World Bank approves US$250 million for Ghana to set up development bank

The Executive Board of the World Bank has approved an aid package of 250 million U.S. dollars to help Ghana set up a development bank, said a release on Friday.

The establishment of the Development Bank of Ghana (DBG) would increase access to long-term finance to boost job creation for 10,000 enterprises in critical sectors of the economy, it said.

Sectors to benefit from the establishment of the bank would include agribusinesses, manufacturing, and high-value services.

Pierre Laporte, World Bank country director for Ghana, said the support for the DBG is an integral part of efforts by the global lender to promote sustainable growth in the country.

“By offering long-term wholesale financing, credit guarantees, and other services, the Ghana development finance project will help increase overall lending to priority sectors and market segments,” Laporte said.