China gives Ghana $5.33m grant/loan facility

Accra, Dec 21, GNA - China on Friday gave Ghana a total of 5.33 million dollars, comprising a grant and an interest free loan facility describing it as a Christmas presence to further solidify the economic ties between the two nations. The interest free loan facility of 4.0 million dollars and the grant

of 1.33 million dollars are to be used to implement projects that would be agreed on in due course between two countries.

Signing the agreement for the two facilities in Accra, the Chinese Ambassador to Ghana Mr. Yu Wenzhe said: "This is a Christmas presence to the Government of Ghana for her achievements in building a unity and peaceful nation. Your macroeconomic environment is good and China is ready to assist Ghana to consolidate the gains."

He said China was optimistic that Ghana would reach the middle-income status by 2015 and added that, the cooperation between the two countries would yield concrete results.

Dr. Anthony Akoto-Osei, Minister of State of Ministry of Finance and Economic Planning who signed on behalf of Government of Ghana said the extension of facility was an indication of the growing confidence of China in the government of Ghana.

Recounting the numerous development aid facilities to Ghana by China, he said "this is the third time in 18 months that an agreement to extend similar facilities had been signed. China at present had become the third largest bilateral development partner to Ghana.

Dr. Akoto-Osei mentioned the 220 million-dollar Rural Telephony Project and the 198 million-dollar Kpong Water Supply Extension Project as some of those earmarked for funding by the Chinese Government.