A whooping sum of $430 million has been secured by Abia State Governor, Dr Okezie Ikpeazu for the development of the first phase of Enyimba Economic City (EEC), according to ThisDay.
The Details: Ikpeazu made this announcement at the just-concluded Africa Investment Forum (AIF) in Johannesburg, South Africa where he noted that his proposal for the city project was well received by the African Development Bank (AfDB) and private investors decided to fund the project.
The Enyimba Economic City, when completed, is expected to create 600,000 direct jobs and boost the economy of the South-Eastern region of Nigeria and the country as a whole.
African Export-Import Bank, African Development Bank, and the International Finance Corporation were named as Advisors and financiers of the project.
About the Africa Investment Forum (AIF): AIF is a marketplace for project developers, investors, borrowers, lenders, policymakers and public and private sector investors to encourage investment in Africa.
In order to attract funding for African projects, the African Development Bank launched the inaugural Africa Investment Forum in 2018.
The forum is an innovative, multi-stakeholder transactional marketplace conceived by the African Development Bank, aimed at raising capital, advancing projects to the bankable stage and accelerating financial closure of deals.
AIF inaugural edition was launched in partnership with Africa50, Afrexim Bank, the Trade Development Bank, the Development Bank of South Africa, the Islamic Development Bank, the Africa Finance Corporation, and the European Investment Bank.
About the Enyimba Economic City (EEC): Enyimba Economic City (EEC) is a 9,464-hectare Greenfield Charter City. It will connect the 11 states of South-East and South-South Nigeria, with a population of about 60 million, turning the area into a global business hub.
The city will leverage existing and improved infrastructure, including high-grade roads, rail, airports, inland ports, natural gas pipelines, a 540 MW powerplant, water treatment and waste management.
Enyimba Economic City will feature a state-of-the-art administrative structure to attract residents and businesses.
Enyimba’s core industry will be manufacturing, with ancillary drivers including logistics, medical, entertainment, education, commerce, lifestyle residency, and aviation.