International Finance Corporation (IFC), a member of World Bank Group, has approved the disbursement of a $12 million loan to support the construction of a steel manufacturing plant in Kumasi for Rider Iron and Steel Ghana Limited (RISGL).
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.
Rider Iron & Steel Ghana Limited also expressed gratitude to the Asantehene, Otumfour Osei Tutu II for offering land to operate and to President Akufo-Addo for the avenue expected to create employment.
The Rider Iron & Steel Ghana Limited factory based in Odumasi-Konongo expects to be the largest steel manufacturing factory is west Africa.
The plant is expected will create about 450 direct jobs and generate more than 13,000 indirect jobs in the value chain, mostly among individuals and micro-enterprises engaged in scrap collection.
The General Manager of RISGL Dr. Majd Hawwari, also, 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 responsibility.
