The World Bank is to support Ghana with about 1.2 billion dollar credit to help finance some critical developmental project.
The facility forms part of the World Bank’s 75 billion dollars International Development Association support to some selected countries globally.
Country Director of the World Bank Henry Kerali announced the support at a media briefing in Accra by the Banks, Chief Economist for the Africa region Albert Zeufack.
The credit facility is expected to be disburse in the next three years at 2.5 percent and payable in the next twenty five years. “This is the best rate Ghana could get considering its status as a middle income country, he said.
The credit will be disbursed in three tranches of four hundred million dollars annually if approved. This is the first credit facility the bank is extending to the West Africa State following a change in government in January.
Chief Economist of the Africa Region Albert Zeufack on his part described 2016 as the worst year in 2 decades as the continent grew by 1.6 percent. The World Bank has however predicted a growth of about 2.5 to 3 per cent in 2017 for the continent.
Source: Africafeeds.com/ Fred Dzakpata
