Imo Secures $50m AfrExim Investment

By October 31, 2019 Investment News

Imo State Governor, Hon. Emeka Ihedioha’s engagement with international development agencies to aid his administration in rebuilding the state has again yielded desired results.

Africa Export-Import Bank is set to make Imo state a huge investment hub by setting up an Africa Quality Assurance Centre (AQAC) for the entire South-East and the South-South regions in the country.

The AfrExim Bank is an export-import Bank which strongly supports expansion, diversification, promotion and development of intra and inter-African trade.

However, the bank has concluded plans to facilitate $50 million (N18 billion) investment/Centre under the quality assurance facility of the bank to provide certification and inspection services for various products for exports from Imo State and other parts of the regions to the international market.

The centre, which is the first of its kind in South-East and the South-South regions, is an indication of the responses of the investment drive of the governor as well as the remarkable improvement on the Ease of Doing Business rating of Imo State.

It will also provide capacity building to industrialists, make Imo State a business hub, and more importantly, provide employment opportunities and boost the economic development of Imo state.

The Centre is a reflection of Ihedioha’s effort to restore the confidence of investors and development partners in Imo state as an investment destination.

Ihedioha had embarked on a Trade and Investment working visit to the Annual General Meeting of the AfrExim Bank, held in Moscow between 20th and 22nd June 2019.

The meeting was a melting point for international fund custodians, fund managers, investors and multi-lateral finance agencies.

Source: New Telegraph