China Exim Bank and the Government of Ghana have signed a US$10.4 billion concessionary loan for the development of a railway system from Kumasi to Paga, Ghana’s Eastern Corridor road network and other sectors of the economy.
The signing took place in Beijing and the loan, which would be payable in 20 years, would start rolling next year after approval by both the Cabinet and Parliament of Ghana.
Construction of the road and railways project is expected to open up the eastern, middle and northern parts of Ghana for accelerated development.
Ghana News Agency reports the initiative also seeks to promote the exploitation of mineral deposits and execution of the Savanna Accelerated Development Project, which is meant to open up the Upper West, Upper East and Northern Regions towards poverty reduction.
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