The Deputy Minister of Finance, Cassiel Ato Forson and German Ambassador to Ghana, Rüdiger John on Thursday signed the financial cooperation agreement, a news release made available to the Ghana News Agency by the Embassy of the Federal Republic of Germany in Accra has said.

The agreement was based on the intergovernmental negotiations on bilateral development cooperation between the Republic of Ghana and the Federal Republic of Germany, held in Accra in 2012.

According to the release, a total of 110.7 million Euro or GH¢ 612.5 million were committed as concessional loans and 12 million Euro as grants.

Out of the amount, 30 million Euro are committed to Multi-Donor Budget Support, 16.5 million Euro for Performance-oriented Public Finance Management Support Programme and 3.5 million Euro committed to Deposit Protection System.

Furthermore, 21 million Euro, are earmarked for District Development Facility, 20 million Euro for the Renewable Energy Programme Pilot Photovoltaic System, while19.7 million Euro is earmarked for the WAPP Transmission Line (section Ghana.)

The release indicated that the 12 million Euro in grants were committed to support Public Finance Management (1.5 million Euro), Deposit Protection System (0.5 million Euro) and Vocational Training (10 million Euro).

It said both sides highlighted the fruitful cooperation that existed between the two countries, and quoted Ambassador John as saying: “During difficult times, it is especially important to have honest friends, who will assist the country in finding its way out of financial turmoil. Germany will also in the future remain a reliable and strong partner”.