The African Export-Import Bank (Afreximbank) has announced a new financing initiative worth $2 billion for Cross River State and other sub-sovereign governments across Africa. This facility is designed to support the development of bankable projects that can significantly enhance local economies.
The announcement was made by Dr. Gainmore Zanamwe, Afreximbank’s Director of Trade Facilitation and Investment Promotion, during a media briefing prior to the 6th African Sub-Sovereign Governments Network Investment Conference (AfSNET 2026) held in Calabar from November 12 to 14.
Dr. Zanamwe emphasized that concerns about funding limitations are unfounded, stating that the financing is readily available for African governments. He encouraged media representatives to inform stakeholders about the facility and its accessibility for various development projects.
Throughout the three-day conference, representatives from different states will receive guidance on how to access the funds, including practical sessions aimed at equipping them to better identify and develop projects that meet the necessary financial requirements.
According to Dr. Zanamwe, effective access to this financing is contingent upon the quality of the projects proposed. He urged governments to develop clear economic strategies and prioritize sectors that hold the most promise for growth and investment. Training sessions during the conference will focus on how to identify viable projects and prepare attractive investment pitch decks.
Moreover, Dr. Zanamwe pointed out that, over the past five years, the initiative has successfully facilitated investments exceeding $3 billion and has provided training for over 2,000 individuals across 21 African nations.
Pastor Ekpenyong Cobham, the Cross River State Commissioner for Information and Orientation, welcomed potential investors, reiterating the state government’s commitment to using the conference to attract investment and revitalize the state’s economy. He highlighted ongoing efforts to enhance agricultural product processing to meet global standards, positioning the state for renewed economic growth.
Cobham remarked on the state government’s intention to leverage the opportunities presented by the conference “to build a holistic system that will restore the lost glory of the economy of Cross River State.”
