African Dev’t Bank approves $76.5m to fund Ghana’s Rural Enterprises Programme III

African Development BankThe African Development Bank (AfDB) has approved a loan and grant totaling $76.5 million to support the Ghana Rural Enterprises Programme III (REPIII), the bank announced December 20, 2012.

The approval was made by the bank’s Board of Directors and both the loan and grant of $41.10 million and $35.42 million respectively came from the AfDB’s African Development Fund (ADF).

The financial support, the AfDB said in a statement “will enable the Ghana Government to scale up the impact and outcome of the earlier phases of the programme (REP I and II).”

The bank indicated that Ghana’s REP has a great potential as an engine of inclusive growth and phase III includes excellent potential to enhance the role of agriculture and agro-enterprises in inclusive growth, youth employment, and the attenuation of rural-urban migration.

By Ekow Quandzie

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