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China Grants Major Loan Deal To Newly Oil-rich Ghana

ACCRA — China has agreed to loan Ghana some 13 billion dollars for
infrastructure, a minister said Thursday, with Beijing having expressed
interest in the West African countrys newly discovered oil fields.

The
loan deal, still subject to approval from Ghanian lawmakers, points to
Chinas growing interest in the country which is set to pump its first
barrels of oil by years end from its offshore Jubilee field.

Of
the total loans, three billion dollars from the China Development Bank
will go towards building oil and gas infrastructure, Ghanas Deputy
Finance Minister Fiifi Kwetey told AFP by phone from Beijing.

The China-Exim Bank will give nearly 10 billion dollars for the building of roads, railways, school and hospitals.

The loans are to be staggered over several years and details of repayments will be fine-tuned later, he said.

"Its
not a one-off financing," he said, adding the newly discovered oil has
been a "kind of attractiveness for China to support Ghana."

"China is clearly showing vast confidence about the potential of the continent," said Kwetey.

China,
which recently overtook Japan as the worlds second-largest economy,
has been searching for resources to feed its growing energy needs.

Ghana
expects to start by December pumping crude from the Jubilee field,
discovered three years ago and one of the biggest finds in west Africa
in the past decade.

Ghana is already the worlds second biggest
cocoa exporter after neighbouring Ivory Coast and Africas second
largest gold producer.

The loan deals were clinched on Wednesday during a five-day visit to China by Ghana President John Atta-Mills.

Credits:AFP
Please Note that this content is place hold material whilst Contributors upload to the site
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Product Id: 100004
Posted By: Viewpointafrica Monitoring Team
Country: Ghana
Category: Business
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