$3.5 billion is secured by C’River for the Bakassi Deep Seaport

The African Export-importbank (Afreximbank), a pan-African multilateral financial organization, has granted the Cross River State government $3.5 billion in finance for some of its most important infrastructure projects.
While in Egypt for a workshop last week, the state’s governor, Senator Bassey Otu, also paid a visit to the African Export-Import Bank (Afreximbank) in Cairo to discuss potential collaboration on significant development projects for the state.
The signing of a project preparation facility for the construction of a deep seaport, which is expected to cost $3.5 billion, marked the conclusion of the workshops held during the visit.


At a workshop held at the bank’s headquarters in Cairo, the Egyptian capital, where the governor and other important officials of his cabinet attended to secure the funds, Otu said, “This is a world-class partnership that will result in positioning Cross River State economically.”
Otu highlighted the significance of the projects in promoting economic growth and development in the state, noting the potential for drawing in foreign investment and promoting economic growth. Otu expressed delight about the partnership with Afreximbank.

Along with holding lengthy Government-to-Business (G2B) talks with tier 1 enterprises including Orascom Construction, Elsewedy Electric, and Hassan Allam Holdings, Otu also visited Afreximbank.
The signing of the Project Preparation Facility Agreement and Financial Advisory Agreement with Afreximbank for two significant Cross River projects—the Obudu Cattle Ranch and Mountain Resort project and the Bakassi Deep Seaport and 217km Superhighway integrated Project—was one of the highlights of Governor Otu’s visit to Cairo.

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