Trade Minister, Alan Kyerematen, has signed a $400 million turnkey financing facility with China National Building Materials Corporation (CNBM) for 22 enterprise projects under the One District One Factory programme.
The agreement signed on Wednesday, May 9, 2018, in Accra enables the establishment start of projects for the processing of industrial starch, vegetable oil, garments and alcohol in line with governments One District One Factory (1D1F) initiative.
The projects are expected to create over 30,000 direct and indirect jobs across the country.
At the same signing ceremony, some local banks who are participating in the 1D1F program also signed on- lending facility arrangements with CNBM in support of the initiative.
At least four local banks have been selected to serve as intermediaries between the Chinese entity and local businessmen and women to execute the projects.
As part of the arrangements, the CNBM will supply equipment and machinery to the business promoters, while the local financial institutions, comprising the National Investment Bank (NIB), the Universal Merchant Bank (UMB), the Agricultural Development Bank (ADB) and the Barclays Bank, will facilitate the disbursement of the facility to investors.