Parliament has approved a $35-million Financing Agreement, between the Government and the International Development Association (IDA), to finance the Ghana COVID-19 Emergency Preparedness and Response Project.

The facility forms part of the $100 million Government is seeking from the World Bank to finance the Ghana COVID-19 Emergency Preparedness and Response Plan.

Government is expected to source for the remaining $65 million from the Contingency Emergency Response Component of the World meant for the Greater Accra Resilient and Integrated Development (GARID) Project.

To ensure that the GARID project is not truncated, the $65 million would be refunded from Ghana’s IDA COVID-19 allocations effective July, this year (2020).

Chairman of the Finance Committee, Dr Mark Assibey-Yeboah, moved the motion for the Agreement, and was seconded by the Minority Leader, Haruna Iddrisu.

The loan facility has a maturity period of 30 years, with 25 years repayment period, 5 years grace period and a maximum commitment charge of 0.5% per annum.

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