(Ecofin Agency) - Ghana will benefit from $93.4 million from the European Investment Bank (EIB) to strengthen its response against Covid-19. The announcement was made by the Ghanaian Presidency via a December 13 press release.

Out of the money, $84.8 million will be provided as a financing facility and the remaining ($8.4 million) will be a grant. The resources will help strengthen health care and acquire specialized medical equipment and drugs under the covid-19 national health response plan. The investment is part of an official visit by Ghana's President Nana Akufo-Addo (pictured) to Luxembourg on December 13. “Strengthened cooperation between Africa and multilateral development partners is crucial to share global best practice and ensure a rapid response to health, social and economic challenges triggered by the COVID-19 pandemic,” the Ghanaian President said.

Through its partnerships with the EIB and the EU, Ghana intends to improve its health system. The country signed a formal agreement with the EIB last May to provide more than $192 million in business support. Since the beginning of the pandemic, Ghana has recorded 131,547 cases of Covid-19 and 1,243 deaths. Despite this context, the country's growth remained positive in 2020 at 0.4% (IMF data). For the current year, it is expected to increase to 4.7%, supported by the government’s economic reforms.