Anambra approaches Afreximbank for loan to set up Diaspora bond, industrial parks  

Anambra State government has entered into discussions with the African Export-Import Bank (Afreximbank) to seek possible loan facility from the African trade finance institution to establish some development projects.

The financial facility from the Cairo, Egypt-based pan-African bank, would be used to finance a Diaspora crowd-funded bond, industrial parks, the development of the state’s hospitality sector, in particular the Agulu Lake Resort, and public water works and reticulation.

The South East state government said the assistance is needed to “speed up the industrialisation and development of trade in the state.”

A three-member delegation from the state, led by Ifeatu Onejeme, the state’s commissioner for Finance, Industry, Innovations and Development Finance Institutions, which visited the Afreximbank headquarters in Cairo, Egypt late last week, kick-started off the discussions.

Onejeme said Anambra was seeking the Bank’s support to achieve “enhanced economic development and industrialisation.”

The Finance commissioner told Afreximbank president, Benedict Oramah that, the state was pursuing several key industrialization programmes for which it needed the expertise and support of the Bank, in order to achieve successful execution.

He listed the projects as: the establishment of a Diaspora crowd-funded bond, building of industrial parks, developing the state’s hospitality sector, especially the Agulu Lake Resort, and public water works and reticulation.

He added that Anambra State wanted to turn itself into a logistics hub, in order to build on its comparative advantage.

Responding, Afreximban president, Oramah said the Bank stood ready to support the economic development efforts of its member states, including the constituent states, like Anambra State.

Oramah noted that with the large number of Anambra citizens currently in the Diaspora, the state should have no difficulty in attracting substantial amounts of remittances to support a Diaspora crowd-funded bond.

Earlier, the delegation held meetings with officers from Afreximbank’s Business Development departments, where it outlined the details of the state’s investment and industrialization programmes.

Also on the delegation were Joe-Billy Ekwunife, managing director of Anambra State Investment Promotion and Protection Agency, and Mark Okoye, special adviser to Governor Willie Obiano on Economic Planning and Budget.