HomeIndustry SectorsFinance and PolicyGhana to debate US$3 billion Chinese loan

Ghana to debate US$3 billion Chinese loan

Existing oilfield
off the Ghanaian
Accra, Ghana — ESI-AFRICA.COM — 23 August 2011 – The Ghanaian parliament is to start a debate next Monday on a US$3 billion loan facility awarded by China Development Bank to the west African nation to finance infrastructure projects, including the oil and gas sector.

Ghana’s deputy minister for information Samuel Okudzeto Ablakwa said Ghana’s lawmakers had been recalled to approve a US$3 billion facility from the China Development Bank. The money was part of a total of US$13 billion in agreements signed in September 2010 between Ghana and the China Development Bank and China Exim Bank.

Ghana has said it will use the deals to finance infrastructure projects and transform its economy through gas- and oil-driven industrialisation.

The US$3 billion would be used partly to finance a western corridor gas infrastructure project, the eastern corridor petroleum terminal and modernisation of some of the country’s rail lines.

The chairman of Ghana’s parliamentary finance committee said he expected the loan to be approved by the end of the week.

“We will be putting our recommendation before the House for debate, and I believe the loan will be approved by next Friday,” James Avedzi said.