Ghana Development Bank presents five textile projects for financing
The Development Bank Ghana (DBG) has presented five projects in the textile industry to financial institutions partnering with the bank for possible financing. MyJoyOnline reports, citing DBG Chief Executive Officer Professor Randolph Nsor-Ambala.
Textiles among priorities
According to Nsor-Ambala, the textile industry is one of the bank’s priority areas within the manufacturing sector. DBG’s mandate also covers agriculture, ICT and high-value services. In manufacturing, in addition to textiles, the bank focuses on pharmaceuticals and the energy transition.
DBG has signed a three-year memorandum of understanding with the Association of Ghana Industries concerning the textile sector. The document provides for enterprise financing, market development support, capacity development and technical assistance to prepare projects ready to attract investment.
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Project preparation and regional financing
Together with GIZ, Palladium, JET and other partners, the bank organized training for textile companies involving international experts. As a result of this work, a platform was created to assess and prepare projects for financing. Five projects that passed through this mechanism have already been presented to financial institutions; they are at different stages of approval.
DBG’s Chief Executive Officer said he expects loan approval and the disbursement of funds for at least two of these projects by the end of the year. The bank is also conducting a nationwide feasibility study in the textile sector with support from KfW. It identified industry challenges and projects potentially suitable for bank financing that require special measures to attract funds.
According to Nsor-Ambala, DBG is working with such enterprises to prepare them to attract investment and plans to complete this work by the end of November. More than 40% of the bank’s investments are directed to hard-to-reach areas outside Greater Accra and the so-called “Golden Triangle.” DBG has also identified support for youth-led businesses and women-owned companies as a priority.
