A US $290m deal has been signed between the government of Ivory Coast and the African Export-Import Bank (Afreximbank) for the development of an industrial park.
Afreximbank President Prof. Benedict Oramah signed the agreement on behalf of the institution while Souleymane Diarrassouba, Minister of Tra de and Industry, and Moussa Sanogo, Minister to the Prime Minister, in charge of Budget and State Portfolio, signed for the government of Cote d’Ivoire.
In an address at the signing ceremony, Prof. Oramah said that industrial park is part of the country’s efforts to realize Africa’s industrialisation. The development project will focus on the processing of key commodities, including cocoa, cashew nuts, fruits and vegetables, and on light manufacturing in pharmaceuticals, equipment assembly and home appliances, among others.
The project which will be located in PK 24 in Abidjan will have a capacity to host up to 60 tenant companies. It will feature inside-the-fence infrastructure, such as roads, power, water, information and communication technology and waste management, manufacturing plants, warehouses, a logistics complex, offices, and commercial and residential buildings, continued the president.
Boost in industrialization
Upon completion, the industrial park is expected to contribute to the industrialization objectives of the Ivorian Government by creating over one million jobs, increasing foreign exchange earnings by increasing value-addition and non-traditional exports, and increasing foreign direct investment by offering world-class facilities and infrastructure that will attract investment.
“We want to make sure that as African markets are opened for African goods under the African Continental Free Trade Area, Africa has goods to trade,” stated Prof. Oramah.