The Government has reached final agreements with the India Export-Import (EXIM) Bank for the financing arrangements towards improvement of agricultural mechanization services in farming communities across the country.
The agreement is also intended to provide water for the inhabitants of Yendi and its surrounding communities.
This was made known after a meeting between officials of EXIM Bank of India, led by its President, Mr David Raaquinha, and a Ghanaian delegation led by Vice President Dr. Mahamudu Bawumia at the sidelines of the on-going 14th CII-EXIM Bank Conclave on India-Africa Partnership Project, in New Delhi, India.
The agreement started when President Nana Addo Dankwa Akufo-Addo visited India last year, when discussions opened on the possibility of financing agreements between the Government of Ghana and EXIM Bank of India for a $150 million credit facility.
Efforts were made at that meeting towards financing and strengthening agricultural mechanization services in Ghana and a further $30 million facility for the Yendi Water Project.
Legislative approval for the two deals has since been passed by Parliament.
At a closed-door meeting between Vice President Bawumia and officials of India EXIM Bank on Monday, final discussions for the take off the two projects were sealed with final sign off set for next month.
The agriculture mechanization project is expected to provide equipment and training for the various Agriculture Mechanization Services Equipment Centres (AMSEC) across the country, while the Yendi Water Project would provide water to the over 133,000 residents of the Yendi Municipality and the surrounding communities, who contribute to the agriculture sector through the production of food and cash crops on a large scale.
Vice President Bawumia expressed satisfaction at the commitments and assistance offered by the EXIM Bank of India and the Government of India over the years, and pledged to enhance partnership and cooperation between the two countries.
Earlier, Dr Bawumia interacted with leaders and captains of industries in India and took the opportunity to showcase Ghana Project and what Government is doing to create an investor-friendly environment conducive for business to thrive.
Leaders of Indian-owned companies already operating in Ghana took the opportunity to tell the Ghana story, while providing crucial feedback on ways to make the business environment even better.