Anambra, Afreximbank sign $200m Development Agreement

The Anambra State government and Afreximbank have signed a $200m development agreement aimed at “charting a course for the future” of the state.

The agreement, which is in two mandates, will herald a pivotal moment in the state’s development.

This was contained in a press statement issued on Friday by Christian Aburime, the Press Secretary to the Anambra State governor, Prof. Chukwuma Soludo.

Aburime said the first initiative entails the provision of capital-raising financial advisory services, amounting to an estimated $200m dedicated to crucial projects, including the development of the Ikenga Mixed-Use Industrial City Project, investments in the Anambra Export Emporium, and the establishment of the Akwaihedi Unubi Uga Automotive Industrial Park.

He added that the second initiative focuses on the creation of the operational and governance framework for the Anambra Diaspora Fund, aiming to leverage the resources and expertise of the diaspora community for the state’s benefit.

The statement read in part, “Afreximbank and Anambra State have today signed two mandates, heralding a pivotal moment in the state’s development.

“Governor Chukwuma Soludo, the Commissioner for Industry, Christian Udechukwu, CEO of Anambra State Investment Promotion and Protection Agency, Mark Okoye and Afreximbank President, Benedict Oramah, jointly endorsed these transformative deals, charting a course for the future of Anambra State.

“The first initiative entails the provision of capital raise financial advisory services, amounting to an estimated $200 million. This funding is dedicated to crucial projects, including the development of the Ikenga Mixed-Use Industrial City Project, investments in the Anambra Export Emporium, and the establishment of the Akwaihedi Unubi Uga Automotive Industrial Park.

“The second initiative focuses on the creation of the operational and governance framework for the Anambra Diaspora Fund, aiming to leverage the resources and expertise of the diaspora community for the state’s benefit.

“Furthermore, the mandate encompasses capital-raising financial advisory services for key projects such as the Anambra Intra-City Rail Master Plan Project. These initiatives underscore Afreximbank’s unwavering commitment to inclusive growth and sustainable development.”

He added that the signing ceremony took place on the sidelines of the ongoing Intra-African Trade Fair 2023 in Cairo, Egypt.