France have concluded signing of a loan agreement of US$41.6m for the upgrading construction of a major road and drainage in Ghana in Kumasi area.
In the presence of France Ambassador, Francoise Pujolas, Deputy Finance Minister, Mrs Mona Quartey and the Deputy Resident Manager for Agence Française de Development (AFD) Xavier Muron signed the credit facility agreement.
The fund will boost finalizing the works undertaken under two projects and is financed by the AFD. The by-pass project includes the construction of the Second Urban Environmental and Sanitation Project (UESP II), the Ofirikrom–Asokwa by pass and Lake Road.
On completion the by-pass project is expected to ease traffic congestion, save time for the road users as well as preventing floods around the project area. Additionally, the road and drainage in Ghana will as well contribute to the development of the region.
Mrs Quartey assured Mr. Pujolas of Ghana’s commitment to maintain a good bilateral cooperation with France. She added that Ghana’s President John Dramani Mahama will support efforts to pursue prudent policies that are aimed to stabilize the country’s economy as well as increase the country’s transformation pace.
According to Mr. Pujolas France has committed to support Ghana and offer the country better living standards to Ghanaians through the oriented development projects such as the Kumasi Extension.
Agence Française de Development (AFD) is the main implementing agency for France’s official development assistance and the financial institution to developing countries and overseas territories.
The institution is France’s bilateral development finance mechanism. The institution also plays the role of public industrial and commercial booster with the status of specialized financial institution
The AFD Group is composed of a financing arm Proparco that supports the private sector. In French overseas provinces, Proparco, is a shareholder of housing companies and a financial company whereby the Group plays a specific role in this sector.
However, AFD is as well responsible for the management of the French Global Environment Facility (French GEF), that co-finances projects that reconcile environment and development.
Extract from constructionreviewonline.com
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