Cross River Governor Otu has received $3.5 billion in funding from Afreximbank for deep seaport and motorway development projects.
The Cross River State Government has won $3.5 billion in finance from the African Export-Import Bank (Afreximbank) for several critical infrastructure projects in the state.
Senator Bassey Otu, the State Governor, was in Egypt last week for a workshop and also paid a visit to Afreximbank in Cairo to discuss collaboration on critical infrastructure projects for the state.
The workshops held during the tour ended in the signing of a project preparation facility for the development of a deep seaport valued at $3.5 billion.
Afreximbank is a Pan-African multilateral financial agency dedicated to funding and boosting intra- and extra-African commerce.
In securing the funding at a workshop attended by the governor and some of his government’s senior members at the bank’s headquarters in Cairo, Egypt, Otu stated, “This is a world-class partnership that will result in positioning Cross River State economically.”
Otu, who expressed delight about the collaboration with Afreximbank, emphasised the importance of the projects in promoting economic growth and development in the state.
The projects have the potential to attract international investment and stimulate economic growth. During his visit to Afreximbank, Otu also held lengthy Government-to-Business (G2B) talks with tier 1 firms such as Orascom Construction, Elsewedy Electric, and Hassan Allam Holdings.
One of the highlights of Otu’s engagement in Cairo was the signing of a Project Preparation Facility Agreement and a Financial Advisory Agreement with Afreximbank for two major Cross River projects: the Bakassi Deep Seaport and 217km Superhighway integrated Project, as well as the Obudu Cattle Ranch and Mountain Resort project.
Otu, who emphasised the projects’ positive impact on the state’s economy, also stated 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 further indicated 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.”
The agreement was signed in Cairo, Egypt, by Afreximbank’s senior executives, including President and Chairman of the Board, Prof. Benedict Oramah, as well as Executive Vice Presidents, Senior Directors, and Heads of Strategic Business Units.
They pledged to help Cross River State’s development through these projects, complimenting Governor Otu’s vision and leadership.
According to Oramah, the signing of these agreements “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 reached with Afreximbank and tier 1 corporations are a significant step towards placing Cross River State as a vital player in the global economy, offering chances for growth and development in the region.”
Otu praised Afreximbank and the tier 1 enterprises for their assistance and participation, underlining his commitment to fostering economic growth and development in Cross River State through strategic collaboration and investment.