Ghana: IFC considers Sankofa investment

The World Bank is considering support for Eni’s Sankofa oil and gas project on the Offshore Cape Three Points (OCTP) block. The proposed support package would include World Bank guarantees to support investments in phase 2 of the project, which will develop the Sankofa gas field, and an International Finance Corporation loan as part of a debt financing package for Vitol. Vitol has also applied for a $470m Multilateral Investment Guarantee Agency (Miga) guarantee against the risks of transfer restriction, expropriation, and breach of contract. Miga may also provide coverage for non-shareholder loans from commercial lenders yet to be identified.