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Cross River secures $3.5bn for Bakassi deep seaport project

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Cross River secures $3.5bn for Bakassi deep seaport project

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

The state governor, Senator 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.

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

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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, the Egyptian capital, Otu noted that ”This is a world-class partnership that will result in positioning Cross River State economically.”

Otu, who expressed 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.

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.

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