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Business News Sat, 13 Jul 2013

CDB disburses $188 million to Ghana as 2nd tranche of $3 billion loan

JOY BUSINESS has learnt the China Development Bank has disbursed some 188 million dollars to the main contractor of Ghana's gas infrastructure project, SINOPEC. The transfer was done by the bank last Wednesday.

This is after parliament made amendments to an agreement demanded by the Chinese government as a condition to resume the disbursement.

Chairman of the Finance Committee of Parliament, Jame Avedzi recently confirmed to JOY-BUSINESS that the China Development Bank would recommence the disbursement this month after parliament's amendments.

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Mr. Avedzi, however, maintained that the facility would be disbursed as and when the various phases of the projects are completed.

The country has so far drawn a little over 200 million dollars since it signed the agreement with the Chinese government in 2011.

Government has since last year being expecting about 750 million dollars of the facility for the construction of the Gas Processing plant in the Western Region.

Source: --
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