The Akwa Ibom State House of Assembly has approved a N4.7billion loan requested by Governor Udom Emmanuel for Mimshac Digital Automobile Assembling Plant, Ikot Ukap, Itu Local Government Area of the state.
In a message to the assembly on Tuesday, the governor said the loan from Zenith Bank would be used to finance the automobile assembly plant.
According to him, the loan facility would facilitate the implementation of the Memorandum of Understanding (MoU) between the Akwa Ibom State Government and Mimshac Digital Ltd Automobile Plant for the sum of 10,000,000 Dollars equivalent to N4.7billion at the exchange rate of N470 per Dollar.
He also noted that the loan would help finance the procurement of parts for assembling 85 stainless steel, 20-Seater Luxury Buses, including the training of 20 persons recommended by the state government on the assemblage and manufacturing of vehicles in Israel.
After its deliberations on Thursday, the House resolved that the Car Assembling Plant, when fully functional, would boost the state’s economy and create more jobs for the teeming unemployed youths.
In his remarks, the Speaker, Rt. Hon. Aniekan Bassey directed the Clerk, Mrs Mandu Umoren, to convey the resolution of the House to the governor.
