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Apr 20, 2012 at 9:53am
Ghana negotiates $6b loan from China Exim Bank
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Ghana has initiated negotiations with the China Exim Bank (CEB) for a $ 6-billion loan facility which will be used to accelerate social infrastructural development.

The amount is separate from the $3 billion facility already granted to Ghana by the Chinese Development Bank (CDB) for processing of gas from the Jubilee Oil Fields and other projects.

An amount of $1 billion out of the already granted $3 billion loan is due for disbursement from the CDB for gas processing while the other $2 billion to be released later would cater for the Takoradi Harbour expansion project, the Western railways lines rehabilitation and the Accra Plain irrigation among others.

The Vice President, Mr John Dramani Mahama, made this known at the Kotoka International Airport on his return from China yesterday.

Explaining the $6 billion, Mr Mahama said when discussions and all documentation were completed, the amount would come in $ 2-billion tranches and would be used for social infrastructure such as education, health, electricity and water.

He was frank that discussions on the $ 6 billion had not been pursued with all the force required, but noted that during one of the meetings, the Chairman of the Exim Bank gave assurance that things would be facilitated.

Daily Graphic
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