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.
- Anti-LGBT bill bans sex in its entirety – Barker-Vormawor
- GAUS ranks penis deformity as most common congenital abnormality in Ghana
- Playback: Kojo Oppong Nkrumah hands over medical theatre to Brenase
- Ohemaa Mercy recounts ‘hide and seek game’ with landlord over GH¢15 rent
- Swedru Magistrate Court convicts 7 for impersonation in 2020 WASSCE
- Anti-LGBT bill absurdly written – Barker-Vormawor
- 10 ways to say ‘I love you’ without actually saying it
- Homosexuality is not a fundamental human right – Sam George
- Today’s front pages: Friday, July 23, 2021
- Sidney Tehoda: COP Dr George Akuffo Dampare welcome but
Soldier shoots motorcyclist at East Legon
Don’t lynch anyone accused of witchcraft – Chief of Kusawgu Traditional area urges
MP for Sissala escapes unhurt after alleged attack
Police intensify probe into mysterious death of Chief Inspector
Defence Minister to be queried on journalist, family’s safety
Chief Justice urges auctioneers to uphold integrity of profession
NGOs, CSOs join All-Africa Students Union against child labour
Joe Mettle releases 6th album The Experience
How Takoradi became the hub for creating the first ever African-made table tennis table
Journalists accompanying Minister on tour involved in accident
Anti-LGBT bill far-reaching – Martin Kpebu
Put emotions aside and protect proper human sexual rights – Sam George
Pochettino signs contract extension with Paris St-Germain
Tokyo 2020: Olympics officially start as Naomi Osaka lights flame
Which Olympians have won the most medals?