[ 2014-10-24 ]

Fidelity, USAID sign agreement
Fidelity Bank Ghana Ltd (FBGL) and USAID/GHANA
have signed a US$3.9m agreement aimed at
facilitating lending to Ghana’s health sector.

The agreement outlines a model to provide funding
for potential borrowing entities under private
health facilities, such as hospitals and clinics,
accredited by the National Health Insurance
Authority (NHIA) or those seeking NHIA
accreditation.

Before partnering with Fidelity Bank, USAID used
similar models in other African states to support
sectors with high prospects for growth.

Since 1999, USAID has been designing and
delivering alternatives to unlock financing for
entrepreneurs in the developing world.

The partnership with FBGL improves accessibility
to credit facilities for promotion of growth in
the health sector which FBGL has shown commitment
to supporting in past times.

USAID’s Strengthening Health Outcomes through
the Private Sector (SHOPS) program will provide
direct support to both Fidelity Bank and borrowers
under the proposed facility.

The agreement will help unlock new products that
would facilitate health care financing in the
country and address the high cost of health care,
which remains a major barrier to access,
especially for the poor who spend a greater share
of their household income to meet their health
care needs.

This initiative is also expected to strengthen the
Bank’s Corporate Social Responsibility position
whilst building specialisation and brand knowledge
in the health sector.

Fidelity and USAID/GHANA are showing the rest of
the industry that there is more to gain from
co-operating towards a common goal. Both companies
are working together closely.

At a short signing ceremony in Accra, The Deputy
Managing Director of Fidelity Bank, Mr. Jim Baiden
said, “Such initiatives create strength in
numbers, since the pairing creates a stronger
unit.”

For his part, the Mission Director of USAID-Ghana,
James Bever, lauded Fidelity Bank's initiative
noting, “I am proud to sign this agreement with
Fidelity Bank, partnering with financial
institutions that are eager not only to make
profits but to help improve the country's health
care system.”

He added that Fidelity Bank has demonstrated its
commitment to growing SMEs and reaching the
unbanked population through the acquisition of
ProCredit and the establishment of a financial
inclusion department, respectively.

Source - Fidelity Bank

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