Gov’t signs loan agreement with Kuwait
The Government and the Kuwait Fund for Arab Economic Development have signed a concessional loan agreement of Kuwaiti Dinar 7.0 million (US$24.0 million) for the expansion and development of 26 existing Senior High Schools Project.
The agreement was signed on the side- lines of the annual IMF World Bank Group meetings in Washington DC.
The Loan Agreement was signed on behalf of the government by the Minister for Finance, Seth E. Terkper while the Deputy Director-General of the Fund, Mr. Hesham Al-Waqayan, signed on behalf of the Kuwait Fund for Arab Economic Development.
The Project aims to support the social and economic development of Ghana, by supporting Government's plans to increase access, improving the quality of Senior High School Education and meet the growing demand for student enrolment in underserved areas in Ghana under the Education Sector Plan (ESP) 2010-2020.
The Project involves the rehabilitation and construction of new class rooms, new educational facilities and additional student’s dormitories in 26 existing Senior High Schools as well as supply and installation of educational furniture, equipment and tools for all the new buildings and facilities in order to raise them to the corresponding standard of Model SHS’s.
This will contribute to the improvement of quality of teaching and learning in the education sector and will increase employment, reduce crime rate, and improve national security, which will have a positive impact on the country's socio-economic indicators.
The Kuwait Fund for Arab Economic Development (KFAED), commonly known as the Kuwait Fund, is the State of Kuwait’s agency for the provision and administration of financial and technical assistance to developing countries.