Otu noted that “This is a world-class partnership that will result in positioning Cross River State economically.”
By Government House Press
Cross River State government has secured a $3.5 billion funding from the Pan-African multilateral financial institution, African Export-Import Bank (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 workshop was held during the visit, which culminated in the signing of a project preparation facility for the development of a deep seaport estimated to cost $3.5 billion.
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 the Bakassi Deep Seaport, 217km Superhighway integrated project, as well as the Obudu Cattle Ranch, and Mountain Resort project.
Governor Otu who underlined the positive impact the projects would have on the state’s economy, also disclosed that “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.”
He also hinted that “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.”
At the signing of the agreement executives of AfreximBank, including the President and Chairman of the Board, Prof. Benedict Oramah, Executive Vice Presidents, Senior Directors, and Heads of Strategic Business Units were present at the signing ceremony in Cairo, Egypt.
The signing of these agreements, according to the President and Chairman of the Board, Professor Benedict 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 1 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.”
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