Parliament has approved an amount of €47 million to finance expansion works at the University of Ghana Medical Centre (UGMC).
The credit facility credit facility of €40.6 million is between the government and Bank Hapoalim B.M., while the commercial facility of €6.5 million is also between the government and Bank Hapoalim B.M.
The Finance Committee of Parliament recommended the approval after which a presentation was made before the House.
The Chairman for the Finance Committee, Dr Mark Assibey-Yeboah, told the House that, the facilities were to fund the phase two of the UGMC project, which included the provision of strategic income generating services for short, medium and long-term sustainability of the hospital.
"The credit facilities for phase two are both critical and complementary in mobilising additional resources to address the critical gaps in the operations and sustainability of the UGMC and for the completion of the UGMC project", he said.
The credit facility of €40.6 million has a commitment fee of 0.60 per cent per annum, arrangement fee of 0.8 per cent flat of facility, two years grace period and 10 years repayment period.
The commercial facility of €6.5 million has a commitment fee of 0.6 per cent per annum , arrangement fee of 0.8 per cent flat of facility amount, one year grace period and four years repayment period.
The hospital, said to be the first of its kind in West Africa, is a 650-bed facility built at a cost of $217 million raised through loans from Israel. It was one of the last projects commissioned by President John Mahama on January, 4, 2017 during the dying days of his administration.