The African Export-Import Bank (Afreximbank) has earmarked $2 billion to fund viable projects by sub-national governments across Africa, including Cross River State, with agriculture and tourism among the priority sectors.
The bank’s Director of Trade Facilitation and Investment Promotion, Dr. Gainmore Zanamwe, made this known in Calabar on during a media briefing ahead of the 6th African Sub-Sovereign Governments Network (AfSNET) Investment Conference.
Zanamwe said the fund is readily available for bankable projects, insisting that lack of finance is not the main challenge facing African states.
“We have this facility ready to finance projects. Some people say funding is a problem. From Africa, we say no. The $2 billion is there,” he said.
He explained that the conference, holding from November 12 to 14, will equip state governments and other stakeholders with practical skills on how to identify, structure and package projects that can attract funding.
According to him, accessing the facility will depend on the quality and bankability of the projects presented, and not just on listing development needs before investors.
He said states must start with a clear economic vision, pick priority sectors and develop projects that fit their investment goals.
“Once you start from that big vision, you cannot do everything. You need to focus. Identify two or three sectors that you really need to focus on and promote,” Zanamwe said.
He outlined two major ways to raise capital: developing projects that meet the funding requirements of institutions like Afreximbank, or preparing investment proposals that can attract private investors.
Zanamwe added that governors and other state representatives will have the opportunity to pitch their investment proposals during sessions slated for November 13 and 14.
He disclosed that the bank’s investment promotion programme has facilitated opportunities worth over $3 billion in the last five years, trained more than 2,000 people and worked with 21 African countries.
He urged state governments and private sector operators to show greater commitment, noting that available funding can only become real investment when viable projects are presented.
Speaking on behalf of Governor Bassey Otu, the Commissioner for Information and Orientation, Pastor Ekpenyong Cobham, said Cross River is looking to harness its agricultural potential to revive the state’s economy.
He said the state government is working to improve the processing of agricultural products to meet international standards and attract investment into the sector.
Cobham said the government is ready to partner with investors to build an integrated system that will boost production, processing and marketing of the state’s agricultural commodities.
The conference is expected to bring together African sub-national governments, development finance institutions, investors and private sector operators to explore investment opportunities and financing partnerships.
