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Business & Finance | Dec 17, 2004

Parliament Okays loans

GNA

... for Cape Coast's Water Project Accra, Dec.17, GNA - Parliament on Friday voted to pass a resolution paving way for government to contract a loan of 26.26 million euros to build a water supply system for Cape Coast and its environs. The ING Bank N.V and ABN AMBRO bank N.V., both of the Netherlands, are providing the buyer credit and commercial credit facilities respectively.

This antique coastal city, which is home to some of Ghana's finest second cycle institutions, is prone to perennial water shortages. In another development, the House voted 109 to zero for the approval of a 30.5 million dollar credit agreement between Ghana and Fortis Bank (Netherlands), the Guarantee Institute for Export Credit (GIEK) of Norway and the Trust Bank of Ghana for the upgrading of the Electricity Company of Ghana Limited, distribution system in Accra, Tema and Kumasi.

Fortis and GIEK are providing 26.5, while the Trust Bank is offering 4 million dollars.

Earlier in the day, the House voted for a resolution to empower the Minister of Finance and Economic Planning to exempt the Association of Rural Banks (ARB) APEX Bank Limited from paying taxes for five years. ...for Ghana Police and Prisons Services Accra, Dec. 17, GNA - Parliament on Wednesday voted unanimously to approve a Supplier's Credit of 21.4 million US dollars from Paramount Logistics Corporation Limited of South Africa for the procurement of equipment and services for the Ghana Police Service.

The amount is for the purchase of aircraft, vehicles, protective and office equipment as well as the establishment of a Special Forces unit, Canine Unit and gymnastic equipment.

Mr. Benjamin Osei-Kufuor, Vice Chairman of the Finance Committee of Parliament who presented the report on the credit agreement said four Seeker fixed wing Observation Aircraft and two Bell Jetranger helicopters for observation purposes of crime management activities would be acquired.

He said the Police Service would also receive seven RG12 Armoured Patrol Vehicles fitted with VHF and HF communication radios and video cameras, five Casspir Armoured Personnel Carriers, fitted with VHF and HF communication radios and video cameras, and 25 Mahindra Scorpio four-wheel Station Wagon vehicles from the credit facility Another 50 Mahindra Bolero 4x4 station wagon vehicles fitted with police light bars, PA system and VHF radio as well as protective equipment which includes anti-riot shields, bullet proof shields and vests, gas masks, riot vests, batons, pistols and ammunition will also be purchased.

The facility has an interest one per cent fixed for the term of the financing and 12 months moratorium upon placement of order.

The repayment schedule is eight semi-annual payments of 2,125,220.25 dollars and two semi-annual instalments of 500,000 dollars. The House also approved another credit facility of six million US dollars from the same corporation for the procurement of equipment and services for the Ghana Prisons Service.

The amount would be used to purchase 20 Mahindra Scorpio four-wheel Station Wagon and 45 Mahindra Bolero vehicles, protective equipment, which includes Anti-riot shields, handcuffs, AK 47 rifles and ammunition, batons and uniforms.

Equipment would also be acquired for the establishment of auto-mechanic, vulcanising, welding/blacksmithing, carpentry, tailoring, shoemaking pottery and ceramics and electronic workshops. It has the same terms of repayment like the facility of the Police Service.

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