Ebonyi Gets N1bn Loan For Rice Production

United Bank for Africa (UBA) said it has granted N1 billion credit facility to the Ebonyi Government to revive rice production in the state.

Mr Phillip Oduoza, the Chief Executive Officer (CEO) of the bank, disclosed this last Thursday in Abakaliki when he led the top management team of the bank on a courtesy call on Gov. Martin Elechi.

Oduoza said that the facility was granted under the Federal Government’s Commercial Agriculturel Credit Scheme and would attract nine per cent interest.

“The government used the loan to establish a letter of credit for the importation of machines to be used in revitalising rice mills in the state.

“We want to assist the state in reviving its rice industry which made it a household name in the country in the past, with accruing economic benefits,” he said.

The bank’s CEO also said that the bank had assisted the state government to secure a N16.5 billion bond facility which would enable it to execute major projects for the benefit of the people.

“The dualisation of the Abakaliki end of the Enugu-Abakaliki Federal Highway is one of the projects to be executed by the bond and from the facts on ground, the project is on course.

“Our branches in Ebonyi help us in monitoring the usage of the funds, as they update the credit department of the bank with adequate reports,” he said.

He noted that the bank had so far received a favourable report on the implementation of projects, which would encourage it to assist state government to obtain bond facilities in the future.

Gov Elechi, in his remark, thanked the bank for its numerous assistance to the state government, especially the bond facility.

“The facility would help the government in solving most infrastructural problems confronting the state, especially water supply which had been its major problem since the past 40 years.

“The bond facility would be used in executing projects such as water schemes valued at N12 billion, international market (N12 billion) and State Secretariat (N13 billion),” Elechi said.