Ghana and Italy has approved a list of 99 investment proposals submitted by local small and medium enterprises (SMEs), to be eligible for funding with a credit line granted by the Italian Government.

Dr Ekwow Spio-Garbrah Minister of Trade and Industries and Laura Carpini Italian Ambassador who co-chaired the 10th Joint Management Committee meeting of the Ghana Private Sector Development Facility (GPSDF) jointly announced the list.

The cooperation initiative, worth 20 million Euros has already allocated 75 per cent of the funds, and the Committee is looking forward to utilise the residual funds.

The initiative also includes a grant component, worth 1.1 million Euros for technical assistance in favour of the Ghanaian private sector, for education, training and monitoring activities.

The Italian Ambassador announced that the disbursement of the second installment of the granted amount equivalent to GH? 2.5 million.

Dr Spio-Garbrah commended Italy for the project.

The GPSDF aims at supporting the import of Italian equipment to Ghanaian SMEs with reciprocal benefits for the partnership between the two countries.

The GPSDF supports Italian exports and promotes made in Italy and made in Ghana with Italy brands to contribute to the upgrade of the Ghanaian private sector capacity to manufacture goods with high standards, improve competitiveness of local productions and contribute to the creation of new jobs.

The credit line was designed as the second phase of the Ghana Private Sector Development Fund, a previous cooperation initiative completed in 2009, which has the same structure and aim of the current GPSDF.

Upon completion of the initiative, about 60 Ghanaians companies would receive the funds for acquiring Italian equipment.

Dr Spio-Garbrah invited the Italian Ambassador to support the Ghanaian request for refinancing of the initiative that could serve as a model for similar projects with other countries.