Ebonyi To Partner BoI On Agriculture

By Ikenga Chronicles July 27, 2017

Ebonyi To Partner BoI On Agriculture

The Ebonyi State government and the Bank of Industry(BoI) have agreed a N4 billion counterpart funds partnership for agriculture in the state as well as setting up of companies in Small and Medium Enterprises (SMEs) sector.

According to the Memorandum of Understanding(MoU), signed by the state government and the bank in Abakaliki, both parties are expected contribute 50 per cent to the Fund.

Speaking of the signed deal, Governor Dave Umahi, commended BoI for supporting the state’s economic growth initiative, stressing that it would help revive the about 150 communities that will benefit from it.

Umahi explained that N2billion under the initiative will be dedicated to the agricultural sector while the other N2billion will go to the industrial sector.

He said beneficiaries of short-term loans will be charged five per cent, while long-term beneficiaries will pay back with a 6.25 per cent.

The governor charged his cabinet members to drive awareness of the intervention fund across their constituencies, and encourage would-be beneficiaries to set up cooperative societies to enable them to access the fund and attend entrepreneurship capacity building workshops to be hosted by BoI.

In his remarks, Managing Director of BoI, Kayode Pitan, noted that the bank has been involved in supporting entrepreneurs in the growth of large and small scale industries in the state before the new deal, in excess of N2 billion.

”With this, we will now be able to help more people to get employed as well as enhance the growth of the solid minerals sector as the governor has also requested,” Pitan said,  adding that the bank is ready to finance more projects beyond the scope of the MoU.

“We are partners with the state and are happy that this MoU has further strengthened that partnership,” he stated. Some of the projects financed by BoI in the state include Ebony Agro Industries, Crystal Chemical Nigeria Limited, Hapelroadstone Nigeria Limited as well as Maxdove Foam and Chemical Industries Limited.”