Afreximbank earmarks $2bn for projects in Cross River, others

The African Export-Import Bank has set aside $2bn to finance bankable projects across African sub-national governments, including Cross River State, with agriculture and tourism among the sectors targeted.

The bank’s Director of Trade Facilitation and Investment Promotion, Dr Gainmore Zanamwe, disclosed this on Thursday in Calabar during a media briefing ahead of the sixth African Sub-Sovereign Governments Network Investment Conference, which begins on Friday.

Zanamwe said the funding was available to support viable projects, dismissing concerns that a lack of capital was the major obstacle to development across African states.

“We have this facility ready to finance projects. Some people say funding is a problem. From Africa, we say no. The $2 billion is there,” he said.

He said the conference, scheduled for November 12 to 14, would provide state governments and other stakeholders with practical guidance on identifying, structuring and presenting projects capable of attracting financing.

According to him, access to the facility would depend on the quality and bankability of proposed projects rather than merely identifying development needs and approaching investors for funds.

He explained that states must begin with clear economic development visions, identify priority sectors and develop projects aligned with their investment objectives.

“Once you start from that big vision, you cannot do everything. You need to focus. Identify two or three sectors that you really need to focus on and promote,” Zanamwe said.

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He identified two major routes to raising capital: developing projects that meet the financing requirements of institutions such as Afreximbank or preparing investment proposals capable of attracting private investors.

The Afreximbank official said governors and other state representatives would have opportunities to present their investment proposals during sessions scheduled for November 13 and 14.

He disclosed that the bank’s investment promotion initiative had facilitated opportunities valued at more than $3bn over the past five years, trained over 2,000 people and worked with 21 African countries.

Zanamwe also called for greater commitment from state governments and private sector operators, stressing that available funding could only translate into investments when viable projects were presented.

Speaking on behalf of Governor Bassey Otu, the Commissioner for Information and Orientation, Pastor Ekpenyong Cobham, said Cross River was seeking to leverage its agricultural potential to revive the state’s economy.

He said the state government was making efforts to improve the processing of agricultural products to meet international standards and attract investment into the sector.

Cobham added that the government was prepared to work with investors to develop an integrated system that would improve the production, processing and marketing of the state’s agricultural commodities.

The conference is expected to bring together African sub-national governments, development finance institutions, investors and private sector operators to explore investment opportunities and financing partnerships.