The African Export-Import Bank has earmarked $2bn to finance viable projects across African sub-national governments, 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 the announcement on Thursday in Calabar during a media briefing ahead of the sixth African Sub-Sovereign Governments Network Investment Conference, which runs from November 12 to 14. Zanamwe said the funding was available to support bankable projects and dismissed the notion that lack of capital was the primary obstacle to development across African states.
Access to the facility will depend on the quality and bankability of proposed projects rather than simply identifying development needs and approaching investors for funds, Zanamwe explained. States must begin with clear economic development visions, identify priority sectors and develop projects aligned with their investment objectives. He advised state governments to focus on two or three key sectors rather than attempting to address all development areas at once. Governors and state representatives will have opportunities to present their investment proposals during sessions scheduled for November 13 and 14.
Zanamwe identified two major routes to raising capital: developing projects that meet the financing requirements of institutions such as Afreximbank or preparing investment proposals capable of attracting private investors. The bank's investment promotion initiative has facilitated opportunities valued at more than $3bn over the past five years, trained over 2,000 people and worked with 21 African countries. He stressed that available funding could only translate into investments when viable projects were presented, calling for greater commitment from state governments and private sector operators.
Cross River State is seeking to leverage its agricultural potential to revive its economy. According to Pastor Ekpenyong Cobham, who spoke on behalf of Governor Bassey Otu, the state government is making efforts to improve the processing of agricultural products to meet international standards and attract investment. The government plans to work with investors to develop an integrated system that would improve the production, processing and marketing of the state's agricultural commodities. The investment 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.