The European Investment Bank [EIB] is to provide nine million Euros global loan for medium term financing to leasing companies in Ghana.

The loan will be diverted towards the industrial, mining, transport, agro-industrial, tourism, and other related services.

It is also targeted at providing medium term financing for productive equipment for the domestic and export-oriented industries as well small and medium enterprise investment.

A statement by Mr Wim Olthuf, Economic Adviser to the Delegation of the European Commission in Ghana said the beneficiary companies are Leasafric Ghana Limited, General Leasing and Finance Company Limited and Ghana Leasing Company Limited.

The statement said with the provision of this loan, long term funds would be made available at sustainable cost and "this will encourage new investment as well as stimulate employment and economic activities across a wide range of sectors."

It said the facility would also contribute to the establishment of a more efficient financial market because there would be competition among Ghanaian

leasing companies, which would in turn deepen the range of financial products available to nvestors.