month/year): April 2020 Currency: USD Finnfund's financing (commitment): 10,000,000 Instrument: Loan Size of the project financing: USD 85,000,000 Share of Finnfund's financing (%): 12 % Status: Active Website: https://www.firstnationalbank.com.gh// Please note, that in principle, this information is given at the time of signature according to Finnfund's disclosure policy. However, in the case of investment funds, the share of Finnfund’s financing (%) is disclosed after the fund’s final closing, and information on the portfolio companies financed by the fund is updated at least once a year.April Read our transparency and disclosure policy More information: News Current investments Business sectors Contact us Key facts Name: First National Bank Ghana Ltd. Sector: Financial institution Region: Africa Country: Ghana Currency: USD Finnfund's financing (commitment): 10,000,000 Signing date (month/year): April 2020 Last update: October 2020