Korle Lagoon Project gets additional loan

The Korle Lagoon Ecological Restoration Project (KLERP) has received a further boost of 10.759 million dollar loan from the Standard Chartered Bank, London for additional work on it.

The loan agreement Parliament adopted on Thursday by 125 votes to none against brings to a total of 93.5 million dollars to be expended on the project.

A report of the Joint Committee on Finance and Works and Housing making reference to various loans the country had gone for since 1995 for the project, which is on-going mentioned the various donors whose contributions had totalled about 83 million dollars.

The Kuwait Fund for Arab Economic Development (KFAED) had provided 23.5 million dollars, the Arab Bank for Economic Development in Africa (BADEA) had dished out 12 million dollars and Organisation of Petroleum and Oil Exporting Countries (OPEC) gave 10.1 million dollars.

The Belgian Government Supported Export Credit (OND) parted with 37.15 million dollars while the Standard Chartered Bank, London is now to give 10.759 million dollars when Parliament finally approved it.

When the loan is contracted it would be used to protect the excavated Korle Canal to avoid erosion and damage to the embankments in future during the rainy season and under flood conditions.

It would also be used to reinforce the concrete pile foundation for the pump stations due to poor soil conditions there while investigation would be conducted on the off-shore soil of the Atlantic Ocean "to determine sea bottom conditions for the outfall and also final design of the sea outfall."