• Monday, April 22, 2024
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Afreximbank to invest $1.5bn in Imo economy

Afreximbank to invest $1.5bn in Imo economy

A business parley between Goverrnor Hope Uzodimma of Imo State and Benedict Oramah, a professor and president of African Export Import Bank (Afreximbank) has resulted into an investment of $1.5 billion in various sectors of the the State’s economy by Afreximbank.

Read also: Afreximbank empower 300 African entrepreneurs with grant

When this happens, it will help to stimulate economic growth, enhance infrastructure and create job opportunities for youths in the State.

Governor Hope Uzodimma of Imo State and Benedict Oramah, the president of Africa Export Import Bank were reportedly met recently in Cairo, Egypt where they discussed in details the investment potentials of Imo State and struck the deal.

It will be recalled that during the inauguration for a second term in office early this year, Governor Uzodimma said that he would intensify efforts to explore avenues that would make the abundant human and natural resources in Imo State exploitable.

He stated that he was passionate about turning the huge arable land, gas deposits and other abundant natural resources in Imo State into sources of revenue generation and employment opportunities for the unemployed youths population.

It is noted that at the Cairo business talks with Oramah, his host, Uzodimma noted that Oramah explored, among other things, the huge investment potentials that are in Imo State for a win-win situation.

The governor was confident that the meeting was fruitful and would yield the desired results, this is as he expressed joy that Imo State would be better off based on the matters under discussion with Oramah.

In his social media platform, Governor Uzodimma said: “I am delighted to share an exciting development as I seized an opportunity in Cairo to meet with our esteemed brother, Prof. Benedict Okey Oramah, President of Afrexim Bank.

“We explored potential partnership terms aimed at catalyzing investments in our state’s economy and I am thrilled to announce that our efforts have borne fruit, as we have made significant strides in advancing discussions for potential investments totaling up to USD 1.5 billion.

“This collaboration holds immense promise for the prosperity and growth of our beloved state as we continue to work diligently towards realizing our shared vision of a thriving and vibrant economy.”

Read also: Afreximbank, GAIN partner to empower young entrepreneurs

In the governor’s first term, he attracted a lot of funds from development partners, taking advantage of his private sector background and desire to turn the economic fortunes of Imo State around.

As an avid advocate of Government of inclusiveness, he believed that Government’s recourse to public private partnership (PPP) will quicken the pace of economic recovery of Imo State with the concomitant growth and development effects across sectors.