US$3b Aid Package Secured From China | President Mills
President John Evans Atta Mills has secured a 3-billion dollar Aid package from the Chinese government under the Comprehensive Project Finance agreement. This was the outcome of bilateral talks between President Mills and the Chinese President Hu Jintao at the Great Hall of the People which is the official residence of the Chinese President. The 3 billion dollars is only meant for the first phrase of the projects especially at improving infrastructures in the oil industry. Ghana is expected to produce detailed project areas within six months, outlining to the Chinese government specific areas of intent. Briefing the media after the closed door bilateral talks the Director of Communications at the Presidency Koku Anyidoho, said the President has committed himself to supervise the project areas where the money is to be use. The agreement also includes 260 million dollars for expansion works on Kpong water project and a grant facility of 100 million Chinese Yuan. The Kpong water project when completed is expected to produce 40 million gallons of water a day. The Chinese government is also to assist Ghana in its E-Governance programme. To ensure equality of the distribution of the funds the China Development Bank, CDB, and the Ghana government shall set up a long term strategic cooperation and agreed that the CDB through the comprehensive project finance facility may provide long term finance into Ghana in the areas of infrastructural development and trade facilitation activities that will enhance the efficiency and effectiveness of upstream, midstream and downstream operations in Ghana’s oil and gas sector, infrastructural development and value adding mineral processing activity that will enhance the job creation capacity, production efficiency and export competitiveness of operations in Ghana’s industrial sector. Before going into the closed door meeting, President Mills said Ghana cherished the long and warm relations that exist between the two countries. Earlier President Mills laid a wreath at the Monument of the People’s Heroes. The Monument was built in memory of the martyrs who laid down their lives for the revolutionary struggles of the Chinese people during the 19th and 20th centuries. He also toured the birds nest stadium that was used to host the 2008 Olympics games.
Source: GBC
