Business
C’River, Firm Sign Project Pact On Road
The Cross River State Government has signed a road toll concession agreement with Daystar Akamkpa Investment Company Ltd for the improvement of infrastructure on a major highway that leads to Akamkpa Local Government Area.
Gov. Liyel Imoke, said at the agreement signing ceremony in Calabar that the project would be beneficial to the communities around the limestone quarries.
He said government plans to replicate the project in other parts of the state because of its viability, and advised the contractor to ensure that it was executed according to specification to make it a model.
Mr Idongesit Bassey, Managing Director, Daystar Company Ltd, said the project would comprise a toll road endowed with facilities such as schools and health clinics.
He said the access roads to the limestone quarries in Akamkpa council area were in a deplorable state and needed to be rehabilitated.
Bassey explained that the project would extend to Nsan, Old Netim, Obung and Akamkpa with a distance of 45 kilometres.
He said the road would be paved with drains, pedestrian walkway, street lights and rest points, while the community would be served with three standard hotels.
Bassey said scholarships would be awarded to students of the area studying technical courses in universities as part of the company’s corporate social investment.
Mr Bassey Ekefre, the Commissioner for Special Projects, said the project would be executed under a Public-Private Partnership (PPP).
He said the road would connect all the quarry sites in the local government area with certain amenities provided to compliment it.
The Tide source reports that the project is to be financed by First Bank Plc and will be executed in three years.
By the agreement, Daystar Akamkpa Investment Company is expected to operate the project for an initial period of 20 years.