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Page last updated at Wednesday, June 1, 2011 11:11 AM //
John Tia
Cabinet has approved a loan from China to fund railway lines in the country.
The Ghana News Agency (GNA) reports that Cabinet agreed to secure the $990 million loan facility from the Industrial and Commercial Bank of China to fund the construction of the Accra-Tema, Accra-Nsawam and Accra James Town Railway lines on Standard Gauge.
Information Minister, Mr John Tia Akologu, who was addressing a press conference to highlight government’s business at Cabinet between April 20 and May 13, in Accra also said a loan facility of $103 million from Citi Bank of South Africa has also been approved to finance the National Electrification Scheme in the Upper East Region .
A $70 million agreement with the International Development Association (IDA) to finance skills and technology development and a further $50 million to finance the Second Land Administration Project have also been signed, the Minister added.
According to the GNA, Cabinet has also approved the restructuring of the debt, technical, operational and financial diagnostic of the Tema Oil Refinery, Ghana’s only oil refinery as well as a proposal for a credit facility of $175 million from the World Bank to finance the Local Government Capacity Support Project.
By Ekow Quandzie
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Cabinet approves $990m Chinese loan facility for railway lines