GHANA OBTAINS 83 MLN USD LOAN FROM AFDB FOR TRANSPORT PROJECT
The government of Ghana and the Africa Development Bank (AfDB) have signed an agreement for an 83 million US dollar loan for the Accra Urban Transport Project, also known as the Pokuase Interchange Project.
The project is estimated to cost 94 million USD and the government will contribute a counterpart funding of 11 million USD. Construction of the three-tier interchange will take three years to complete.
Marie-Laure Akin-Olugbade, the AfDB’s Resident Representative in Ghana, signed for the Bank while Finance Minister Seth Terkper signed on behalf of the government.
Akin-Olugbade said the project represented a significant development as it would help ease the heavy traffic congestion at a major junction in the capital city.
She said the Bank had been a witness to the transformation in Ghana’s road sector and was committed to partnering government to undertake more such projects. She hoped the project would be completed on time and on budget.
Ato Forson, the Deputy Minister of Finance, said the construction of the interchange must not be seen as only an investment in roads as it would contribute to man-hours as time spent on the road would drastically be reduced.
Meanwhile, the government has also signed three loan agreements with Germany, totalling 40 million Euros for the Ghana Audit Service Infrastructure project, Ghana Revenue Authority IT Training Institute and the Pilot Photovoltaic System Project.
Source: NAM NEWS NETWORK.