AKHA approves Emmanuel N4.7bn loan requet
Ini Billie, Uyo
The Akwa Ibom State House of Assembly has approved Governor Udom Emmanuel’s loan request of N4.7 billion.
The loan to be given by Zenith Bank is for Mimshac Digital Automobile Assembly Plant, Ikot Ukap in Itu local government area.
The request which was unanimously supported by all members of the House and subsequently approved was read by the Clerk, Mrs Mandu Umoren at Plenary on Tuesday.
The lawmakers said the Car Assembling Plant will boost the economy of the state and create more jobs for the teeming unemployed youths when fully functional.
In his remarks, the Speaker, Rt. Hon. Aniekan Bassey, directed the Clerk to communicate the resolution of the House to Emmanuel.
According to the request, the loan facility will aid the implementation of the Memorandum of Understanding (MoU) between the Akwa Ibom State Government and Mimshac Digital Ltd Automobile Plant for the sum of 10,000,000 dollars, equivalent to N4.7 billion at the exchange rate of N470 per dollar.
Emmanuel said the loan will help “finance the procurement of Semi Knocked Down and Complete Knocked Down (CKD) parts for the assembling of 85 stainless steel, 20-Seater Luxury Buses”.
The governor explained that the amount will also facilitate the training of 20 persons recommended by the state government on the assemblage and manufacturing of vehicles in Israel.
