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Business News of Friday, 31 August 2018

Source: Goldstreet Business

UMB supports government’s 1D1F initiative with US$11 million

The Universal Merchant Bank (UMB) has supported government’s One District One Factory initiative with US$11 million.

The project through the UMB PPP Incubator Centre is to provide a credit facility to the Central Sugar Company Limited that will be producing starch in commercial quantities from their base at Prang in the Pru District of the Brong-Ahafo Region.

Speaking at the signing ceremony on Tuesday, CEO of the bank, John Awuah said the support is to demonstrate the bank’s commitment and support for government initiatives.

“This is to fully support government’s industrialization agenda which includes the flagship One District, One Factory programme”, he noted.

Awuah added that as the first-ever One District One Factory Project, the Central Sugar Company Limited is to strengthen the local economy in Prang and create numerous jobs for the locals.

According to him, the starch processing factory will be constructed by the China National Building and Material Company (CNBM).

They will also be in charge of the procurement of all the required machinery and tools to ensure the facility is fitted with state-of-the-art production installations.

The UMB CEO also added that the UMB PPP Incubator Centre is a dedicated Centre fully-equipped to offer financial and technical support to private sector entrepreneurs and businesses that have interest in the government’s One District, One Factory and other public-private partnership projects.

He, therefore, admonished private sector entrepreneurs to continue to engage the UMB PPP Incubator Centre in their projects.

He further noted that this first-ever announcement from a private bank in Ghana will not be the last from UMB.

“We intend to ensure the success of this starch processing project and at the appropriate time, the bank will be announcing many more projects under the One District, One Factory initiate”, he said.

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