Some 82 local businesses have applied for more than 260 billion cedis from the Export Development and Investment Fund (EDIF) between May and September, this year, Mr. Timothy K. Obeng, Chief Executive of the Fund, has announced.

He said eleven out of the applications had been approved with the beneficiaries receiving a total of 30 billion cedis. Seven applications were rejected.

Mr. Obeng said this at the launch of the Fund in Ashanti Region at Kumasi on Wednesday.

The Chief Executive said repayment periods of the loan ranged between one and five years, adding that agro-processing and salt-mining ranked high among approved projects.

He said successful applicants who fail to utilise the loans for a period of about 12 months would forfeit the facility.

He said the fund was designed to enhance the liquidity and solvency of Ghanaian exporters and assist them become more competitive on the global export market.

Its success would be measured by the level of growth in export trade and the recovery rate.

Mr. Obeng said there were plans to introduce two new products, export insurance and credit guarantee for the exporters.

He said the Board would include two rural and community banks in the designated financial institutions through which the loans are disbursed.

Mr Sampson Kwaku Boafo, Ashanti Regional Minister, asked the management of the fund to support small businesses that are largely considered by some orthodox banks as of marginal importance.

He expressed the hope that the introduction of the fund in Ashanti would help revive some viable factories like the Jute and shoe factories in Kumasi that had folded up.