• Latest
  • Trending
Governor Otu  Secures $3.5bn Afreximbank Funding For Bakassi Deep Seaport

Governor Otu  Secures $3.5bn Afreximbank Funding For Bakassi Deep Seaport

May 15, 2024
Cross River government unveils reform plans to tackle water sector crisis

Cross River government unveils reform plans to tackle water sector crisis

June 30, 2025
Breaking: PDP BoT dismisses reports on NEC meeting cancellation

Breaking: Police harass PDP officials, BOT members ahead of NEC meeting

June 30, 2025
Breaking: PDP BoT dismisses reports on NEC meeting cancellation

PDP leaders prepare for NEC meeting after members fight publicity

June 29, 2025
ADVERTISEMENT
Calm returns to Cross River community after deadly clash

Police arrest Anambra man for plotting friend’s kidnap

June 29, 2025
Presidency debunks reports on Akume’s sack as SGF

Presidency debunks reports on Akume’s sack as SGF

June 29, 2025
C’River To Restrict Movement As Sanitation Holds Saturday

Cross River govt lifts movement ban for june sanitation, cites JAMB exams

June 28, 2025
C’River To Restrict Movement As Sanitation Holds Saturday

Cross River govt. Probes jobs racketeering in LG commission

June 27, 2025
Breaking: PDP BoT dismisses reports on NEC meeting cancellation

Breaking: PDP BoT dismisses reports on NEC meeting cancellation

June 26, 2025
Cross River gov solicits dutch firm’s support to boost agriculture

Cross River gov solicits dutch firm’s support to boost agriculture

June 25, 2025
Cross River lawmaker calls for adaptive leadership in traditional institutions to tackle GBV

Cross River lawmaker calls for adaptive leadership in traditional institutions to tackle GBV

June 25, 2025
Just In: Cross River vice chairman dumps APC over alleged Ill-treatment by chairman

Just In: Cross River vice chairman dumps APC over alleged Ill-treatment by chairman

June 25, 2025
Cross River Gov decries rising influx of refugees

Cross River Gov decries rising influx of refugees

June 24, 2025
ADVERTISEMENT
Street News
Tuesday, July 1, 2025
Subscription
Advertise
  • Home
  • Company
    • About Us
    • Contact us
  • News
  • Legals
    • Disclaimers
    • Terms of Use
    • Cookie Policy
    • Privacy Policy
    • Terms and Conditions
No Result
View All Result
Street News
No Result
View All Result
ADVERTISEMENT

Governor Otu  Secures $3.5bn Afreximbank Funding For Bakassi Deep Seaport

by admin
May 15, 2024
in Breaking News
Reading Time: 3 mins read
0 0
0
ADVERTISEMENT
ADVERTISEMENT

Cross River State government, has secured a $3.5 billion funding from the Pan-African multilateral financial institution, African Export-import bank (Afreximbank) for some of its key infrastructure projects in the state.

Governor Bassey Otu, who was in Egypt,  last week for a workshop, also visited the African Export-Import Bank (Afreximbank) in Cairo, to explore partnership in key infrastructure projects to be undertaken in the state.

YOU MAY ALSO LIKE

Cross River government unveils reform plans to tackle water sector crisis

Breaking: Police harass PDP officials, BOT members ahead of NEC meeting

The workshops held during the visit, which culminated in the signing of a project preparation facility for the development of a deep seaport estimated to cost $3.5 billion.

Advertisement. Scroll to continue reading.
Advertisement. Scroll to continue reading.
ADVERTISEMENT
ADVERTISEMENT

The African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution with the mandate of financing and promoting intra-and extra-African trade.

Securing the funding at a workshop attended by the governor as well as some of the key members of his government, at the bank’s headquarters in Cairo, Egypt, Otu noted that “”This is a world-class partnership that will result in positioning Cross River State economically.”

Governor Otu who  expressed his excitement about the collaboration with Afreximbank,  emphasized the importance of the projects in driving economic growth and development in the state, highlighting the potential for attracting foreign investment and stimulating economic growth.

