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Cross River State government has secured a $3.5 billion funding from the Pan-African multilateral financial institution, African Export-importbank (Afreximbank) for some of its key infrastructure projects in the state.
Governor Bassey Otu, who was in Egypt last week for a workshop, also visited the African Export-Import Bank (Afreximbank) in Cairo, to explore partnership for key infrastructure projects to be undertaken in the state.
The workshops held during the visit culminated in the signing of a project preparation facility for the development of a deep seaport estimated to cost $3.5 billion.
Afreximbank is a multilateral financial institution with the mandate of financing and promoting African trade.
After securing the funding at a workshop attended by the governor and some key members of his administration at the bank’s headquarters in Cairo, Egypt, Otu said: “This is a world-class partnership that will result in positioning Cross River State economically.”
Governor Otu who expressed his excitement about the collaboration with Afreximbank, emphasised the importance of the projects in driving economic growth and development in the state, highlighting the potential for attracting foreign investment and stimulating economic growth.
At the visit to Afreximbank, Otu also had extensive Government-to-Business (G2B) meetings with tier one companies including Orascom Construction, Elsewedy Electric and Hassan Allam Holdings.
One of the highlights of his engagement in Cairo was the signing of project preparation facility agreement and financial advisory agreement with Afreximbank for two major projects in Cross River – the Bakassi Deep Seaport and 217km super highway integrated project, as well as the Obudu Cattle Ranch and mountain resort project.
Governor Otu who underlined the positive impact the projects will have on the state’s economy, said, “while the Bakassi Deep Seaport and super highway projects are expected to boost trade and commerce, the Obudu Cattle Ranch and mountain resort project will promote tourism and create job oppourtunities for the people of Cross River State. Afreximbank will serve as the mandated lead arranger for these projects, marking a significant partnership for the state.”
At the signing of the agreement were top executives of Afreximbank, including the chairman of the board, Prof. Benedict Oramah, executive vice presidents, senior directors and heads of strategic business units.
They expressed their commitment to supporting the development of Cross River State through these projects, praising Governor Otu for his vision and leadership.
The signing of these agreements, according to Professor Oramah, marks a significant milestone in the partnership between Cross River State and Afreximbank, stressing that, “It is expected to pave the way for further collaboration and investment opportunities in Cross River, driving economic growth and development.
“The agreements signed with Afreximbank and the tier one companies represent a major step forward in positioning Cross River State as a key player in the global economy, creating opportunities for growth and development in the region.”
Governor Otu thanked Afreximbank and the tier 1 companies for their support and partnership, reiterating his commitment to driving economic growth and development in Cross River State through strategic partnerships and investments.
