Infrastructure Boost: Cross River State Governor Seals $3.5 Billion Deal with Afreximbank

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The Cross River State Governor, Sen. Prince Bassey Otu, in a landmark development has inked significant agreements with the African Export and Import Bank (Afreximbank), solidifying a partnership set to transform the state’s infrastructure landscape. The agreements, signed at Afreximbank’s headquarters in Cairo, Egypt, encompass the Project Preparation Facility Agreement and Financial Advisory Agreement, paving the way for major infrastructural endeavors in the state NEGROIDHAVEN can say.

The agreements target two pivotal projects, amongst others: the Bakassi Deep Seaport and the 217km Superhighway integrated Project and Obudu Mountain Resort project. With Afreximbank assuming the role of Mandated Lead Arranger and Financial Advisor, these agreements are poised to catalyze growth across key sectors such as ports development, energy, tourism, and economic zones development.

The signing ceremony was attended by top executives of Afreximbank, including Prof. Benedict Oramah, President and Chairman of the Board, Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade Bank, Mr. Haytham Elmaayergi, Executive Vice President, Global Trade Bank, alongside other Senior Directors, and Heads of Strategic Business Units. Governor Otu expressed his elation at the collaboration, highlighting its potential to position Cross River state as an economic powerhouse on the global stage.

Gov Otu (middle) with the Afrixem Bank delegation

During the visit, Governor Otu also engaged in extensive Government-to-Business (G2B) meetings with industry leaders from ORASCOM Construction, ELSEWEDY Electric, and HASSAN ALLAM Holdings, in addition to Afreximbank’s technical team. These discussions reinforced the state’s dedication to leveraging top-tier expertise for infrastructural development and project financing.

The $3.5 billion funding secured from Afreximbank marks a turning point in Cross River State’s quest for economic prosperity. Governor Otu emphasized the revolutionary impact of these projects, particularly in boosting trade and commerce, promoting tourism, and creating job opportunities for the state and it’s expanding influence throughout the Gulf of Guinea.

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 gratitude to Afreximbank and their partners for the “support and partnership”, reiterating his dedication to “driving economic growth and development through strategic investments and collaborative partnerships”.