Ghana Airports Company Limited’s (GACL) capital investment program will receive a $120 million (USD) loan from African Development Bank (AfDB) for improvements at Kotoka International Airport (KIA) in Accra.
In
addition to the funding provided by AfDB, investments from other
financial institutions and banks have brought the total loan for the
project to $400 million (USD).
The funding will be used for the construction of a new terminal at KIA and also for the renovation of airports managed by GACL. The renovation of KIA alone is expected to result in the creation of 900 temporary jobs and 760 permanent positions.
Through the new construction GACL aims to support the modernization of the country's infrastructure, one of the items of Ghana Shared Growth and Development Agenda. It will also improve the capacity of the airport, allow it to handle more guests and increase safety standards. The investments are expected to strengthen the tourism and oil and gas sector that support Ghana's economy.
The AfDB’s financing is part of a strategic 10-year plan meant to improve the integration of regional markets. The airport improvements are projected to further the interconnection of regional economies, reduce the cost of the transactions and boost Ghana's economy.
More Stories
- President Barrow Commends AUF Initiative
- African Development Bank’s Dr. Adesina Appoints Ambassador Jalel Trabelsi as Special Envoy for Middle East and North Africa and Gulf Region
- Kenyan Farmers Get Fertilizer Boost with $2 million Africa Fertilizer Financing Mechanism Credit Guarantee
- President Boakai Suspends The Board of Commissioners of the Liberia Telecommunications Authority (LTA)
- African Union and Ecowas Address Terrorism, Coups, and Extremism in Joint Consultation Meeting
- African Development Bank Executive Director and Sudanese Envoy Discuss Crucial Support Amid Ongoing Conflict
- President Barrow Welcomes Diplomats from Around the World
- President Boakai Nominates Additional Officials To Government
- Commonwealth Parliamentary Association St Helena Branch To Host 53rd British Islands And Mediterranean Region Conference
- ECOWAS and AU Collaborate on Africa Peace Support Missions