The Cross River State government has secured $3.5 billion in funding from the Pan-African multilateral financial institution, African Export-Import Bank (Afreximbank), to support key infrastructure projects in the state.
Governor Senator Bassey Otu visited Egypt last week for a workshop and also met with Afreximbank officials in Cairo to explore partnerships for crucial infrastructure developments in the state.
The workshops, attended by the governor and key members of his administration, concluded with the signing of a project preparation facility agreement for the development of a deep seaport, which is estimated to cost $3.5 billion.
During the signing ceremony at Afreximbank’s headquarters in Cairo, Otu remarked, “This is a world-class partnership that will position Cross River State economically.”
He expressed enthusiasm about the collaboration, underscoring the importance of these projects in driving economic growth and development within the state. Otu highlighted the potential for these initiatives to attract foreign investment and stimulate economic activity.
In addition to his visit to Afreximbank, Governor Otu engaged in extensive Government-to-Business (G2B) meetings with leading companies such as Orascom Construction, Elsewedy Electric, and Hassan Allam Holdings.
One of the key outcomes of Governor Otu’s visit to Cairo was the signing of the Project Preparation Facility Agreement and Financial Advisory Agreement with Afreximbank for two major projects: the Bakassi Deep Seaport and a 217-kilometer Superhighway integrated project.
Additionally, agreements were made for the development of the Obudu Cattle Ranch and Mountain Resort project.
