The facility agreement of €81 million and tied commercial facility of €12.3 million are between the government of Ghana.
Residents of Kumasi will soon heave a sigh of relief as the phase 1 of the Kumasi Central Market redevelopment project is about 95 percent complete as Parliament has approved €93 million loan facilities for the redevelopment and modernisation of the Market.
The facility agreement of €81 million and tied commercial facility of €12.3 million are between the government of Ghana, represented by the Ministry of Finance, and the Deutsche Bank AG, London branch, and its affiliates.
This followed the presentation of the report of the Finance Committee of Parliament, which recommended to the House to approve the facilities.
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Contracta Engeharia LTDa , the Brazilian construction firm executing the project earlier briefed the Parliamentary Select Committee on Local Government and Rural Development during an inspection tour of the project to see the progress of work and challenges confronting the project.
The Project Director Jorge Javares de Almera said upon completion, the Kejetia project would be handed over to the Kumasi Metropolitan Assembly (KMA) and the phase 2 and phase 3 of the redevelopment project would commence at the main Kumasi Central Market.
The project which costs $298 million and started in July 2015 was to be completed in January 2018 but was delayed due to court matters arising from litigation between private land developers and KMA over pulling down of structures around the project.
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The Kumasi redevelopment project is built in three phases, starting from the Kumasi Kejetia Bus Terminal, which is the phase one, at the cost of US$198 million, the second and third phases of the project, valued at US$100 million, would centre on works at the main Kumasi Central Market.
The Kejetia market is the largest single market in West Africa with over 10,000 stores and stalls.