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Ghana benefits from $85 million loan from France to improve infrastructure investment

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The French Development Agency (AFD) has granted an $85 million facility to the Ghana Infrastructure Investment Fund, GIIF, to improve development.

AFD is also providing technical assistance (TA) subsidy of €400,000.

The loan will also provide an on-lending facility to qualifying climate and social projects financed by GIIF.

The technical assistance will support GIIF’s capacities regarding environmental, social, and gender issues and the development of its climate strategy, in order to make it a leader in the sustainable development field and contribute more actively to Ghana’s commitments to the Paris Climate Agreement.

The sustainable development of Ghana hinges on building a robust infrastructure network that will assist economic development and improve the quality of people’s lives.  However, a huge infrastructure deficit exists which cannot be funded by the Government of Ghana alone and will require the unlocking of additional sources of funding and expertise from the private sector and other sources.

GIIF’s CEO, Solomon Asamoah, explained, “GIIF focuses on economic infrastructure sectors such as power, transport, telecommunication, agribusiness, industries, tourism and  the  social  infrastructure  sectors  such  as health, education  and  social  housing,” adding  that, “Ghana deserves a robust and reliable infrastructure network on which the economy and  employment will  flourish.”

Ambassador of France to Ghana, Anne Sophie AVE said France is happy to support GIIF, the public institution dedicated to financing economic and social infrastructures, and expressed the hope that the French financing facilities will support projects that boost sustainable development in Ghana.

Source:GhanaWaves

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