Agricultural Development Bank (ADB) has announced the signing of a US$30m Remittance-Backed facility with the Ghana International Bank (GHIB) plc, London.

According to Joe Mensah, Chief Executive Officer of GHIB, the facility which is to be used for general corporate purposes, is a milestone for the two institutions.

“The facility represents a significant step in the strengthening of relationship between the two institutions as GHIB positions itself to be the leading offshore banking provider to ADB,” Mr. Mensah said.

The facility, he added, is consistent with GHIB's strategy of investing in the local economy, albeit indirectly. Commenting on the facility, Steve Kpordzih, ADB’s Managing Director said: “we are delighted with the closure of this facility in record time as this will enhance the bank’s lending into productive areas of the Ghanaian economy”.

He revealed the existence of a healthy pipeline of transactions to be funded and noted that ADB continues to be a market leader in terms of inward remittances into Ghana. He stated that “the Bank is on a steady footing as evidenced by show of confidence from GHIB”.

GHIB with a total asset base in excess of US$1 billion, is considered a top tier bank on the London market in terms of profitability and operational efficiency.