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afb launches $10m loan for schools

As part of efforts to help players in the educational sector access funding to undertake developments in their schools, afb Ghana has set aside an amount of ten million dollars to support the sector.

According to afb Ghana, the schools will be able to acquire the money through a loan.

The loans are aimed at addressing asset financing, project financing and personal needs of heads of schools.

In an interview with Citi Business News, Managing Director of afb Ghana, Arnold Parker expressed optimism that the money will lead to better economic development in the country.

“This year, we are committed to supporting the education sector with a 10-million-dollar fund to finance school projects, assets acquisition and personal loans for all parties within Ghana’s educational system.”

He also added, “I am confident that this solution will help to improve Ghanaian lives as it ensures access to good quality education which is a key agenda for the government of Ghana”.
About 10 million dollar package

The new product  was launched in collaboration with the Ghana National Association of Private schools (GNAPS), during its education week celebrations in Accra.
The product, designed to address the respective needs of schools, teaching and non-teaching staff and even suppliers who conduct various businesses with the educational institutions, will range from asset financing, project financing to personal loans.
Speaking at the launch, the Director of Education – Pre Tertiary Institutions, Mrs. Catherine Appiah-Penkra said, the education of the citizenry remains a critical agenda of Government.

“One of the deepest concern is the collaboration of the private sector to support this agenda. I will commend afb Ghana for this move and encourage other players within the financial services landscape to join the course to enhance the quality of education in Ghana”.

“It is my hope that with the provision of this support, owners and management of schools and other players within the value chain will take advantage it, as well as meet their obligations in a timely manner to make this solution sustainable,” she added.

Mr. James Abuyeh, Head of Financial Inclusion at afb, also added that “the move to launch this solution has come as a result of the insufficient financial support to players within the education ecosystem”.

By: Anita Arthur/citibusinessnews.com/Ghana

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