The World Bank
has approved two International Development Association (IDA) credits
of $60 million for the Ghana Energy Sector Transformation Initiative
Project and the Ghana Tourism Development Project.
Specifically, the Ghana Energy Sector Transformation Initiative Project
received $20 million to strengthen the capacity of the energy sector,
implement sector reforms, and improve energy sector planning and
coordination in Ghana.
“The project supports the government’s plan through a comprehensive
package of regulatory, policy, and operational measures and platforms
for stakeholder engagement to help the government address near-term
challenges and lay the ground work for Ghana’s energy sector
transformation,” said Henry Kerali, World Bank Country Director for
Ghana. “Electricity consumers will also benefit from enhanced sector
governance and improved energy services and access.” The project is
aligned with the priorities of the government’s Coordinated Program of
Economic and Social Development Policies.
The Ghana Tourism Development Project received financing of $40 million
to improve the performance of tourism in targeted destinations. The
project will enhance the tourism sector’s offerings, diversify its
impact, and help increase the contribution of the tourism sector to the
Ghanaian economy. The project will also support micro, small, and medium
enterprises, which will benefit from improved access to markets, better
public goods provision in the targeted tourism destinations, and better
skilled workers.
“The Tourism Development Project is expected to remove constraints and
sustain improvements to the business enabling environment to help both
domestic and international firms grow their operations,” said Douglas
Pearce, World Bank Practice Manager. “Locally, it will support the small
and medium enterprises sector and women-led enterprises to provide
demand-driven services for tourism which is an integral part of the
World Bank’s twin goals of ending extreme poverty and promoting shared
prosperity.”
The World Bank’s International Development Association (IDA),
established in 1960, helps the world’s poorest countries by providing
grants and low to zero-interest loans for projects and programs that
boost economic growth, reduce poverty, and improve poor people’s lives. IDA is one of the largest sources of assistance for the world’s 75 poorest countries, 39 of which are in Africa. Resources from IDA bring positive change to the 1.5 billion people
who live in IDA countries. Since 1960, IDA has supported development
work in 113 countries. Annual commitments have averaged about $18
billion over the last three years, with about 54 percent going to Africa.
Thursday, July 19, 2018
New
World Bank Approves $60m Credit For Ghana’s Energy And Tourism Sectors
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