Chief Obiano reports that Anambra State flagged off the Umueri Airport City Project. It has a model that will accommodate an airport with two runways, an aviation fuel dump, an airport hotel, an industrial business park, an international convention centre as well as a facility for aircraft maintenance.
The project is estimated to cost over 2 billion US Dollars. It is a partnership between the Government of Anambra State, Orient Petroleum Resources Limited and Elite International Investments Limited (Sinoking Enterprises Limited)-Chinese investors.
Under the contractual agreement, Elite International Investments Limited will provide all the funds needed for the project under the Build-Operate-Manage-and-Transfer arrangement. However under the same SPV arrangement, the Anambra Airport City Infrastructure Limited has allocated 75% equity stake to Elite International Investments Limited, 20% to Orient Petroleum Resources Limited and 5% to the Government of Anambra State. The host communities are entitled to 3% of the profit from this project in perpetuity as a part of the standard corporate social responsibility.
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