Akwa Ibom Assembly has approved Governor Udom Emmanuel’s request to guarantee a loan of N4.7 Billion from Zenith Bank for Mimshac Digital Automobile Assembly Plant, Ikot Ukap, Itu Local Council.
The Governor in a message forwarded to the Speaker of the House and read by the Clerk, Mrs Mandu Umoren at Plenary yesterday said the loan facility would aid the implementation of the Memorandum of Understanding (MoU) between the 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.
According to the Governor, the said amount from Zenith Bank for Mimshac Digital Automobile would help “finance the procurement of Semi Knocked Down and Complete Knocked Down (CKD) parts for the assembling of 85 stainless steel, 20-Seater Luxury Buses.”
The state Chief Executive in the message explained that the requested sum would also facilitate the training of 20 persons recommended by the state government on the assemblage and manufacturing of vehicles in Israel.
Lawmakers in their separate contributions, pointed out that the Car Assembling Plant when fully functional, would boost the economy of the state and create more jobs for the teeming unemployed youths.
In his remarks, the Speaker Aniekan Bassey, directed the Clerk to communicate the resolution of the House to the Executive Governor.
