Abia State Governor, Dr Okezie Ikpeazu, has secured the go-ahead of the African Development Bank (AfDB), private investors and other multilateral financial institutions for the investment of $430 million to fast-track the development of Enyimba Economic City (EEC).
The city is a proposed free-trade zone, with an independent business registry, labour law, banking regulations and more, which is located on over 9,500 hectares of land in the oil-producing communities of Abia State between Aba and Port Harcourt.
The governor, who spoke in Lagos during an interaction with journalists, said he presented the EEC to investors at the just-concluded Africa Investment Forum (AIF) held in Johannesburg, South Africa.
According to him, many of the participants at the forum agreed that ECC is a project worthy of their commitment, and demonstrated their willingness to invest in the city.
The project is privately-led, but stakeholders, include the local community, the Abia State Government and the federal government.
Advisors and financiers of the EEC include the African Export-Import Bank, African Development Bank, and the International Finance Corporation.