We’ll fund projects upon completion of debt restructuring programme - Korea Exim Bank assures President

The Chairman of the Korea EXIM Bank, Hee-Sung Yoon, has assured President Nana Addo Dankwa Akufo-Addo that projects which were being funded under an Economic Development Cooperation Fund (EDCF) will resume immediately the debt restructuring programme of the country is completed.

He mentioned the construction of the University of Environment and Sustainable Development (UESD) as one of the projects which would resume after the restructuring programme, adding that feasibility studies of other projects requested by the Ghanaian government would also continue.

The EDCF is entrusted to Korea EXIM Bank on behalf of the Korea government.

Mr Yoon gave the assurance when he paid a courtesy call on President Akufo-Addo at the Jubilee House in Accra yesterday.

The Korea Exim Bank chairman, who is also the President of the bank, urged the government to make available details of other infrastructural projects such as Tema Port Expansion and the Accra-Elubo highway which funding he said could be considered by his outfit.

They discussed other matters of mutual interests, particularly in sectors where his country can support Ghana for accelerated development.

Business hub

Mr Yoon described Ghana as a hub of doing business, particularly in the automobile sector.

“I know that in May, Kia Motors assembly plant from South Korea was launched in Ghana.

This plant is located at Amasaman with a production capacity of 35,000 units.

“As you may be aware, Korean Exim Bank supports Korean companies doing business across the world so we are behind Korean companies doing business in Ghana.

“We hope we can cooperate in many other areas of mutual benefits,” Mr Yoon added.

The chairman further expressed hope that both countries would continue to explore and collaborate in emerging development sectors with high demand such as green and digitalisation programmes.

Gratitude

President Akufo-Addo said Ghana has had excellent relations with the Republic of Korea over the years.

He said although there had been some exchange of visits between senior officials of Ghana and Korea, it was time such visits were elevated to the highest level, adding that “all of these are indications of the excellent relations that exist between our two countries”.

On resumption of work on projects under the EDCF, the President said: “I am happy about your commitment to resume work on the stalled projects once our work with the Paris Club is over.”

He expressed hope that the Paris Club negotiations would soon conclude favourably, saying “all the indications we are getting at the moment are that negotiations are going on well”.