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Hilbroy Advisory: Swiss Government supports Bank of Ghana for collateral registry
Hilbroy Advisory: Swiss Government supports Bank of Ghana for collateral registry
The Bank of Ghana has received support from the Swiss Government to develop a web-based collateral registry that will facilitate access to credit for small and medium-sized enterprises in Ghana.
Montreal,
Quebec,
Canada
(prbd.net)
14/04/2011
Montreal, Quebec, April 13, 2011– Hilbroy Advisory Inc. (DeutcheBörse: 2H0) Hilbroy Advisory Reports: The Bank of Ghana has received support from the Swiss Government to develop a web-based collateral registry that will facilitate access to credit for small and medium-sized enterprises in Ghana.
A USD 350,000 agreement to this effect has been signed between the Bank of Ghana and the Swiss Government at a ceremony in Accra today.
The agreement is part of a USD 1.25 million support from the Swiss Government to the International Finance Corporation (IFC) which is implementing the Secured Transactions Project with the Bank of Ghana to ease access to finance for Small and Medium-sized enterprises (SMEs) in Ghana. It also comes on the back of the Borrowers and Lenders Act 773 which was passed in 2008 to establish a collateral registry which is currently being housed at the Bank of Ghana.
Ghana's credit market is highly competitive, but most banks lend to enterprises that are able to offer immovable assets as collateral; yet even with collateral, banks are unwilling to provide lending due to the risk that collateral may have been used in multiple borrowing. The collateral registry will hold information about creditors' collateral which they have provided as security for loans. This information will be accessible to other lenders.
Through the support of the Swiss Government - being facilitated by the IFC - the Bank of Ghana will re-design the current registry system to a modern web-based Secure Transactions Registry System and also transfer existing data in the current collateral registry system to the new web- based registry. Registry staff will be given software training to ensure a well-functioning modern collateral registry.
A statement by the Bank of Ghana says "As the regulator and supervisor of the credit market in Ghana, the Bank of Ghana is appreciative of this support from the Swiss Government and considers it timely. At a time when Ghana has been adjudged the best destination for doing business out of 183 countries in terms of easy access to credit in the recently published Doing Business Report launched for 2011, this intervention by the Swiss Government and the IFC is laudable and will complement the effort Government and the Bank of Ghana are making in ensuring easy access to credit in the economy especially by small and medium scale enterprises".
About Hilbroy Advisory Inc.
Hilbroy Advisory Inc. is a Canadian based advisory and consultancy services company founded in 2000. Our Company provides publicly traded and private companies, institutions and individuals with a series of advisory services enabling these companies to fully reach their corporate objectives and potential.
Our specialists will customize a service package that includes reviewing, identifying and recommending a series of specific action and tasks that help their clients’ management decisions when seeking
• Go Public strategy,
• Debt and or equity financing
• Identify prospective investors
• Hire investor relations firm
• Cross listing decisions
• Planning road-shows and promotional campaigns.
Hilbroy Advisory has established numerous international relationships over the years with Broker Dealers, Hedge Funds, Institutional Investors, High net worth Investors as well as with investor relations firms and consultants. These relationships are made available to all Hilbroy clients and our team will manage the relationships from introduction to post financing activities.
Contact:
Jean François Amyot
HilbroyAdvisory, Inc.
1400 rue Begin
Montreal, QC H4R 1X1
info@hilbroyadvisory.com
www.hilbroyadvisory.com
Tel: 514-334-3131
Important Information About Forward-Looking Statements
All statements in this news release that are other than statements of historical facts are forward-looking statements, which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as "anticipates", "believes", "could", "expects", "intends", "may", "should" and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.
A number of factors may affect our future results and may cause those results to differ materially from those indicated in any forward-looking statements made by us or on our behalf. Such factors include our limited operating history; our need for significant capital to finance internal growth as well as strategic acquisitions; our ability to attract and retain key employees and strategic partners; our ability to achieve and maintain profitability; fluctuations in the trading price and volume of our stock; competition from other providers of similar products and services; and other unanticipated future events and conditions.
About
Hilbroy Advisory Inc. is a Canadian based advisory and consultancy services company founded in 2000. Our Company provides publicly traded and private companies, institutions and individuals with a series of advisory services enabling these companies to fully reach their corporate objectives and potential.
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