Otu Secures $3.5b Funding From Afreximbank For Bakassi Deep Seaport, Other Key Infrastructure
From Abdul SULE (Abuja) With Agency Report
Governor Bassey Otu of Cross River State government has secured $3.5 billion in funding from the Pan-African multilateral financial institution, African Export-Importbank (Afreximbank) for some of its key infrastructure projects.
The Afreximbank is a Pan-African multilateral financial institution with the mandate of financing and promoting intra-African trade.
Otu was in Egypt last week for a workshop and used the opportunity to visit Afreximbank headquarters in Cairo and explored the possibility of a partnership in key infrastructure projects in the state.
The workshop led the signing of a project preparation facility for the development of a deep seaport estimated to cost $3.5 billion.
Signing the facility in company of some of the key members of his government at the bank in Cairo, Otu siad: “This is a world-class partnership that will result in repositioning Cross River State economically.”
Otu expressed excitement about the collaboration with Afreximbank, saying projects would go a long way into driving economic growth, development in the state, attract more foreign investment and stimulate economic growth.
There in Cairo, qthe governor also had extensive Government-to-Business (G2B) meetings with tier 1 companies, including Orascom Construction, Elsewedy Electric and Hassan Allam Holdings.
