UMB to support 1-district-1 factory initiative with $100m

Management of the Universal Merchant Bank has earmarked $100 million to support government’s one district, one factory initiative.

A management team of the bank led by its Board Chairperson, Mrs. Betty Zormelo, disclosed this when they paid a courtesy call on the President, Nana Akufo-Addo.

Addressing the President, CEO of the bank, John Awuah, said the bank has already setup a department that will be solely responsible for assisting and financing anyone who will be interested in developing or building a factory in the country.

Describing the one district, one factory policy as grandiose, he said every district of the country had a certain economic potential that could be exploited when an adjoining factory was put in place.

He said the initiative by the government was well-thought out and one that would accelerate the development of the country.

Mr Awuah added that in 2016, the UMB established the “UMB Centre for Businesses,” a stand-alone unit designed to set a new standard in the delivery of SME Banking Services.

“We have leveraged on this solid SME banking experience to set up a UMB PPP Incubator Centre” solely for the purposes of supporting the needs of enterprises that seek to partner with the government on the “One District, One Factory” concept,” he said.

The President described the announcement as one of his birthday gifts adding that it is a welcome news to him and his government.

He said the devotion of the government to ensuring even development across the country could only be achieved through the one district, one factory initiative.

But its success, he said, was conditioned on the active involvement of the private sector in providing the resources within the investor-friendly environment created by the government.

Comments