From Okey Sampson, Umuahia
Governor Alex Otti has lauded President Bola Tinubu and members of the National Assembly for making it possible for Abia to receive a loan of $125m from Islamic Bank (IsDB), for the execution of strategic projects in the state.
Others on the Governor’s thank you list include the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; Secretary to the Government of the Federation and Attorney General of the Federation and the VP of IsDB, Dr. Mansur Muhktar.
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A statement signed by the Chief Press Secretary (CPS) to the Governor, Ukoha Njoku Ukoha disclosed that the IsDB financing facility for the Abia State Integrated Infrastructure Development Project is a critical component of the overall co-financing arrangement for the State’s ambitious infrastructure development drive.
It said the actual project’s total cost is $263.80m, made up of $125m from the IsDB, $100m from the African Development Bank (AfDB); $15m from the Canada–Africa Development Bank; and $23.80m counterpart funding from the Abia State Government.
“The IsDB facility is particularly significant because its financing agreement must be signed for the project to proceed, given the integrated nature of the co-financing structure. The AfDB and Canada–Africa Development Bank financing agreements have already been concluded, with the AfDB loan agreement signed earlier this year.
“Under the project, the IsDB financing will support the construction of approximately 126 kilometres of road network in Aba and 35.57 kilometres in Umuahia, including a link road between the two cities, as well as critical erosion control works within the project sites.
Ukoha added that the project is the baby of Abia State Government and will be executed through the State Ministry of Works, under the supervision of the State Steering Committee which will provide policy direction to the State Project Implementation Unit (SPIU) and all stakeholders.
The statement noted that the landmark projects to be executed with the loan will complement Otti administration’s ongoing infrastructural development initiatives, aimed at modernizing Abia’s transportation network, revitalizing urban centres, and positioning the State as a hub for sustainable economic growth.
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