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02.03.2006 Business & Finance

Loan agreement for Tamale Water Project signed

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Accra, March 2, GNA - The Ministry of Finance and the ING Bank of the Netherlands on Thursday signed a loan agreement of more than 21 million Euros to start the Tamale Water Project.

A statement issued by the Public Relations Unit of the Ministry said the agreement was signed by Mr Kwadwo Baah-Wiredu, Sector Minister, while Mr Ron Hansen, Mr Arend Jan Van Zanten of ING Bank and Mr Ryan Murphy of Biwater initialled for their organizations.

According to the statement, Mr Baah-Wiredu said the signing of the loan agreement showed the Government's commitment to get the project off the ground immediately.

It said the Minister noted that the completion of the project would bring relief to the people of Tamale, who had suffered from water shortage for too long.

"When completed the project will have an installed capacity to produce 61,000 cubic meters of water per day to meet the projected water demand of the Tamale area to 2020 and beyond," the statement said. It said the project at a cost of about 45 million Euros would also include a treatment plant at Dalun and a water storage compound at Kakao Yelpse in Tamale.

Mr Murphy said with the signing of the loan agreement they would quickly mobilise and move to the project site. A grant element of about 24 million Euros covering the project was signed some weeks ago.