Maritime Bank will boost African economy – Amaechi

By carol-white • 2 weeks ago • 4789 views • 530 comments

Minister of Transportation, Rotimi Amaechi has reiterated Nigeria’s readiness to go on with the Regional Maritime Development Bank Project provided two-third of member states accept the decision reached by the Maritime Organisation of West and Central Africa, MOWCA.

Amaechi disclosed this shortly after declaring open the meeting of MOWCA Committee of Experts on the Regional Maritime Development Bank Project and Interim Board of Directors on Tuesday in Lagos.

It would be recall that MOWCA member states having identified the major deficit in the development of indigenous participation in the regional maritime sector and associated value chain, had via a resolution at an annual general session, resolved to establish a maritime bank focused on the growth and development in West and Central Africa with a view to raising debt and equity capital of US$850,000,000.00 and US$150,000,000.00 respectively.

Consequently, the federal government through the Federal Ministry of Transportation was then mandated to take all necessary steps to bring the bank to actualization.

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