The Ministry of Trade and Industry has received a loan of 10 million
Euros from the Italian Government to support the second phase of the
Ghana Private Sector Development Project (GPSDP).
The money was part of a 22-million Euro financial assistance approved
in 2008 by the Italian Ministry of Foreign Affairs to continue to
support the efforts of government to enhance the private sector.
The successful implementation of the first phase was estimated at 10 million Euros.
Dr Joseph Annan, Deputy Minister of Trade and Industry, who announced
this at a press conference in Accra on Tuesday, said the main component
of the project was a soft loan to support entrepreneurs in the country
while the remaining two million Euro would be used to manage the credit
facility as well as carry out capacity building, micro-projects and to
develop industries.
He said the Ministry had received about 450 applications from private
companies and financial institutions, adding that beneficiaries should
be able to fulfil the eligibility criteria to have access to the credit
facility.
Dr Annan said recipient institutions should, among other things have
full ownership of their enterprise, operate without military activities,
tobacco processing and luxury goods as well as make sure their
production activities did not pollute the environment.
The Deputy Minister appealed to beneficiaries to adhere to their
repayment schedules and collaborate with the team experts managing the
GPSDP to ensure the success of the initiative.
Mr Tullio Guma, Italian Ambassador to Ghana, said the GSPDP was
characterised by a strong element of ownership and partnership to bring
about an increased responsibility of the Ghanaian institutions.
He said the basis of Italy’s economic development resulted in a high
number of Small and Medium Enterprises (SMEs) which over the years had
been able to cope with the rapid changing business environment and
globalisation.
“Our expectations are therefore that the Ghana Private Development
Project will replicate such a development model in Ghana, especially in
view of the challenges of the international financial crisis and the
liberalisation of the markets in the framework of the WTO agreements,”
he said.
The Italian Ambassador expressed gratitude to the Sector Ministry for
its contributions towards the implementation of the project saying the
Italian Government has continuously supported the Ghanaian economy to
the tune of 19.8 million Euros from Italian grants.
Source: Ghana News Agency
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