Bloomberg News

Ghana Signs $1 Billion Loan From China Bank, Citi FM Says

April 16, 2012

Ghana signed a $1 billion loan agreement with the China Development Bank Corp. for natural gas and information and communication technology projects at a ceremony in China, Citi FM reported, citing Deputy Finance Minister Seth Terkper.

Ghana will use $850 million for pipelines and to build a gas-processing plant, the Accra-based broadcaster reported. Another $150 million will be used to set up an ICT platform for surveillance of oil and gas infrastructure, Citi reported.

The amount is part of a total $3 billion that the West African nation plans to borrow from the Chinese lender. it said. The rest will be signed by the end of the month, Citi cited Terkper as saying.

To contact the reporter on this story: Moses Mozart Dzawu in Accra at mdzawu@bloomberg.net

To contact the editor responsible for this story: Emily Bowers at ebowers1@bloomberg.net


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