Ghana: World Bank Approves U.S. $535 Million Package

Jul 3, 2009 4 related

Accra — The Board of Directors of the World Bank has approved a total of US$535 million to support three credit facilities aimed at helping improve economic governance and stabilizing Ghana's economy. They are: US$300 million for Economic Governance and Poverty Reduction Credit (EGPRC), US$225 million for the Transport Sector Project and US$ 10 million for Natural Resources and Environmental Governance (NREG). These first set of credits are part of US$1.2 billion the Bank plans to support the government of Ghana with over the next three years. The government is currently faced with a difficult macro-economic situation, the consequence of combination of domestic and external shocks (fuel and food crisis, droughts and floods in the North, financial crisis and global slowdown) which revealed and exacerbated a number of... [read full story]