Afri-Exim, ICRC approve $1.2bn for moribund Burutu port

(Vanguard, Lagos, 4 October 2023) THE African Import Export Bank, Afri-Exim Bank, in collaboration with the Infrastructural Concession Regulatory Commission, ICRC, have approved a $1.2 billion loan facility to rehabilitate the moribund Burutu Port in Burutu, Delta State, Nigeria. An official of Afri-Exim Bank,  Mr. Hope Nyongo, disclosed that the Business Case for Burutu Port has been prepared by the ICRC and encouraged investors with similar projects to take advantage of Joint Project Preparation Facility to develop such facilities. He stated: “Because of the typical nature of the maritime and the lack of internal capacity, we have a facility called the Joint Project Preparation Facility initiated by Afri-Exim for port related development in Africa.