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30.08.2005 Business & Finance

China grants Ghana $2.8m interest-free loan

GNA

Accra, Aug. 30, GNA - The Government on Tuesday signed a 2.47 million-dollar interest-free loan with the Chinese government.

Priority projects areas for which the facility would be utilised would be discussed later, Mr Kwadwo Baah-Wiredu, Minister of Finance and Economic Planning, said on Tuesday when he signed the loan on behalf of government.

He said the Government of Ghana was also grateful for receiving two grants totalling more than six million dollars between December 2004 and May this year.

"They will be effectively utilised for the benefits of the broad masses of our people."

Mr Baah-Wiredu said the Government had proposed to use the funds on various priority rural-based economic activities in the agriculture, mining and forestry sectors that had the potential to create jobs for the youth.

A document was also signed for 80,000 dollars for Chinese experts to carry out feasibility studies on a railway project.

Mr Jinzhang Li, Chinese Assistant Foreign Minister, who signed on behalf of his government said China was committed to fostering greater economic and trade relations with Ghana in the coming years.

He said this would be evident in exploring more and new areas of interest to forge partnerships with Ghanaian business counterparts for the mutual benefits of the two nations.

"China will continue to provide Ghana assistance with no strings attached," Mr Li said.

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