Money for 300 projects in Volta Region disbursed

The National Investment Bank (NIB) has disbursed 20 billion cedis from the Highly Indebted Poor Countries (HIPC) Fund and District Assemblies' Common Fund (DACF) towards the execution of 300 development projects in the Volta Region.

Speaking during an interaction with building contractors at Adidome on Friday, Mr Daniel C. Gyimah, Managing Director of the Bank said the projects covered health, agriculture and education sectors, water and sanitation as well as market construction.

Mr Gyimah, who is on a week's familiarisation and investment tour of the Region, said the Bank was poised to become an icon in the investment drive of the country and would soon introduce innovation and pragmatic products to the doorstep of its clientele.

"Times of relaxing on our oars have passed. This is the time to break new grounds in our operations to make the national investment drive a reality", he said.

Mr Gyimah advised the Contractors to seek financial assistance from the Bank, to enable them to complete development projects on schedule since their successful completion hinged on the availability of funds.

He said the Bank, which operated on the Bank of Ghana's lending rate of 27 per cent, was affordable, adding " we would save you from the unnecessary delays in the release of the DACF, which affected the early completion of such projects".

Mr Gyimah, therefore, told the Contractors that an undertaking from the District Assemblies with approval from the Ministry of Local Government and Rural Development was enough guarantee for collateral for borrowing monies from NIB.

He said the Bank would be comfortable lending money to such Contractors because they were creditworthy adding, "our concern is to assist you to complete such projects on time and avoid the cumbersome bureaucracies in the release of the DACF".

He observed that under normal circumstances interest on loans collected could have served as collaterals but were being demanded because of the uncertainty of repayment.

Mr Gyimah, therefore, advised the North Tongu District Assembly to ensure that a basic infrastructure base was laid, especially water, land and electricity as necessary ingredients of attracting investments.

Mr Nicholas Ahiadorme, North Tongu District Chief Executive, said the non-release of the DACF and other interventions on time was militating against the early completion of projects and said the NIB package would be explored.

Mr Esenam Dzakpata, Managing Director of Esenam Hotel and a contractor, on behalf of his colleagues appealed to the Bank to invest in the area.

Mr Gyimah later inspected work on projects being undertaken and funded by the DACF including a 3.2 Akplordodi water supply and irrigation project; a 2.1 billion-cedi Assembly Hall Complex at Adidome; a 530 million cedis electrification project at Dekpoe and Adidome water supply project.