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$3bn loan from BRICS China for Ghana - Brazil to follow with $1bn

posted Apr 8, 2012, 1:29 AM by Solar Life   [ updated Apr 8, 2012, 1:33 AM ]
BRICS Replacing IMF and World Bank in Africa
John Dramani Mahamavice-president of Ghana

Mahama VP Ghana
said the Cold War and US influence inAfrica almost compelled countries in the regionto seek resources for development from theInternational Monetary Fund and the WorldBank.
Ghana's vice-president was speaking aheadof his visit to Beijing on Thursday to sign a $3-billion loan from the China Development Bank.

Gulf of Guinea
Considered the largest loan so far to a WestAfrican nation, the money is earmarked formajor infrastructure development, including anew gas pipeline, fishing harbors, roads andrailway lines.
Mahama, speaking from his official residenceat Osu Castle in Accra overlooking the Gulf ofGuinea, added Ghana was also in discussionswith Brazil to arrange a similar but smallerfacility of around $1 billion.

Alhaji Inusah Fuseini, Deputy Minister of Energy.