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Ghana and France have signed a 37.5 million Euros concessional loan agreement, for the upgrading of major road and drainage infrastructure in Kumasi.

The loan has a grant element of 39.67 percent.

Mrs Mona Quartey, the Deputy Minister for Finance and Xavier Muron, the Deputy Resident Manager for Agence Française de Developpment (AFD) signed the credit facility agreement in the presence of Francoise Pujolas, the Ambassador of France.

The fund would help finalize the works undertaken under two projects financed by the AFD, the Kumasi BY –pass project (the construction of the Ofirikrom–Asokwa by pass and Lake Road) and the Second Urban Environmental and Sanitation Project (UESP II).

The projects would help to reduce traffic jams, prevent floods and save time for the road users thereby, contributing to the development of the region.

Mrs Quartey assured Mr Pujolas of Ghana’s commitment to maintain a good bilateral cooperation with France.

She said President John Dramani Mahama would provide efforts to pursue prudent policies aimed at stabilising the economy and also increase the pace of the country’s transformation.

Mr Pujolas said France is committed to support Ghana and provide a better standard of living to its citizens through development oriented projects such as the Kumasi Extension Project.