Announcement of Ten Million Loan to Ghana for Industrial Enterprises on December 15, 1975

•World Bank 1818 H Street, N.W., Washington, D.C. 20433, U.S.A. • Telephone: (202) 393-6360 BANK NEWS RELEASE NO. 75/97 DECEMBER 15, 1975 $10 MILLION LOAN TO GHANA FOR INDUSTRIAL ENTERPRISES The World Bank has approved a $10 million loan to Ghana's National Investment Bank (NIB) to help finance projects in industry, agro-industry and tourism. The loan will provide foreign exchange for NIB clients mainly in small and medium-scale enterprises. It will also assist the institutional growth of NIB by continuing ;to improve • its project appraisal capabilities anci train its staff. The loan will contribute to regional development in Ghana by supporting 1;IB's policy of decentralization. iH1, created in 1963, gives major support to Goverilli1ent efforts to encourage private initiative in the economy. It .also supports the priority the Govern.~ent has given to investments that provide raw materials for local industry or utilize local raw materials; increase foreign exchange earnings through exports; and enable substitution of imports. Hore than 40 investr;1ent projects are in an advanced stage of study by NIE, while another 132 are under preliminary investigation. ;nn expects to connnit about $35 mill'ion for industrial and agricultural projects during the next two years. The World Bank loan is at 8 1/2 percent a year for a maximum of • 15 years. Note: Money figures are expressed in US dollar equivalents.