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 in 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.
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.
Securing the funding at a workshop attended by the governor as well as some of the key members of his government, at the bank’s headquarters in Cairo, Egypt, Otu noted that “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, 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.
At the visit to Afreximbank, Otu also had extensive Government-to-Business (G2B) meetings with tier 1 companies including ORASCOM Construction, ELSEWEDY Electric, and HASSAN ALLAM Holdings.
One of the highlights of Governor Otu’s engagement in Cairo was the signing of 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.
