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Ghana considers US3 billion loan from China

By Lawrence Quartey
Posted on Monday, 22 August 2011 15:43

Ghana’s parliament is set to approve a US$3 billion facility from the China Development Bank that will enable the country to accelerate its infrastructural development and industrial take-off.

Deputy Information minister Okudzeto Ablakwa on Monday said President Atta Mills had set up a special team of economic experts that worked with cabinet and identified strategic and growth areas where the money should be invested.

Ablakwa said emphasis would be on job creation, infrastructure expansion, meeting the Millennium Development Goals and building a solid industrial foundation to maximise the benefits from the country’s oil and gas discovery.

Key projects that have been identified include the Western Corridor Gas Infrastructure Project, Western Corridor ‘Petroleum Terminal’ Project, Western Corridor ‘Oil Enclave’ Toll Road Project, Western Corridor Railway Line Modernisation Project- Takoradi-Kumasi, Dunkwa-Awaso Railway Line, Retrofit Phase 1 and Western Corridor Infrastructure Renewal project- Takoradi Port.

Others are the Sekondi Free Zone, Shared Infrastructure and Utility Services, the Accra Plains irrigation, Coastal Fishing Harbours and Landing Sites Re-development and Accra Metropolitan Area ICT- Enhanced Traffic Management projects as well as a small to medium enterprises incubation facility.

Ablakwa said the facility would be rolled over a five year period and would benefit the country extensively

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