Delta to partner genuine investors on development
Delta State Governor Ifeanyi Okowa, has pledged his administration’s commitment to the provision of enabling environment to genuine investors interested in developing the state.
He made the pledge when members of the state Commercial City Project Committee and its development partners, led by the Director-General, Asaba Capital Territory Development Agency, Clement Ofuani visited him in Asaba.
“My administration will provide the needed environment and see to the progress and development of the projects for the benefit of Deltans,” he said.
He said the state was “Committed to the development of the Delta Commercial City, as it would provide employment to the people and bring development to the state.”
He expressed confidence in the robust partnership between the state and the Development Partners, which he said would help the quick completion of the project.
While commending the committee for its commitment and sincerity in the development of the project, especially in the ‘Open Industrial Day’ session, Okowa urged them to continue to drive the developmental process in the spirit of the partnership.
The governor said he was, “Impressed with the rigorous process of sifting out those interested in the development of this project,’ adding that ‘the partnership with the Development Partners not only shows their interest in the gains of the project but in the development of the state.”
Ofuani said that he came to brief Okowa on the progress made so far on the project which he said was a critical component of the urban transformation of the state government SMART Agenda.
According to him, the project was a public private partnership initiative with Sergio D’Arcano SRL and ALHUDA Nigeria Limited, as Development Partners, stating that a Special Project Vehicle [SPV] would be set up to drive the project to fruition.
He explained that Development Partners, D’Arcano SRL and ALHUDA Nig Ltd, would have 38percent and 32 percent respectively of the share capital, while the state government would have 30 percent.
He also stressed that the partners would provide 19 million and 16 million dollars respectively of the initial capital, while the state government would provide 15 million dollars, which would be taken from the value of its 266 hectares of land provided for the project.
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