[ 2012-07-03 ]
John Dramani Mahama
China Development Bank will release all $3 billion - CDB veep
The Vice-President of the China Development Bank
(CDB), Mr Huan Li, has given an assurance that the
CDB is committed to releasing all the $3 billion
CDB loan to Ghana.
He commended Ghana for putting in place the
necessary framework for the implementation of
projects under the loan facility. Mr Li gave the
assurance when he paid a farewell call on the
Vice-President, Mr John Dramani Mahama, at the
Golden Jubilee Lounge in Accra Monday.
The CDB Vice-President, who was in Ghana for a
week’s working visit as part of his African tour,
had held meetings with members of the government
task force on the CDB loan facility, officials of
the Ministry of Finance and Economic Planning and
The discussions centred on the need for Ghana to
open an account in Hong Kong for the release of
the first tranche of $1 billion for the two
subsidiary agreements on oil and gas and
Information and Communications Technology (ICT).
The meetings also emphasised the need for the
speedy implementation of the projects under the
CDB, including the rehabilitation of the Western
railway, the expansion of the Takoradi Harbour,
the construction of landing sites and the Accra
Plains Irrigation Project.
Ghana and the CDB signed the framework agreement
for the $3 billion loan facility in September 2010
when President John Evans Atta Mills visited
And early this year, Vice-President Mahama visited
China, during which Ghana and the CDB signed two
subsidiary agreements in Beijing for the release
of $1 billion of the $3 billion loan facility to
The signing of the agreements paved the way for
the disbursement of $850 million for the gas
infrastructure development project in the Western
Region and $150 million for the development of an
ICT platform for surveillance of the oil and gas
Mr Li said he was impressed with the deliberations
held with the task force and officials of the
Ministry of Finance.
He said the CDB would continue to work with Ghana
to ensure the smooth implementation of the
He commended Ghana for making progress on the
economic front and reiterated the commitment of
the bank to collaborate with the country to propel
Ghana’s socio-economic development.
Responding, Mr Mahama said the implementation of
the projects was delayed because Ghana’s legal
regime required Parliament to approve all the
agreements under the facility.
Fortunately, he said, Parliament had approved all
the 12 subsidiary agreements under the $3 billion
He said all the projects under the CDB loan
facility were crucial to the government, since
they concerned the development of infrastructure
and the general well-being of Ghanaians.
He said the rehabilitation of the railway lines,
the expansion of ports, the construction of
landing sites and the remodeling of the Volta Lake
would propel Ghana’s economic growth and create
jobs for the youth.
“The projects under the CDB loan are a core part
of the better Ghana agenda and, therefore, the
government attaches a lot of interest to them,” he
The Vice- President called for more collaboration
on the CDB in the implementation of the project.
Source - Daily Graphic
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