World Bank’s current project financing in Ghana through IDA hits $2b

The World Bank has indicated that it is currently financing 31 projects in Ghana with credits and grants worth approximately $2 billion from its International Development Association (IDA), an agency that helps the world’s poorest countries.

The Bank disclosed this in a statement when its Board of Directors approved a $50 million IDA facility to the government of Ghana May 15, 2012 for the implementation of the country’s Medium Term Agriculture Sector Investment Plan (METASIP).

“The World Bank’s current portfolio in Ghana consists of 31 IDA-financed projects with a net commitment of approximately $2 billion,” the Washington-based lender said in a statement.

Already Ghana is seeking an amount of $55 million from the World Bank to finance two separate projects. Ghana’s Finance and Economic Planning and the Food and Agriculture Ministries are spearheading the two projects, according to the World Bank’s official website for Ghana

The two projects are the Ghana Fourth Agriculture Development Policy Operation (GFADPO) which is estimated to cost $50 million and the Natural Resources and Environmental Governance Technical Assistance (NREGTA) also costing $5 million.

Established in 1960, IDA reduces poverty by providing interest-free credits and grants that boost economic growth, and improve people’s living conditions. The Association’s credits are zero interest and repaid over 25 to 40 years, including a five to 10-year grace period.

By Ekow Quandzie