Jacobu (Ash), July 21, GNA- The Odotobri Rural Bank has paid 14 million cedis to 17 brilliant but needy students who were awarded scholarship last year.

Mr Johnny Owusu-Boadi, chairman of the Board of Directors of the bank, said the bank intended to award scholarships to about 50 Junior Secondary School (JSS) students in the next academic year.

He was presenting his 2002 report at the 16th Annual General meeting of shareholders. The occasion also marked the inauguration of the bank's head office building at Jacobu at the weekend.

Mr Owusu-Boadi said the bank spent 7.3 million cedis to support the communities. Some 4.8 million cedis was used to buy a mower for the Saint Peter's Hospital at Jacobu and donated one million cedis for electrification project at Fiankoma.

The bank, he said, also donated 1.5 million cedis each to the people of Homase Number Two and Patabo in support of their borehole projects.

Mr Owusu-Boadi said the bank would build a bus stop each at Obuasi and Bekwai and would supply exercise books to some students in its area of operation.

He informed the shareholders that the bank had qualified to participate in the United Nations Development Programme (UNDP) and Care International Micro-finances and Insurance Programme this year. The bank is also participating in the Association of Rural Banks (ARB) Apex Link domestic Funds Transfer Product in addition to the International Money Transfer.

Mr Kwame Dapaa Siakwan, President of the ARB, Ashanti Chapter, said the bank was one of the fastest growing financial institutions in the region.