CARES Initiative: Cross River, Bank Of Industry to Partner On Grants and Intrest-Free Loans to Business Owners

CARES Initiative: Cross River, Bank Of Industry to Partner On Grants and Intrest-Free Loans to Business Owners

In a bid to avert a drastic decline in economic growth in Cross River State as a result of Covid-19 Pandemic ,the State government is set to partner with the Bank of Industry (BOI) to deliver the COVID-19 Action Recovery and Economic Stimulus(CARES) program for Result, Result Area 3 (RA 3) in the State.

The stimulus package is part of the  post Covid-19 economic sustainability plan by the Cross River State Government in partnership with the World Bank, with the aim of keeping economic contraction to the barest minimum.

Speaking at the programme meeting in Abuja, the Cross River State Commissioner for International Development Cooperation (MIDC), Dr. Inyang Asibong, said Cross River and the Bank Of Industry will work out  modalities  for a Partnership that will stimulate Small and Medium Scale Enterprise in Cross River State.

Asibong who is the CARES Team Lead in the State, said the collaboration is in line with Gov Ben Ayade's vision of increasing the number of business owners who enjoy interest-free loans and grants. 

"The effort is to assist MSMEs to boost investment and stimulate confidence in  economic activities in rural communities in all the eighteen local government areas of Cross River State" she explained.

Also joining Dr Asibong at  the Abuja Meeting were the BOI Lead on Government Enterprise and Empowerment Programme (GEEP) Mr Akan Ekure, and the Special Adviser to the CRS Governor on Enterprise Funding who doubles as the Focal Person for this Result Area,  Hon Marjorie Asuquo.