Afreximbank Allocates $2 Billion for Cross River Projects

The African Export-Import Bank has earmarked $2 billion to finance bankable projects across African sub-national governments, including Cross River State. Dr Gainmore Zanamwe, the bank’s Director of Trade Facilitation and Investment Promotion, announced this during a media briefing in Calabar ahead of the sixth African Sub-Sovereign Governments Network Investment Conference.

The funding targets sectors such as agriculture and tourism, with access contingent on the quality and bankability of proposed projects. The conference, taking place from November 12 to 14, aims to guide state governments and stakeholders in presenting viable projects to attract financing.

Zanamwe emphasized the need for states to have clear economic visions and focus on priority sectors. He noted that the bank's investment promotion initiative has facilitated over $3 billion in opportunities in the past five years.

Pastor Ekpenyong Cobham, speaking for Governor Bassey Otu, mentioned that Cross River is working to enhance its agricultural sector to attract investment.