Business
GPHDA, Bank Partner On Improved Standards
The African Development Bank (ADB), says it will partner with the Greater Port Harcourt City Development Authority to improve the living standards of Rivers people.
The Regional Director of the bank, Mr. John Litse, who gave the assurance in Port Harcourt, recently when his team visited the authority said the bank will not only support the authority with capacity building but will also provide other technical assistance that would enable the authority impact much more positively on the lives of the citizenry.
Litse commended the management of the authority for the prudent manner they have managed the resources of the authority without incurring any external debts.
He, however, explained that with the prudent management of funds windows of opportunities for low interest loans have been opened for the state.
He disclosed that one of such opportunities was the ADB concessional and non-concessional windows adding that the ADB concessional window was geared towards social and economic infrastructure such as water development.
Litse said the state could also access the Nigerian Transfer Fund (NTF), among others.
He advised the Authority to engage a transactional guide and to provide a Preliminary Evaluation Note (PEN), a Business Case Outline (BCO), Gazetted Legal Framework as well as high level projections for the next five years.
According to Litse, when these are provided it will trigger the process for Funds African Private Sector Assistance (FAPA) amounting to $1 million.
Earlier in her welcome address the administrator of the GPH, Dame Aleruchi Cookey-Gam, said that despite the giant strides of the Rivers State Government in infrastructural development, the state was yet to incure any external debt adding that the rapid development activities in the state was not driven by availability of funds but by the passion of Rivers State governor to improve the living standard of the citizenry.
Desmond Osueke