Govt seeks $398m India Exim Bank loan for rail project

Ghana’s government is seeking approval from parliament for a $398.3 million loan from the Export-Import Bank of India to construct a railway line between its main port and a lake which links the south and northern regions of the country.

The 85 kilometer (53 miles) rail project between the coastal city of Tema and Akosombo at Lake Volta will be engineered and constructed by India’s Afcons Infrastructure Ltd., Ghana’s parliament said in its agenda document for Oct. 31, signed by majority leader Alban Bagbin.

Lawmakers will discuss the loan while the country is in talks with the China Development Bank Corp. to revive a $1.5 billion facility for the development of energy infrastructure, Finance Minister Seth Terkper said on Thursday. The loan will be repaid through gas supplies, he said.

The government of President John Dramani Mahama, who is standing for re-election in December polls, is investing in infrastructure as the country banks on a ramp-up in oil output to accelerate economic growth.

-Bloomberg

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ABOUT: Nana Kwesi Coomson

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An Entrepreneur, Corporate Social Responsibility, Corporate Communications Executive and Philanthropist. Editor-in-Chief of www.233times.com. A Senior Journalist with Ghanaian Chronicle Newspaper. An alumnus of Adisadel College where he read General Arts. His first degree is in Bachelor of Arts - Political Science (major) and History (minor) from the University of Ghana. He holds MSc in Corporate Social Responsibility (CSR) and Energy with Public Relations (PR) from the Robert Gordon University in the United Kingdom. He is a 2018 Mandela Washington Fellow who studied at Clark Atlanta University in USA on the Business and Entrepreneurship track.

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