"I’m happy that Sinosure has approved the first lots of the Phase One" - Dr. Bawumia confirms
"There was a time when people thought maybe it would not materialize but it has materialized and we hope that the rest of the first phase will come through by March of 2020" - Vice Pesident
soireenews 
The Vice President of Ghana, Dr. Mahamadu Bawumia has disclosed that the first tranche of the Sinohydro deal signed between THE Government of Ghana and the People’s Republic of China has been released.
Dr. Bawumia made the disclosure when he led a government delegation including Chief of Staff Mrs. Akosua Frema Osei-Opare and Ghana’s Ambassador to China, H.E Edward Boateng, for bilateral talks with a Chinese delegation led by H.E Sun Chunlan, Vice-Premier of the State Council of the People's Republic of China, who is on a three day official visit to Ghana, at the seat of Government.
READ ALSO:
"Government has a special plan to accelerate development in the newly created regions" - Dr. Mahamadu Bawumia
“I want to thank you and the Government of China on our Sinohydro facility. I’m happy that Sinosure (China Export & Credit Insurance Corporation) has approved the first lots of the Phase One. We are happy with the progress. There was a time when people thought maybe it would not materialize but it has materialized and we hope that the rest of the first phase will come through by March of 2020,” Vice President Bawumia stated on Monday, November 11, 2019 at the Jubilee House.
He revealed that the projects under the agreement have been grouped in lots and their review and approval is ongoing.
The bauxite deal came into being when Vice President Dr Bawumia, after a four day official visit to the People’s Republic of China in 2017, announced the signing of a number of MoUs with Chinese state actors to provide financing for a number of infrastructure projects in Ghana, to be financed by the exploitation of some of Ghana’s minerals, in particular bauxite.
It is made up of a 300 million Yuan (approximately Ghs 236.18/$42.79m) grant and a debt write-off of 250 million Yuan (approximately Ghs 196.82m/$35.66m).
“We are also very grateful for your support in the vocational and technical institutes that you are helping us to put together which you are helping us to launch today. It is important because Ghana wants to learn from China, and we know that in China, the development of the skill of the people is very important. This is why the technical and vocational training is very important and why your support is most appreciated,” he added.
The deal would ensure that China leverage a fraction of Ghana’s bauxite to undertake a massive overhaul of her infrastructural, industrial and agricultural base.
