Lesico to start construction and upgrade of water supply facility in Ghana

Israeli infrastructure company Lesico has met preconditions for it to commence construction and upgrade of a water supply facility, worth ‎€85m, in Ghana.

The firm received a down payment of €13m for the project.

The company signed the project through its wholly-owned subsidiary in Italy, and includes planning and execution of an upgrade and construction of a water supply facility for the Ghana national water company.

Scope of the contract also includes construction and renovation of a water pump facility in the Volta river;  construction and renovation of water treatment facilities with an approximate capacity of 40,000m³ every day and laying of water transmission and distribution lines for a distance of 60km.

Lesico will also be responsible of construction and renovation of water towers, booster stations and ground reservoirs.

Deutche Bank will provide the funding for the project and will be insured by the Italian Export Credit Agency (SACE) along with a sub insurance from the Israeli insurer ASRA.

The subsidiary will receive ongoing payments depending upon the progress of the project.

The funding agreement has been signed between the Ghana government and the funding entity.

Lesico CEO Eyal Leshamn said: “We are proud to be partners of this strategic agreement with Ghana government and we consider this a major milestone for Lesico, as a leading player in the water and environment design build domain. In this project, with the help of BlueBird project finance company that specializes in funding of international projects, we have built the funding and insurance package for Ghana.

“This project will allow us to open a new market, in which we will be able to use all of our capabilities and proficiencies of our different lines of activity. It is also merges with the Group vision and strategy re business expansion in Africa.”