The Taraba State governor, Dr. Agbu Kefas, has signed a $268.63 million financing agreement with the ECOWAS Bank for Investment and Development (EBID) to fund key development projects in the state
The agreement, which was signed on Friday at the headquarters of the Economic Community of West African States (ECOWAS) in Lomé, Republic of Togo, focuses on energy, agriculture and industrial sectors.
The financing will support three major projects, such as the 50-megawatt Solar Photovoltaic Power Plant, the Taraba State Integrated Rice Production and Processing Project and Phase I of the Industrial Park Development Project.
According to Governor Kefas, the solar power project is expected to expand access to electricity, boost renewable energy generation and reduce reliance on conventional energy sources.
“The integrated rice production and processing project is designed to enhance agricultural productivity, improve food security and create increased income opportunities for farmers across the state.”
Similarly, the Industrial Park Development Project is aim at attracting investments into manufacturing and agro-processing, while promoting job creation and strengthening public-private sector partnerships.
The financing was approved during the 93rd Ordinary Session of EBID’s Board of Directors held in Lomé, under the leadership of the bank’s President, Dr. George Agyekum Donkor.
Eith the agreement, the Taraba state government secured the largest share of the bank’s regional investment package, which totals $308.63 million.
Speaking after the signing ceremony, Governor Kefas described the agreement as a major milestone in the state’s economic transformation agenda.
He said, the projects would expand economic opportunities, improve critical infrastructure, accelerate industrialization and enhance the living standards of people.
The governor also reaffirmed his administration’s commitment to transparency and accountability in implementing the projects, and assured the development partners that the funds would be managed efficiently to deliver measurable socio-economic benefits for the people of Taraba State.
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