Bolaji Adebiyi in Cairo, Egypt
Afreximbank and Anambra Investment Promotion and Protection Agency have signed financial advisory agreements aimed at helping Anambra State to raise capital for the development of strategic infrastructure projects.
The capital raise financial advisory, worth $200 million, was sealed on Friday on the side lines of the bank’s Intra-African Trade Fair 2023 holding in Cairo, Egypt.
Chukwuma Soludo, governor of Anambra State; Christian Udechukwu, commissioner for Industry; and Mark Okoye, CEO, AIPPA, signed for the state, while Benedict Oramah, president, Afreximbank endorsed the agreement for the bank.
Under the deal, the bank will provide advisory services that would help the state raise the financing required to fund strategic projects aimed at transforming Anambra into a leading investment, technology, and leisure destination in Nigeria and Africa.
Specifically, the capital raise would finance the development of the Ikenga Mixed-Use Industrial City Project, investments in Anambra Export Emporium, the establishment of the Akwaihedi Unubi Uga Automative Industrial Park, and the Anambra Intra-city Rail Masterplan Project
The advisory will also cover the creation of the operational and governance framework for the Anambra Diaspora Fund, which aims at leveraging the resources and expertise of the diaspora community for the benefit of the state.
The 2023 edition of IATF, the largest trade and investment fair in Africa, began on Wednesday under the auspices of Afreximbank, providing networking opportunities for several trading companies on the continent to showcase their products and attract financing and market expansion prospects. It comes to a close on 15 November 2023.