Governor Ayade Signs Investment Development Agreements With European Investors

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Cross River State Governor, Senator Ben Ayade and Gerhard Frainer, Managing Director of Liebherr-Werk, Austria during a tour of the company's production facilities in Austria
Cross River State Governor, Senator Ben Ayade and Gerhard Frainer, Managing Director of Liebherr-Werk, Austria during a tour of the company’s production facilities in Austria

In a bid to build the state Infrastructure Company, INFRACROSS, into a world-class company that can compete globally, the Cross River State Government has concluded several investment development agreements with some key investors in Europe.

The agreements were reached during Governor Ben Ayade’s recent visits to some manufacturing facilities owned by the Original Equipment Manufacturers (OEMs) in Europe.

The agreements are expected to engender a sustainable business relationship between INFRACROSS and the OEMs.

In a related development, Governor Ayade, also signed a power generation agreement with Jampur Power of United Arab Emirate (UAE).

The deal which was signed in Zurich, Switzerland, mandates Jampur power to build a 20 megawatt power plant to generate electricity for the state.

It would be recalled that the governor, had while outlining his area of focus for 2016, listed improvement of electricity supply to Calabar, the state capital, among his 14-point agenda for the year.

Besides the power generation agreement, Ayade also met with several investors in Germany, Switzerland and Austria, seeking amongst other things, technical cooperation and infrastructure fund to help fund key projects in the state.

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