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Publish Date : 09-May-2017

The World Bank's International Development Association (IDA) has approved an investment of 1.2 billion into Ghana's economy in the next three years.

The funds will go into budgetary support and support for exclusive social intervention projects.

The World Bank Country Director for Ghana, Mr Henry Kerali, said, the IDA has committed to support poor countries with $75 billion.

He said, 'We also discussed the forthcoming allocation to Ghana from the IDA part of the World Bank. A total of about US$1.2 billion over the three-year period from July 2017 up to June 2020 will be made available to the country through the World Bank.'

He noted that the distribution of funds for the special social intervention projects will be based on the performance of the projects.

He added, 'The performance of those projects will dictate how fast the funds will be disbursed. For projects that perform well, the disbursement will be fast and for projects that perform slowly, the disbursement will be slow. We hope that overall, the total amount will be disbursed between the period of five to seven years because our projects are usually of that duration.'

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