Authorities of Kumasi Metropolitan Assembly have recommended six projects for execution under the International Municipal Investment Fund (IMIF).
- Multi-storey car park (2500 capacity) at the Central market
- Re-development of Krofrom market
- Provision of BRT infrastructure
- Construction of Kumasi City Hall Complex with mixed use facilities
- Housing project at Dakwadwo /Manhyia
- Establishment of an Abattoir and poultry Feed factory under the IDIF policy in collaboration with private investors.
An investment fund as part of the IMIF package is expected to finance the execution of the projects as a low-interest loan facility.
The assembly as disclosed by the acting city Mayor Hon Osei Assibey can access up to USD$ 250 million for the execution of financially viable projects of which the above-mentioned falls within.
Presenting a report of the Metropolitan Authority during the 1st Ordinary Meeting of the 2nd session of the 8th Kumasi Metropolitan Assembly held on Monday 31st May 2021, Hon Osei Assibey disclosed that recommendations for the execution of the above cataloged projects were arrived at after the assembly was selected as a pilot beneficiary city of the IMIF at the 2019 United Cities and Local Governments Conference held in Durban.
He announced in his report that the Authority Committee has recommended “that the assembly should make the necessary arrangements to access the loan facility as it has great potential to enhance the infrastructure development of the Metropolis.”
The establishment of the fund by the United Cities and Local Governments (UCLG) together with their technical partners dates back to 2018.
The fund has been established to exclusively support cities and local Governments in developing countries by providing direct financial resources available to local government authorities through international capital market that will impact the achievement of the SDGs.