Cross Rivers State Governor Bassey Otu has signed a landmark development agreement with the African Export and Import Bank (Afreximbank ) to transform the state infrastructure.
The governor signed the contract agreement in Cairo, Egypt, headquarters of the Bank yesterday.
Some of the documents endorsed by the governor were the Project Preparation Facility Agreement and Financial Advisory Agreement.
According to the state government, these documents will pave the way for Cross River State’s industrial and infrastructure developments.
The agreement targeted two major projects: Bakassi Deep Seaport, the 217 Km Super highway Integrated Project and the Obodu Mountain Resort Project.
Afreximbank is said to have assumed the mandated role of Lead Arranger and Financial Advisor to promote growth across key sectors such as port development, energy, tourism, and economic zone development.
The ceremony was attended by the Bank’s top executives, including Professor Benedict Oramah, President and Chairman of the Board; Mrs Kanayo Awani, Executive Vice President of Intra African Trade Bank; Mr Haytham Elmaayergi, Executive Vice President of Global Trade Bank, and other senior Directors and unit heads.
The governor, who spoke at the occasion, expressed appreciation to the executives of the Bank for deeming it fit to support Cross River State by promoting it to the global financial economy.
He said the $3.5 billion funding from Afreximbank is a monumental step forward, marking a turning point in Cross River State’s quest for economic prosperity.
Governor Otu underscored the revolutionary impact of these projects, particularly in boosting trade and commerce, promoting tourism, and creating job opportunities for the state, thereby expanding its influence throughout the Gulf of Guinea.
The governor stated, “The signing of these agreements heralds a new chapter in Cross River State’s development journey, positioning the state as a key player in the global economy.”
Otu expressed his heartfelt gratitude to Afreximbank and its partners for their unwavering support and partnership and reiterated his dedication to driving economic growth and development through strategic investments and collaborative partnerships.
