Ghana secures €170m loan facility to establish Development Bank

The Ministry of Finance in partnership with the European Investment Bank have signed an agreement for the provision of a €170 million facility for the establishment of a new national bank.

The new bank, the Development Bank Ghana (DBG), is an integral feature of the GH¢100 billion Ghana Cares ‘Obaatampa’ Project. The Minister for Foreign Affairs and Regional Integration, Hon. Shirley Ayorkor Botchwey, signed on behalf of Ghana, with Dr. Werner Hoyer, President of EIB, signing on behalf of the Bank.

This event took place during a meeting held with the President of the European Investment Bank, Dr. Werner Hoyer, as part of Akufo-Addo’s official visit to Belgium.

The €170 million facility, according Dr. Hoyer, is the largest facility provided by the European Investment Bank for the establishment of a development bank in Africa or for any other project, for that matter, on the continent.

In a report filed by CitiNews, Akufo-Addo noted that “the new bank is going to play a very important part in the rapid transformation of Ghana economy, following the after effects of COVID-19.

The President indicated that the design and operation of the Bank, “which has been on the drawing board for the last two years”, will satisfy the highest standards, scrutiny and best practices of Development Banks across the world. President Akufo-Addo reiterated that the provision of this facility signals the determination of Ghana to continue partnering with the EU.

Source: Citinews.com

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