GHANA –Ghana’s parliament has approved a total of €598.7 million loan (US$707 million) agreement between the Government and the Deutsche Bank to finance the construction of sections of the Western railway lines.
Additionally, the House also approved a request for waiver of import duties, import VAT, and other levies amounting to €72. 3 million on project materials and equipment to be imported for the execution of the project.
Also, the terms and conditions of the Commercial Loan include the facility amount of €75.7 million out of which €68 million is to finance the project and €7.7 million for the upfront fees and legal fees.
The tracks connect the existing convertible narrow-gauge tracks from Takoradi to the Takoradi Port for easy and efficient access for cargo handling.
Dr, Assibey-Yeboah said the conversion of the 10.6km convertible narrow- gauge tracks to standard gauge would include conversion works and materials required a well as the supply of 10 new standard gauge turnouts.
This would include a 10km of double loop lines to improve access to express trains and give priority to passengers over cargo.