China Knowledge reported that China and Ghana a West African country last week signed a total of USD 15 billion worth of contract including USD 10.4 billion of bank lending for infrastructure project and USD3 billion of bank loan for oil and gas development during a six day Beijing visit by Mr John Atta Mills Ghanaian President.

As per report, the move is the latest in a string of Chinese investments on the resource rich continent.

China Export Import Bank and the government of Ghana signed a USD 10.4 billion concessionary loan agreement for various infrastructure projects. The 20 year loan is subject to approval from the Ghanaian parliament and cabinet.

Ghana also signed a USD 3 billion loan agreement with the China Development Bank to help develop Ghana oil and-gas sector. In addition, CDB guaranteed more than USD 400 million for water and e-governance projects in Ghana.

Ghana inked an agreement worth USD 1.2 billion with Chinese company Bosai Minerals Group to build a bauxite and aluminum refinery in Ghana over four years. Bosai Minerals would purchase an 80% stake in Ghana Bauxite Co.

(Sourced from China Knowledge)