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Ghana Receives £160M for Development Projects

Ghana Receives £160M for Development Projects

The European Investment Bank has provided a one hundred and seventy-million-euro facility for the establishment of a development bank in Africa according to the president of the EIB, Dr. Werner. Hoyer.

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Speaking at the signing ceremony, President Akuffo Addo emphasized that development Bank Ghana is going to play a significant role in the rapid economic transformation of Ghana, following the onset of Covid -19. He said the design and operation of the bank which has been in the plan for the past two years, will definitely satisfy the high standard, scrutiny, and best practices of development banks globally.

Ghana Receives £160M for Development Projects

He gave an assurance that the one seventy billion facility from EIB will be used for the purposes for which it was sod. He mentioned that the provision of the facility signals the determination of Ghana to continue partnership with the E.U.

The president informing Dr. Hoyer that Ghana will depend on the EIB to continue financing other projects in the pipeline as the country works to recover from the impact of the pandemic.

Dr. Hoyer ensures he is confident that this establishment is going to be one of the largest facilities in Africa and equally help unlock opportunities for growth in Ghana as well as assist in the rapid recovery the Ghanaian economy from the ravages of the Covuid-19.

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He again noted that the establishment of the GDB, is in correspondent with the objectives of the EU and will contribute massively in the development of Ghana’s private sector, agriculture business, manufacturing and ICT.

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