Business Politics

1D1F: UMB Signs Off $11m To Govt

The Universal Merchant Bank (UMB) has signed off an $11 million project to support the government’s One District One Factory initiative.

The project is to provide a credit facility to the tune of $10.7 million to the Central Sugar Company Limited that will be producing starch in commercial quantities from cassava from their base at Prang in the Pru District of the Brong-Ahafo Region through the UMB PPP Incubator Centre.

Speaking at the signing ceremony on August 28, 2018, the CEO of the bank, Mr John Awuah said this is to demonstrate the bank’s commitment and support for government initiatives.

“This signing ceremony is a demonstration of our bank’s commitment to fully support the government’s industrialization agenda which includes the flagship One District, One Factory programme”, he noted.

Mr Awuah further stated that, as the first ever One District One Factory Project, the Central Sugar Company Limited is to strengthen the local economy in Prang and create numerous jobs for the locals.

According to him, the starch processing factory will be constructed by the China National Building and Material Company (CNBM) as well as the procurement of all the required machinery and tools to ensure the facility is fitted with state-of-the-art production installations.

The CEO of UMB also added that the UMB PPP Incubator Centre is a dedicated Centre fully-equipped to offer financial and technical support to private sector entrepreneurs and businesses that have interest in the government’s One District, One Factory and other public-private partnership projects. He, therefore, admonished private sector entrepreneurs to continue to engage the UMB PPP Incubator Centre in their projects.

He further noted that this first-ever announcement from a private bank in Ghana will not be the last from UMB.

“We intend to ensure the success of this starch processing project and at the appropriate time, the bank will be announcing many more projects under the One District, One Factory initiate”, he concluded.

The UMB Bank (UMB) is a full-service financial institution specializing in customized banking products and services.  UMB was established on March 15, 1972, and is a leading Ghanaian indigenous bank with considerable financial expertise.

 

Source: Starrfmonline.com/

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