The signing of the development agreement for Industrial Park PK 24 in Abidjan by the government of Cote d’Ivoire and the African Export-Import Bank(Afreximbank) is considered to be a milestone for Africa’s efforts for industrialisation.
During the signing of the development agreement Afreximbank President Prof. Benedict Oramah, said that the Industrial Park would focus on the processing of key commodities, like cocoa, cashew nuts, fruits and vegetables, light manufacturing in pharmaceuticals, equipment assembly and home appliances etc. The expected cost of the project will be around $290 million with a capacity to host up to 60 tenant companies. The complex will include facilities like roads, power, water, information and communication technology, waste management, warehouses, a logistics complex, offices, and commercial and residential buildings.
Souleymane Diarrassouba, Minister of Trade and Industry, and Moussa Sanogo, Minister to the Prime Minister, in charge of Budget and State Portfolio, signed the agreement on behalf of the government of Cote d’Ivoire. The Industrial Park is expected to boost the industrialization goals of the Ivorian Government by creating over one million jobs, increasing foreign exchange earnings through value-addition and exports. It is also hoped to attract foreign direct investment by offering world-class facilities and infrastructure. Afreximbank is reportedly mobilizing international companies to acquire and set up agro-processing and pharmaceutical factories and warehouses within the industrial park.The President of the Bank added that Afreximbank wanted to ensure that African markets are prepared to open for internal trade under African Continental Free Trade Area. Mr. Diarrassouba said that the Bank was also collaborating with the Ivorian government in other areas, including the establishment of agro parks.
Amadou Gon Coulibaly, Prime Minister of Cote d’Ivoire, urged for the continued commitment of Afreximbank in order to establish local industries. Afreximbank also discussed with leaders how it could support to strengthen the power sector in Cote d’Ivoire by providing financing for the installation and upgrading of the power grid and transmission network.
