The Government of Ghana and the Kuwait Fund for Arab Economic Development have signed a concessional loan agreement of $24million for the expansion and development of 26 existing senior high schools.
The agreement was signed on Tuesday October 11, on the sidelines of the annual IMF World Bank Group meetings currently ongoing in Washington DC.
The loan agreement was signed on behalf of the Government of the Republic of Ghana by the Minister of Finance, Seth Terkper, while the Deputy Director-General of the Fund, Mr Hesham Al-Waqayan, signed on behalf of the Kuwait Fund for Arab Economic Development.
The project aims to support the social and economic development of Ghana by supporting government’s plans to increase access, improve the quality of senior high school education, and meet the growing demand for student enrolment in underserved areas in Ghana under the Education Sector Plan (ESP) 2010-2020.
The project involves the rehabilitation and construction of new classrooms, new educational facilities, and additional students’ dormitories in 26 existing senior high schools as well as the supply and installation of educational furniture, equipment, and tools for all the new buildings and facilities in order to raise them to the corresponding standard of model SHSs.
This will contribute to the improvement of quality of teaching and learning in the education sector and will increase employment, reduce crime rate, and improve national security, which will have a positive impact on the country’s socio-economic indicators.
The Kuwait Fund for Arab Economic Development (KFAED), commonly known as the Kuwait Fund, is Kuwait’s agency for the provision and administration of financial and technical assistance to developing countries.
Source: Ministry of Finance
