Infrastructure development: Bayelsa govt, IFDC signs $17.5bn MOU on five key projects

IN line with its reengineering position to deepen development, the Bayelsa State Government and the International Finance & Development Corporation (IFDC) have signed a memorandum of understanding for investment in five key infrastructural projects in different parts of the state.

The USA-based IFDC is expected to mobilize funds and resources to invest and finance a  10 MTPA capacity LNG project, 35,000 – 45,000 barrels per day capacity GTL project, 500 MW Gas to Power plant and Deep Sea Port and Port city development projects in the State.

The preliminary estimated total project cost is $17.5 billion.

The President and CEO of IFDC, Mr Kazi H. Ahmed, mandated Mr Michael Hartman, from Germany as representative of IFDC to tidy up the investment plan and sign the agreement with the Bayelsa State Government.

Mr Hartman who is the chairman of Lupine,  accompanied by Mr Michael C. Keeling, the Legal Advisor to IFDC and owner of Keeling Law Offices in the USA,  and Managing Director of Viv Limited, Viv Tonwe Pela an intermediary between the investors and the Bayelsa State Government, based in the Niger Delta were all part of the deal that will create huge investment and jobs opportunities in the state.

On the part of Bayelsa State Government, the Commissioner for Mineral Resources, Dr Ebieri Jones and the Attorney-General and Commissioner for Justice, Mr Biriyai Dambo, SAN, signed the MoU with the Deputy Chief of Staff, Dr Peter Akpe, standing as witness.

The MoU is said to have been facilitated by Mr Enieye Tugba Wilson, a US-based Bayelsa-born facilitator, who led the team of investors.

He said the five projects would change the stories of Bayelsa State with huge revenue for the State and the creation of a minimum of 40,000 jobs in the State.

The Deputy Chief of Staff, Dr Peter Akpe, had earlier led the IFDC visiting team to meet with the Governor, Senator Douye Diri, where they briefed him on the investment opportunities.