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UMB Injects $100m In 1-Disrtict, 1-Factory Project

UMB Bank has announced a partnership deal with government to inject 100 million US dollars into the One-District-One- Factory project over a period of time.

According to the bank, the project fits into its strategy of investing in public infrastructure for long term returns.

Speaking to Citi Business News at the Flagstaff House after meeting the president, the Managing Director of UMB, John Awuah maintained that the bank is ready to inject the funds into the project when government comes out with the blueprint.

He stated that the bank is convinced of the policy direction of the government, hence the decision to bring it into fruition.

“The president’s vision of one district one factory fits directly into our long term plans as a bank. We have an elaborate and a comprehensive long term plan that had a component of partnership  with government sectors. Being  the bank of choice for public- private arrangement, when we heard of  the one district one factory, we said this is an opportune time to tap into the strategy and bring forward few of the pillars that we have said will come in the course of time,” he explained.

Outlining the benefit of the investment to the bank, Mr. Awuah maintained that the move will solidify UMB as the leading bank in championing investment in the real sectors of Ghana’s economy.

“We can properly position the institution, and also to facilitate the government agenda of ensuring the success of this programme. We have calibrated and recalibrated this for a long period,” he said.

Mr. Awuah pointed out that the bank will inject the fund into the project in phases while it assess its impact and viability.

“It’s not 100 million today, is up to 100 million. The project is going to be up to 100 million dollars and we want to have a few initial projects and do projects appraisals and step back to analyze how we have done on the delivery of the project,” he stressed.

“I can assure you that it’s a plan that is well thought through and UMB is 100 percent ready to start this as soon as we are very clear on the government side on the delivery of the project,” he assured.

On his part, President Akufo-Addo reiterated his government’s commitment to support the private sector to lead in the growth agenda by creating a conducive environment for businesses.

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(Via: CitiFM Online Ghana)

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