Chinese company provides $2bn for 1D1F; gets First Lady praise

Businesses are expected to provide at least 15% of seed money to access the fund[/caption] First Lady Rebecca Akufo-Addo has commended China National Building Materials Equipment Imports and Exports Company Limited (CBMIE) for their commitment to inject $2 billion supplier’s credit into the One District One Factory initiative (1D1F). The First Lady noted that Ghana currently needed crucial investors like CBMIE because that’s one of the surest ways Ghana’s current developmental aspirations can be achieved. She called on the group to ensure they go the extra mile to make investment opportunities available to women entrepreneurs. Announcing the facility at a meeting with the First Lady and her delegation of women Ghanaian business leaders and entrepreneurs, the President of CBMIE, Chen Yongxin, said the facility was made available to Ghana because the country is a preferred destination to do business in Africa and has tremendous confidence in the government of Ghana to improve on the living conditions of the people through the 1D1F initiative. The President of the Association of Ghana Industries (AGI), James Asare-Adjei, in a remark, called on the Ghanaian business community both at home and abroad to position themselves well to benefit from the initiative considering all districts across the country will benefit from at least one medium or large scale factory. Explaining how the supplier’s credit facility was going to run for interested individuals and businesses, Mr. Asare-Adjei said the projects will have to be built on turn-key basis and will require local investors to provide at least 15 per cent of the investment required before credit facility will be available to them. He said the AGI saw the initiative as an investment opportunity therefore was partnering with the CBMIE and banks such as the GCB, Exim Bank, Fidelity among others to ensure that people with business ideas in the country were supported to realise their dreams. Ghana’s Ambassador to China Edward Boateng commended the CBMIE for the bold step it has taken to invest in Ghana, saying “the government would ensure that they were not disappointed in any way.” He called on the business community in Ghana to take advantage of the initiative, saying “it would act as the catalyst that would catapult the country into its desired development levels”. Accompanying the First Lady were the Minister of State in-charge of Tertiary Education, Professor Kwesi Yankah, the Director of the Crop Research Institute (CRI), Stella Ennin and a Director at the Ministry of Finance, Dr. Millicent deGraft Johnson.

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Source:|Office of First Lady|China ]]>