Delta State Governor Ifeanyi Okowa has assured investors of his administration’s commitment to the provision of an enabling environment for infrastructural development.
Speaking when he received on courtesy visit, members of the Delta Commercial City Project Committee and its Development Partners led by Chief Clement Ofuani, Director-General, Asaba Capital Territory Development Agency, yesterday,Frifay, in Asaba, Governor Okowa stated that the state would partner with genuine investors interested in the development of the state.
“My administration will provide the needed environment and see to the progress and development of the projects for the benefit of Deltans. We are committed to the development of the Delta Commercial City as it would provide employment to the people and bring development to the state”, he assured.
He added that the robust partnership between the state and the Development Partners would help the quick completion of the project.
While commending the Committee for its commitment and sincerity in the development of the project especially in the ‘Open Industrial Day’ session, Senator Okowa urged them to continue to drive the developmental process in the spirit of the partnership so as to see the project to fruition stressing that, “I am impressed with the rigorous process of sifting out those interested in the development of this project, the partnership with the Development Partners not only shows their interest in the gains of the project but in the development of the state.”
Earlier, Chief Ofuani said that they were in Government House, Asaba to brief Governor Okowa on the progress made so far on the development of the Delta Commercial City project, a critical component of the urban transformation of the state government SMART Agenda.
He said that the project was a public private partnership initative with Sergio D’Arcano SRL and ALHUDA Nigeria Limited as Development Partners stating that a Special Purpose Vehicle (SPV) would be set up to drive the project to fruition.
He explained that Development Partners, D’Arcano SRL and ALHUDA Nig Ltd would have 38percent and 32 percent respectively of the share capital while the state government would have 30 percent stressing that the Development Partners would provide 19 million and 16 million Dollars respectively of the initial capital, and the state government would provide 15 million dollars which would be taken from the value of its 266 hectares of land provided for the project.
While commending the spirit of compromise shown by the Development Partners, he said that work would start on the project soon and hopefully at the end of the year, substantial progress would have made especially on the masterplan and preliminary work.
Moise Nassogui of D’Arcano Group and Olawole Rhodes-Vivour, Al HUDA Nig. Limited on their part, said that the Delta Commercial City would on completion have residential and commercial areas including shopping malls, beach resorts and hotels with a renewable energy mix to power it stressing that the partnership with the state government would be a beneficial one to the people of the state.