The soon to be established National Development Bank Ghana (DBG) will pay back the 170 million euros facility from the European Investment Bank for its establishment in 15 years.
Answering questions on the creation of DBG at a Press conference in Accra, Finance Minister, Ken Ofori-Atta said the loan comes with a 5-year moratorium and 0.5% interest.
“This is a facility with one of the lowest interest rates of just half a zero percent with a maturity period of 15 to 20 years with a five years moratorium given to us.”
“The essence of this is to ensure that institutions are able to borrow on their own credit history and balance sheet without further burden on the central government” he said.
The Ministry of Finance and the European Investment Bank have signed an agreement for the provision of a €170 million facility for the establishment of the new bank.
The agreement was signed when President Akufo-Addo held a meeting with the President of the European Investment Bank, Dr. Werner Hoyer, as part of his official visit to Belgium.
The €170 million facility, according to Dr. Hoyer, is the largest facility provided by the European Investment Bank for the establishment of a development bank in Africa or for any other project on the continent.
Latest Stories
-
Dreams FC denies allegations of attempting to sign Najeeb Yakubu
41 mins -
Election 2024: ‘Right to free and fair elections non-negotiable’ – Akufo-Addo
46 mins -
Kurt Okraku took out my passport from the U23 squad that travelled to Japan – Najeeb Yakubu alleges
57 mins -
Where hope fails: Ghana’s decaying home for the destitute
1 hour -
NDC Mining Committee for 2024 campaign refutes allegations of recruiting thugs for elections
1 hour -
Traction Control: A lifesaver with an off switch? Here’s why it exists
1 hour -
I don’t need anyman to woo me with money – Miss Malaika 2024 winner refutes pimping claims
1 hour -
”Kurt Okraku sabotaged my national team career because I refused to sign with Dreams FC” – Najeeb Yakubu
1 hour -
Businesses urged to leverage Generative AI for enhanced customer engagement
2 hours -
MultiChoice Ghana partners with Ghana Hotels Association to elevate guest entertainment
2 hours -
Bawumia’s music streaming app or Mahama’s pay-per-view TV channel?
2 hours -
Karpowership Ghana empowers 40 Takoradi Technical University students with scholarship
2 hours -
We expect significant reduction in prices of petroleum products in coming weeks – CEO AOMC
2 hours -
Betway Africa offers once-in-a-lifetime ‘Play-on-the-Pitch’ experience at Emirates Stadium
2 hours -
I coined the term ‘hype man’ in Ghana – Merqury Quaye
2 hours