Parliament approves euro-loan for Odaw Drainage

Accra, Aug.20, GNA - Parliament on Wednesday resolved by Majority votes to approve government's request to contract a loan of 9.470 million Euros to continue with the Odaw Drainage Improvement works.
In a house deprived of the Minority, the Majority struggled to raise an appreciable 103 members to push the resolution through. The loan, being offered by the Fortis Bank of the Netherlands is to be repaid within 8.5 years with a 3-year grace period.

The Finance Committee's report said the loan would help complete critical interventions, which are bottlenecks in the storm drainage in the 2.75 kilometres stretch of the Odaw channel and help reduce the perennial floods that usually occur in the rainy season.

The Committee report signed by Mr Eugene Atta Agyepong, Chairman, said that a facility has a loan grant element on top of it in the sum 5.5 million Euros which had been secured from the Dutch government.

"The Committee also noted that the loan is exempted from all taxes and duties that are applicable in the country." It said members advised that in future items such as plywood, quarry sand, cement among others that can be obtained locally should be procured within the country and such goods only be exempted from the