The Board of Directors of the African Development Bank (AfDB) recently disclosed that a $120 million corporate loan has been approved to support Ghana Airports Company Limited’s (GACL) capital investment programme.
According to a statement issued by AfDB, the loan, which is the first private-sector investment in Ghana’s transport sector, will facilitate the construction of a new terminal at Kotoka International Airport (KIA) in Accra, and the rehabilitation of other airports managed by GACL including the Kumasi, Tamale, Ho and Wa Airports. The total loan sum for the programme is $400 million.
The programme is expected to boost Ghana’s ambition of modernizing vital infrastructure as the country seeks to become a gateway to West Africa and a regional aviation hub.
It is estimated that 1600 jobs comprising temporary and permanent ones wiill be created during the period of the project.
Footprint to Africa reports that the project is in line with both internal and external policies and strategies and it also supports the Ghana Shared Growth and Development Agenda which has it’s emphasis on the need for rehabilitating and expanding infrastructural facilities especially in the transport sector.
The AfDB’s financing would play significant role by providing much needed long-term finance, enforcing environmental and social standards and working to boost the development impact of the project.