The soon to be established National Development Bank Ghana (DBG) will pay back the 170 million euros facility from the European Investment Bank for its establishment in 15 years.
Answering questions on the creation of DBG at a Press conference in Accra, Finance Minister, Ken Ofori-Atta said the loan comes with a 5-year moratorium and 0.5% interest.
“This is a facility with one of the lowest interest rates of just half a zero percent with a maturity period of 15 to 20 years with a five years moratorium given to us.”
“The essence of this is to ensure that institutions are able to borrow on their own credit history and balance sheet without further burden on the central government” he said.
The Ministry of Finance and the European Investment Bank have signed an agreement for the provision of a €170 million facility for the establishment of the new bank.
The agreement was signed when President Akufo-Addo held a meeting with the President of the European Investment Bank, Dr. Werner Hoyer, as part of his official visit to Belgium.
The €170 million facility, according to Dr. Hoyer, is the largest facility provided by the European Investment Bank for the establishment of a development bank in Africa or for any other project on the continent.
Latest Stories
-
ShoreCare: KNUST students organise clean-up exercise at Allan and African beaches
47 mins -
Ejisu by-election was an election of inducement – Hopeson Adorye
54 mins -
Air Quality: World Bank unveils $1 billion guarantee to bolster clean air projects globally
1 hour -
Dumsor Diaries: The struggle of tailors and seamstresses to make ends meet
1 hour -
Chiefs standing to greet the president at public events is apt – Chieftaincy Minister
1 hour -
60 farmers in Kumasi receive training on traditional leafy vegetables
1 hour -
MP who allegedly bribed EC agents must be arrested – Mustapha Gbande
2 hours -
NPP’s Kwabena Boateng leading in Ejisu by-election
3 hours -
Dominic Obour: Beware of rented media and socio-political liars
3 hours -
Partnership launched to provide pensions for small-scale farmers
4 hours -
Ejisu by-election: Why would I bribe election officials in public? – asks Kingsley Nyarko
5 hours -
Vinicius scores twice as Real Madrid draw against Bayern in Germany
5 hours -
I’m doing well – Amerado assures fans after stage mishap
6 hours -
EC asks police to start criminal investigation into Ejisu by-election ‘white envelope’ bribery allegation
7 hours -
LPG Marketers Association kicks against NPA’s $80 per metric ton levy on LPG
7 hours