The global financial management Services giant, the International Finance Corporation (IFC) has signed an agreement with Enyimba Economic City to market the project to the global market.
This was revealed Friday by company secretary/legal adviser, Enyimba Economic City, Chibuzo Chiemela Ekwekwuo while making a presentation on the project to a group of Igbo economic professionals known as Nzuko Umunna led by a former Managing Director of Diamond Bank Plc, Mr. Emeka Onwuka, at Government House, Umuahia.
In a press statement issued by the Chief Press Secretary to Governor, Barr Onyebuchi Ememanka, Mr Ekwekwuo said the agreement signed three days ago was the single biggest endorsement for the project and a clear indication that the Enyimba Economic City project has all it takes to rank amongst the top business deals on the African continent.
The International Finance Corporation is the investment arm of the World Bank group with over 60 years’ experience in unlocking private investment, creating markets and opportunities where they are needed most. The organisation has leveraged over 2.6 billion dollars in capital to deliver more than 285 billion dollars in business financing in developing countries.
Describing the Enyimba Economic City as the single largest development project in Nigeria to be undertaken under the public private partnership model, Mr. Ekwekwuo stated that it is 100 per cent private sector-driven with a clearly defined shareholding structure of 50 billion shares. 50 per cent of the shares have already been subscribed while the remaining 50 per cent will be publicly offered through an initial public offer within the first five years of the commencement of construction.
Mr. Ekwekwuo also said the project will have first class infrastructure provided by leading global infrastructure development giants with all agreements to that effect signed.
There will be uninterrupted power at the city to be generated independently of the national grid through the construction of a dedicated power plant in addition to the power purchase agreement already signed with geometric power with guaranteed financing of 135 million dollars already in place by Chinese textile giants RUI group.
The city Ekwekwuo said will have its own private sector driven administrative agency to ensure first class service to its stakeholders.