ADVERTISEMENT

At the visit to Afreximbank, Otu also had extensive Government-to-Business (G2B) meetings with tier 1 companies including ORASCOM Construction, ELSEWEDY Electric, and HASSAN ALLAM Holdings.

One of the highlights of Governor Otu’s engagement in Cairo was the signing of Project Preparation Facility Agreement and Financial Advisory Agreement with Afreximbank for two major projects in Cross River – the Bakassi Deep Seaport and 217km Superhighway integrated Project, as well as the Obudu Cattle Ranch and Mountain Resort project.

Advertisement. Scroll to continue reading.

Governor Otu who underlined the positive impact the projects will have on the state’s economy, also disclosed 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 also hinted 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.”

At the signing of the agreement were top executives of Afreximbank, including the President and Chairman of the Board, Prof. Benedict Oramah, Executive Vice Presidents, Senior Directors, and Heads of Strategic Business Units were present at the signing ceremony in Cairo, Egypt.

They expressed their commitment to supporting the development of Cross River State through these projects, praising Governor Otu for his vision and leadership.

The signing of these agreements, according to the President and Chairman of the Board, Professor Benedict Oramah, “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 CrossRiver, driving economic growth and development.

“The agreements signed with Afreximbank and the tier 1 companies represent a major step forward in positioning Cross River State as a key player in the global economy, creating opportunities for growth and development in the region.”

Governor Otu thanked Afreximbank and the tier 1 companies for their support and partnership, reiterating his commitment to driving economic growth and development in Cross River State through strategic partnerships and investments.

Otu noted that “the signing of these agreements marks a significant milestone in the partnership between Cross River State and Afreximbank. It is expected to pave the way for further collaboration and investment opportunities in the state, driving economic growth and development.”

Tags: afreximbankbakassideep seaportgovernor otu
ShareTweetSendShare
ADVERTISEMENT

Related Posts

Cross River government unveils reform plans to tackle water sector crisis
Breaking News

Cross River government unveils reform plans to tackle water sector crisis

June 30, 2025
8
Breaking: PDP BoT dismisses reports on NEC meeting cancellation
Breaking News

Breaking: Police harass PDP officials, BOT members ahead of NEC meeting

June 30, 2025
16
Calm returns to Cross River community after deadly clash
Breaking News

Police arrest Anambra man for plotting friend’s kidnap

June 29, 2025
4
Presidency debunks reports on Akume’s sack as SGF
Breaking News

Presidency debunks reports on Akume’s sack as SGF

June 29, 2025
18
C’River To Restrict Movement As Sanitation Holds Saturday
Breaking News

Cross River govt lifts movement ban for june sanitation, cites JAMB exams

June 28, 2025
5
C’River To Restrict Movement As Sanitation Holds Saturday
Breaking News

Cross River govt. Probes jobs racketeering in LG commission

June 27, 2025
7

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

Search

No Result
View All Result

Recent News

Cross River government unveils reform plans to tackle water sector crisis

Cross River government unveils reform plans to tackle water sector crisis

June 30, 2025
Breaking: PDP BoT dismisses reports on NEC meeting cancellation

Breaking: Police harass PDP officials, BOT members ahead of NEC meeting

June 30, 2025
Breaking: PDP BoT dismisses reports on NEC meeting cancellation

PDP leaders prepare for NEC meeting after members fight publicity

June 29, 2025
ADVERTISEMENT
  • About Us
  • Contact us
  • Advertise
  • Disclaimers
  • Terms of Use
  • Privacy Policy
  • Terms and Conditions
Report what is happening in your street to us via info@streetnews.ng or WhatsApp +2348116170086

Copyright © 2024 StreetNews. All rights reserved
Powered by Streetnews Global Media Ltd

No Result
View All Result
  • Home
  • Company
    • About Us
    • Contact us
  • News
  • Legals
    • Disclaimers
    • Terms of Use
    • Cookie Policy
    • Privacy Policy
    • Terms and Conditions

Copyright © 2024 StreetNews. All rights reserved
Powered by Streetnews Global Media Ltd

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.