Delta State has signed one billion naira Memorandum of Understanding with the Bank of Industry for the development of Small and Medium Scale Enterprises, through the granting of loans to entrepreneurs.

Under the arrangement, the bank will provide five hundred million naira while Delta State Government will provide the balance in counterpart funding.

Governor Emmanuel Uduaghan, the State Attorney-General and Commissioner for Justice, Barrister Dafe Akpedeye and Commissioner for Commerce and Industry, Mrs. Chinwe Monu-Olarewaju, signed on behalf of the State Government, while the Managing Director of the Bank of Industry, Miss Evelyn Oputu, signed for the bank. Prospective beneficiaries must form cooperative societies of at least ten members and are expected to contribute ten percent of the loan required.

Governor Uduaghan said he was happy the partnership will compliment a key component of his development vision, human capital as it will reduce poverty among the people and develop entrepreneurship.

Elaborating on programmes designed to empower the people, the Governor stated that efforts are on to attract bigger industries to the State even as a consortium of Chinese investors have concluded plans to set up industries in the State.

Dr Uduaghan emphasized that the development of basic infrastructures including electricity as well as security is already in place.