Announcement of One Million Five Hundred Thousand Dollar Credit for Road Engineering in Ghana on July 2, 1969

' ' \ ·FOR IMMEDIATE ·RELEASE • INTERNATIONAL I'~VELOPMENT ASSOCIATION 1818 H STREET, N.W., WASHINGTON D. C. 20433 TELEPHONE: EXECUTIVE 3-6360 IDA Press Release No. 69/27 Subject: $1.5 million credit for road July 2, 1969 engineering in Ghana A credit equivalent to $1.5 million, announced today by the International Development Association (IDA), will help finance the detailed engineering for new alignments of two main roads in Ghana with a total length of 235 miles. The area served by the roads contains over 60% of the population, including the three largest cities and the two main seaports, and has the greatest potential for future economic growth. The routes of both roads extend from the coast to • Kumasi, Ghana's second largest city, from which all roads to the north of the country radiate. One road extends 128 miles from Accra, the capital, and its port of Terna, and the second runs 107 miles northward from the port of Takoradi. Feasibility studies for the two roads were financed by a grant of $420,000 from the United Nations Development Programme with the World Bank as Executing Agent. The Public Works Department of the Ministry of Works will be responsible for the engineering project which includes the preparation of bid documents. It wi.11 be carried out by'consultants who have been selected by the Government. The IDA credit will cover the foreign exchange requirements and the local costs, esti- m~ted at the equivalent of $700,000, will be met by the Government of Ghana. The IDA credit will be for a term of 10 years, including a 2-year grace p6riod. It will be interest-free but a service charge of 3/4 of 1% will be made to cover IDA's administrative costs • • - 0 -