UMB Signs Off $10.7 Million Factory Project Under Government’s 1D1F Initiative

Left-Right: UMB CEO, Mr. John Awuah, Supercare Group, Exec. Chairman, Mr. William Oppong-Bio, Minister of Information, Hon. Kojo Oppong Nkrumah and CNBM Country Manager, Mr Young Pan.

Universal Merchant Bank (UMB) on August 28, 2018, held the groundbreaking signing ceremony for the first-ever One District, One Factory project financed by a private financial institution under the government’s flagship One District, One Factory Initiative.

Under the arrangement, UMB Bank, through the UMB PPP Incubator Centre, is providing a credit facility to the tune of USD 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.

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. Also, a local steel company, Isopanel Company Limited has been contracted to fabricate and install all the steel structures for the factory as part of efforts to promote active local content participation.

The signing ceremony was witnessed by a number of honorable guests including: Board and Management members from UMB, Minister of Trade, Mr. Alan Kyerematen and his Deputy, Mr. Robert Ahomka-Lindsay, Minister of Information Hon. Kojo Oppong Nkrumah, Coordinator at the One District, One Factory Secretariat Mrs. Gifty Ohene-Konadu , Central Sugar Company Limited and China National Building and Material Company (CNBM) representatives and a cross section of the media.

 

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