Gov. Ben Ayade of Cross River State

By Adebayo Obajemu

Ben Ayade, Cross River State Governor, has signed a full Venture/Public-Private Partnership agreement of 15 million dollars with Israeli Bean & Co. Global Ltd, in its bid towards establishing a special cocoa city project in the state.

According to News Agency of Nigeria, NAN, the signing was virtually done on Wednesday.

Recall that earlier the Memorandum of Understanding guiding the project execution had been signed on February 14, 2020.

The state government had as its representatives, the Cross River Commissioner for Agriculture, Mr Okon Owuna and the Director-General of Cocoa Regeneration Agency, Mr Collins Ogar, and the state Commissioner for Justice, Mr Tanko Ashang, witnessed the agreement signing.

The Public-Private Partnership agreement spells out a funding system where the Cross River state government would cover 35% of the project cost, while Israeli Bean & Co would cover the remaining 65%.

On the arrangement, Okon Owuna said; “under the funding proposal, the farmers will receive about N2.4million loan for four years to cover seedlings, pesticides, fertilizers, training, growing protocols and other necessary inputs.”