Monday, 5 June 2017

Ayade Signs Yet another MoU, This one will make you Cry

The Governor of Cross River State, Sen. Ben Ayade, yesterday completed the formalities involved in the signing of MoU's When he signed yet another MoU with the Government of Shaanxi, one of the provinces in the peoples republic of China.

The agreement reached by both state which is expected to  bolster the injection of capital by Chinese business men into the Calabar Carnival, the Power and Solid Minerals sectors in Cross River state, will also afford both states the opportunity of establishing Shaanxi Africa Industry Development Fund, which will help local companies in financing, project selection and loans for their businesses in Africa.

Hu Heping, governor of Shaanxi province, at the occasion said the agreement had great significance for companies in Shaanxi, pointing the way for them to go abroad and accelerate their steps into Africa.

"As a province with traditional heavy industry, including energy development and manufacturing, Shaanxi has a good number of companies which have an advantage in mining, oil exploration and large-scale equipment manufacturing. All those sectors are needed in Africa," Hu said at the occasion.

He added that the China Development Bank, together with China Africa Development CAD Fund which has nine years of experience in Africa-related investment, will help companies in Shaanxi gain more information and financial aid in their business expansion in Africa.

Chi Jianxin, chairman of the fund, said there were unprecedented opportunities in China-Africa cooperation at present and the thing that Africa needed the most was capital.

The bank allocated $3.2 billion in the CAD Fund for more than 80 projects, from infrastructure to agriculture to energy resources in 35 African countries including Nigeria.

By the end of 2016, the bank hit its target of pooling $5 billion to go into the fund, aiming at further diversifying financial vehicles that facilitate Chinese investment in Africa.

Governor Ayade said after the signing of the agreement that "It is the enormous opportunities that this fund avails Africa that Cross River state wants to tap into. We have the assurances of the governor and the people of Shaanxi that the favorable business climate in Cross River state will be utilized by Shaanxi .

After all said and done, the truth still remains that, MoU's will not put food on people's tables neither will it make the state better, but the implementation of all those MoU's is the key to development.

It is on record that this present government of Cross River State alone have signed not less than 70MoU's with less than 0.5% coming to fruition. Cross Riverians ate tired of MoU's they need physical projects that will add value and keep life going.

Who MOU epp?

Ukorebi Esien
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