South Korea will provide a 70.3 billion won (US$67 million) loan to Ghana to help the African country expand its power grid, the finance ministry said Wednesday.
The Ministry of Strategy and Finance said that the soft loan will be used to build a 185-kilometer power transmission line linking substations between Prestea and Kumasi, two cities in western Ghana.
The loan, which will come from Seoul's Economic Development Cooperation Fund (EDCF), will carry an interest rate of 0.5 percent and can be repaid in 35 years after a 10-year grace period, the ministry said.
It is the biggest loan that South Korea has extended to an African nation through EDCF, the ministry added.
EDCF is a state-run fund aimed at assisting underdeveloped countries with building social infrastructure through loans that carry low interest rates.
The ministry said Seoul also plans to help Ghana establish an energy-efficient smart grid system that can be instrumental in resolving the country's chronic power overload.
Copyright, Blaise APLOGAN, 2010,© Bienvenu sur Babilown
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