$24.7m loan approved for Nsawam-Apedwa road

Accra, March 13, GNA - Parliament on Friday by a unanimous vote of 114 approved a 24.7 million US dollar loan agreement between Ghana and the African Development Fund (ADF) for the financing of the Nsawam-Apedwa road project.

The loan, which is quoted in 18 million Units of Account, has a repayment period of 40 years after a 10-year grace period commencing from the date of the loan agreement.

The project would involve the rehabilitation of the 41-kilometre Nsawam-Apedwa road and the construction of a new 10-kilometre bypass to the West of Nsawam Central Business District.

The Chairman of the Finance Committee, Mr Eugene Atta Agyepong said the road when rehabilitated would enhance national economic activities, movement of goods and people to markets, and facilitate regional trade and economic integration.

The House also through a resolution backed by 133 votes approved a loan agreement between Ghana and the African Development Fund (ADF) for an amount of 3.6 million US dollars for the implementation of the Nerica Rice Dissemination Project.

Dr. Kofi Konadu Apraku, Minister of Regional Co-operation and NEPAD also informed the house that an ECOWAS and World Bank Summit on implementing a programme on Regional Integration and NEPAD would be held soon and invited his colleagues to submit proposals on projects within their constituencies, which would be funded under NEPAD.

He said such projects should have a cross border effect to promote regional co-operation.