Parliament gives nod to $150 million World Bank loan

Parliament has approved a $150 million loan agreement with the International Development Association of the World Bank.

The funds are designated for the West Africa Coastal Areas Resilience Investment Project 2.

The primary objective of this project is to enhance the socio-economic resilience of coastal communities by promoting effective coastal management practices.

It also aims to support the government's initiatives to reduce the vulnerability of areas along the country's coastlines.

During the motion for loan approval, Kwaku Kwarteng, Chairman of the Finance Committee of Parliament, highlighted the significance of the funding.

He said that the funds would play a role in addressing challenges such as tidal waves in coastal regions, specifically mentioning Keta in the Volta Region.

In a separate decision, Parliament also gave its approval for a $200 million loan agreement with the World Bank Group. This funding is allocated for the Ghana Tree Crop Diversification Project.

ID/MA

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