Poly Technologies provides $39.8 million supplier credit for Acquisition of Two 46.8 Meter Patrol Vessels Project

Project narrative

On September 23, 2008, Poly Technologies — a subsidiary of China Poly Group Corporation — and the Government of Ghana signed a $39,862,066.50 supplier credit agreement for the Acquisition of Two 46.8 Meter Patrol Vessels Project. This supplier credit carried the following terms: 5 year maturity, 1 year grace period, and 5.9% interest rate. The proceeds from this supplier credit were used to purchase two 46.8 meter patrol vessels from Poly Technologies for the monitoring, control and surveillance operation in the fishery waters of Ghana. The ultimate objective of this project was to enable the Ghana Navy combat and deter piracy at sea, illicit drug trafficking, dumping of toxic waste, human trafficking and illegal fishing at sea. These vessels (called “Chemle” and “Ehoo”) were ordered in 2011 and delivered to the Ghana Navy in October 2011. The vessels were then commissioned on February 20, 2012.