7208780026891_4164136915467A team left for China this evening, to finalise agreements for the release of the much anticipated $3 billion?China Development Bank?(CBD) loan, President John Mahama has announced.

The?government?has come under criticism for not fast tracking the process to seal the?loan agreement, while interest on the facility is already accruing.

But?addressing?the?Western Regional?House of Chiefs in Takoradi on Saturday, President Mahama said government will use part of the $3 billion loan facility, in building more landing beaches in the region.

The CDB loan, which is also?targeted?at the transformation of infrastructure in the country, has been on hold for almost three years although key points in the loan agreement had been finalised.

The China government were expected to disburse the full amount in three years in three tranches, in some of the most?productive?areas of the Ghana economy — seen as one of the biggest in the West-African sub-region.

However, since the signing of the final agreement, China has disbursed only $600 million to Ghana for the gas project, which is under the?control?of the Ghana?Gas company.

But the?President?is optimistic the delegation to China will bring?good news.

President Mahama also asked Ghanaians to be?patient?with his government as it struggles to?dealwith the ongoing?electricity supply?challenges — partly brought about by the delay in release of the CDB loan.

He says government is doing everything possible to ensure Ghanaians enjoy reliable?power supply.

The President has been in the Western Region since Friday as part of a three-day working visit to the region.

Source myjoyonline.com

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