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Funds secured to set up regional maritime company

27 February 2015, 10:15Okoro Chinedu

Lagos - The Nigerian Export-Import Bank (NEXIM) has signed a US$302 000 financial grant with the African Development Bank (AfDB) to facilitate the establishment of a regional maritime company.

The grant for the Sealink Project have been secured under the auspices of the Nigerian Technical Cooperation Fund (NTCF).

The objective of the Sealink Project is to promote intra and inter- African trade, thereby fostering regional integration, economic growth and development in the West and Central African sub-regions.

This is in line with Nigeria's transformational policy on trade and transport as articulated in the Regional Trade component of the New Trade Policy.

Resident Representative for the AfDB Group in Nigeria, Ousmane Dore, reiterated the firm's commitment to promoting infrastructure development in Africa.

This is in line with the Bank’s overarching objective to spur sustainable economic development, social progress and poverty reduction in the regional member countries (RMCs).

Also Read: NEXIM opens bids to design SMEs assistance scheme

Roberts Orya, the Managing Director/Chief Executive Officer of NEXIM Bank, thanked the Directorate of Technical Cooperation in Africa (DTCA) and AfDB for the NTCF grant to NEXIM.

He said the release of the financial grant was an attestation of the confidence on Nigeria.

The US$302 000 grant would be used to conduct further feasibility studies on the project to extend it to the Economic Community of Central African States (ECCAS).

It is envisaged to enhance the Sealink promotional activities and assist in the development of human capital and corporate governance structure of the the Sealink Promotional Company Limited which was incorporated to facilitate the project implementation.

The project’s promotional phase and capital raising exercise are still ongoing with a pilot implementation phase expected to commence in the second quarter of the year while full project implementation would be initiated by the last quarter.

- CAJ News


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