Mkpoikana Udoma
Port Harcourt — Cross River State governor, Bassey Otu, has explained why he approached African Export-Import Bank, Afreximbank, for $3.5billion loan for Bakassi deep seaport and superhighway project, saying that it will boost trade and create jobs for people of the state.
Governor Otu had visited Afreximbank in Cairo, Egypt to explore partnership in key infrastructure projects in the state, where he signed a project preparation facility for the development of a deep seaport estimated to cost $3.5 billion.
The African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution with the mandate of financing and promoting intra and extra African trade.
Speaking Governor Otu said his administration partnership with Afreximbank was a world-class partnership that will result in positioning Cross River State economically.
He emphasized 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.
He said, “We have also had extensive Government-to-Business meetings with tier one companies including Orascom Construction, Elsewedy Electric, and Hassan Allam Holdings.
“We have signed the Project Preparation Facility Agreement and Financial Advisory Agreement with Afreximbank for two major projects in Cross River – the Bakassi Deep Seaport and 217km Superhighway integrated Project, as well as the Obudu Cattle Ranch and Mountain Resort project.
“While the Bakassi Deep Seaport and Superhighway projects are expected to boost trade and commerce, the Obudu Cattle Ranch and Mountain Resort project will promote tourism and create job opportunities for the people of Cross River State.
“Following the signing of the agreement, Afreximbank will now serve as the Mandated Lead Arranger for these projects, marking a significant partnership for the state,” Otu said.
Governor Otu thanked Afreximbank and the tier one companies for their support and partnership, reiterating his commitment to driving economic growth and development in Cross River State through strategic partnerships and investments.
Meanwhile, President and Chairman of the Board of Afreximbank, Prof Benedict Okey Oramah, has expressed the Bank’s commitment to supporting the development of Cross River State through the projects.
Oramah said the agreements mark a significant milestone in the partnership between Cross River State and Afreximbank.
“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.”
