SADA Establishes New Bank In 2016

SADA Establishes New Bank In 2016

Plans are far advanced for the Savannah Accelerated Development Authority (SADA) to establish a bank in 2016 for the accelerated growth in the savanna zone with a start up capital of $100 million.

Authorities reveal the bank will constitute 20 percent government and 80 percent private equity with funding partners expected to come from the World Bank, African Development Bank, ECOWAS Bank for Investment and Development, the International Fund for Agriculture and Development among others.

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Chief Executive Officer of SADA, Charles Abugre justified  the need for a bank stating it was high time the savannah zone came up with such a financial move.

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The zone which represents about 54 percent of the country’s size has been marked as the poorest zone since independence.

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