Imo Releases N5bn Soft Loan For Communities, To Fast-Track Devt In 90 Days

Imo State governor, Rochas Okorocha, has said that about N5 billion has been deposited to the Imo State Micro–Finance Bank to be disbursed as soft loans to the 637 communities in the 27 Local Councils.

He said the fund is to establish small and medium scale industries under the state’s “One Community, One Factory” programme.
 
Also, Okorocha has inaugurated about 50 committees to fast–track development in 90 days in the state’s three senatorial zones of Imo East (Owerri zone), Imo West (Orlu zone) and Imo North (Okigwe zone).  
 
Speaking at the Imo State Trade and Investment Centre, Owerri, at the weekend, the governor said that government had acquired some of its former companies, including Paper Packaging Industries, Orlu and Rasin Paints industry, Mbaise, allegedly sold by past military administrations.

He enjoined the committees, including that of Local Government Assessment on Rural development; Sanitary; Parks Management and Traffic offences; Street Trading and Beautification and Relocation of Artisans and Mechanics to Appropriate Places, among others, to carry their duties with dexterity.

On the loans, Okorocha said the 637 communities were required to obtain the loans at 7 per cent interest rate, adding that any communities found wanting would be merged with another.

He stressed that the aim of the initiative was to provide jobs through an industrialisation policy, tackle poverty and create wealth.

He charged those handling the affairs of the committees and loans assessment to ensure his campaign promises were kept through them, warning against kickback and compromise.