Parliament has given its nod to secure a $150 million loan agreement from the World Bank.
The fund, received from the International Development Association of the Bank, is for the West Africa Coastal Areas (WACA) Resilience Investment Project 2.
The WACA programme was launched in 2018 in response to some countries’ request for solutions and finance to help protect and restore the ecological, social, and economic assets of West Africa’s coastal areas by addressing coastal erosion, flooding, and pollution.
It helps participating countries to stabilize the coastline, prevent loss of critical infrastructure including coastal roads for transport, and to support healthy and productive coastal waters needed for food security and natural capital.
With the second WACA project approved, the total World Bank financing to the WACA Program amounts to $492 million covering engagements in nine countries, including: Benin, Cote d’Ivoire, The Gambia, Ghana, Guinea-Bissau, Mauritania, Sao Tome and Togo.
Speaking on the floor of Parliament, Chairman of the Finance Committee, Kwaku Kwarteng, said the money will help deal with tidal waves in coastal areas such as Keta in the Volta Region.
The House also approved a loan agreement of $200 million from the World Bank Group for the financing of the Ghana Tree Crop Diversification Project.
Latest Stories
-
Limited voter registration: 2 Nigerians arrested in Asokore Mampong
3 mins -
Enimil Ashon: Surest (only) way to stop election violence
22 mins -
Today’s front pages: Friday, May 17, 2024
26 mins -
Relationship expert doubts ‘perfect love’ exists
26 mins -
Special Prosecutor Kissi Agyabeng facing impeachment
2 hours -
Mass wedding plans for Nigerian orphans spark outrage
2 hours -
Election 2024: Our situation may be bad, but better than being at war – Kofi Amoabeng
2 hours -
Parliament to reconvene today for an emergency sitting
3 hours -
Medikal to cover tuition fees for students on upcoming school tour
3 hours -
Cecilia Dapaah’s husband testifies in alleged $1m theft case
3 hours -
Ghana Shippers’ Authority takes steps to reduce the cost of cargo clearance
3 hours -
Stevie Wonder presented with Bridge Builder Award by Diaspora African Forum
3 hours -
Kusaal language goes live on Wikipedia
4 hours -
South Koreans compete to see who’s best at doing absolutely nothing
4 hours -
Scientists may have solved mystery behind Egypt’s pyramids
4 hours