Kano: Chinatown project to gulp US$300m
The Kano State government is partnering with Minsource Investments Limited, an indigenous private company to build a $300 million Chinatown in Kano. The project which will house businesses and create jobs for the residents shall gulp at least US$300millon. It is a mega project which will be the first of its kind in sub-Saharan Africa. It will cover more than 43 hectares of land outside the metropolitan city of Kano and will consist of a model China Market,12 storey Medical Centre, 10 storey shopping mall, 3 star hotel,253 factories and warehouses as well as other facilities.
The project is some few kilometres outside the city, opposite the newly constructed Amana city along Zaria road.
The group coordinator of this gigantic project, Alhaji Ahmad Rabiu, the immediate past president of Kano Chamber of Commerce and national vice president of NACCIMA, said that majority of the financing of the project was coming from the largest commercial bank in the world, the Industrial and Commercial Bank of China (ICBC) and other partners. He further explained that the project will boost Kano's business relationship with China and stated that the state government's commitment to the project is what is encouraging them. The Memorandum of Understanding (MoU) is expected to be signed soon and arrangements are on top gear according to him for the success of the project. He said the Kano State
government under the visionary leadership of Dr Rabiu Musa Kwankwaso has shown great interest and commitment in the project that will see the creation of over 100, 000 direct jobs and several millions of indirect jobs and general improvement in the quality of lives of the citizens. This is in line with the governor's call for more involvement of the private sector in the development of the state and the need for foreign investors to come and invest in the commercial city.
' 80% of the fund has been approved by our partners the ICBC of China while 15% is expected from the state government and 5 % from the Chinese community in Kano,' he said. Minsource Limited has already signed an MoU with China No 3 Railway Engineering group for the construction of the Kano Chinatown which will commence this year and is expected to be completed in three years.