Ghana, IDA sign six financing agreements worth $313.3m
Ghana and the International Development Association of the World Bank on Wednesday signed six financing agreements totalling $313.3 million to support various sectors of the economy.
The support in the areas of energy, social services, water and sanitation, information technology, agriculture and natural resources, comprises two new projects, two additional financing for existing projects and two budget support programmes.
Dr Kwabena Duffuor, Minister of Finance and Economic Planning and Ishac Diwan, World Bank Country Director, signed the agreements.
Dr Duffuor said the social opportunities projects, to which an amount of $88.6 million had been allocated, were aimed to improve targeting in social protection spending, increase access to employment and cash earning opportunities during agricultural off-seasons and improve economic infrastructure in 40 deprived targeted districts.
The sustainable rural water and sanitation project, with a funding of $75 million, will expand access to and ensure sustainable water supply and sanitation, the Minister said.
The Ghana Energy Development and Access Project is also attracting additional financing of $70 million to enhance the operational efficiency of the electricity distribution system and increase access to electricity and to help Ghana in its transition to a low-carbon economy through the reduction of greenhouse gas emissions.
Dr Duffuor said the additional financing would allow network reinforcement in densely populated urban areas and provide knowledge and experience for improved distribution system management, particularly with respect to commercial performance.
The E-Ghana project with additional financing of $44.7 million will enable the country to leverage ICT to generate growth through public-private partnerships to develop the IT Enabled Services Industry and contribute to improve efficiency and transparency of selected government functions through e-government applications.
Dr Duffuor said the two budgetary support credits in the area of agricultural development operation worth $25 million would help implement the Food and Agricultural Sector Development Policy II by improving planning and fiscal management in the sector.
The natural resources and environmental governance project with a single tranche budgetary support of $10 million would assist reforms in forestry and wildlife, mining and environmental protection.
Dr Duffuor charged the implementing agencies to deliver quality work and expressed the hope that the World Bank would ensure timely disbursement of the funds.
Source: GNA