A/Ibom Assembly Approves N4.7bn Loan For Udom

The Akwa Ibom State House of Assembly has approved Governor Udom Emmanuel’s request to guarantee a loan of N4.7 billion from Zenith Bank for Mimshac Digital Automobile Assembly Plant, in Ikot Ukap, Itu local government area.

The governor in a message forwarded to the speaker of the House and read by the clerk, Mandu Umoren at plenary, said 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 equivalent to N4.7 billion at the exchange rate of N470 per dollar.

According to the governor, the said amount from Zenith for Mimshac Digital Automobile Assembly Plant, Ikot Ukap, Itu LGA, 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 in the message explained that the requested sum will also facilitate the training of 20 persons recommended by the state government on the assemblage and manufacturing of vehicles in Israel.

In their separate contributions, the leader of the House, Udo Kerian Akpan (Oruk Anam), Aniekan Uko (Ibesikpo Asutan), David Lawrence (Eket) and Kufreabasi Edidem (Itu), pointed out that the car assembling plant when fully functional, will boost the economy of the state and create more jobs for the teeming unemployed youths.

The lawmakers assured that the assembly will continue to support Governor Emmanuel in his quest to leave the state better than he met it.

The request was unanimously supported by all members of the House and subsequently approved.

In his remarks, the speaker, Aniekan Bassey, directed the clerk to communicate the resolution of the House to the governor.