Government’s One District-One Factory initiative has received a major boost with a $400 million facility from the China’s Private Sector Development Corporation.
This followed the signing of Memoranda of Understanding for the funding facility between a number of Ghanaian banks and the local private sector.
Under the Agreement, the China National Building Materials and Equipment Import and Export Corporation (CNBM), will provide financing and equip the factories with the requisite and necessary equipment on a turnkey basis, to make them fully operational for the successful implementation of the programme.
Speaking at the signing ceremony, Trade and Industry Minister, Alan Kyerematen, said: “We are going to sign contracts to spearhead the flagship project under the 1D-1F initiative and you’ll find that the contracts that will be signed, 22 of the projects have a total value of over $400 million in over 22 districts but with representation across every region in Ghana.
“These are going to, as it were, be the implementation of the 1D-1F. But as these are being implemented, the others that are now in the incubation stage would also be negotiated, and then it will be rolled out as we go on. So, these are exciting times for our country and we hope that our business communities will join in partnership with financial institutions to make this a success.”
For his part, president of the China National Building Materials and Equipment Import and Export Corporation, Chen Yong Xin, pledged their commitment to ensure the success of the 1D-1F policy.