GHANA – WORLD BANK SIGN US$300M DEVELOPMENT FINANCING AGREEMENT

Ghana and the World Bank today signed SDR193.8 million (US$300.0 million equivalent) Financing Agreement in respect of the Economic Governance and Poverty Reduction Credit (EGPRC).

Dr. Kwabena Duffuor, Minister of Finance and Economic Planning signed for Ghana whiles Ms. Eunice Dapaah, Acting Country Manager of the World Bank initialed for the World Bank.

The programme will assist Government to stabilize the economy and pursue strategies, which will safeguard future growth, provide social protection and thereby limit the impact of the global financial crisis.

This is part of the US$535 approved by the Board of Directors of the World Bank on June 30th, 2009 to support three credit facilities aimed at helping improve economic governance and stabilizing Ghana’s economy.

The support will further help government to protect vulnerable groups from sliding deeper into poverty, which could further threaten the progress that Ghana has made towards achieving the Millennium Development Goals (MDGs).