David Daser, the Director General, Plateau State Information and Communication Technology Development Agency, PICTDA, has explained that Jaiz Bank would rebuild the Jos main market at no cost to government.
The Jos main market, one of the largest in West Africa, was destroyed during the 2001 Jos crisis and has been abandoned since then.
Speaking with News Agency of Nigeria on Thursday in Jos, Mr Daser said the current administration took the bold step to rebuild the market, hence approached the Jaiz bank for the project.
”For the past seven years, a lot of commercial banks, private investors and even some Chinese vested companies have shown interest in the project.
”At a point, a notable Plateau son was awarded the job, reason why it was initially demolished to pave way for reconstruction. Somehow, the investor never showed up again.
”Jaiz bank came with a special interest at no cost to government, no loan, no servicing of loans and we have our terminus market rebuilt.
”Not just coming with special interest but the bank is ready to be on site by August,” he said.
The D-G further explained that the state government had not taken any loan from the bank for the project, adding that the bank would bear the entire burden of the project.
He said that the rebuilding would be in phases, adding that within the next six months the bank would complete the first phase of the project.
“The rebuilding of the market is not going to be through a debt-financing model; in order words, it is not a loan that requires repayment by the government at any time.
“It is a special model of financing where the bank builds the market without government staking any kobo.
“Out of the 4,321 shops to be built and sold after the rebuilding, 60 per cent will be leased out by Jaiz bank to interested parties. This is how the bank will recoup its investment or the cost of rebuilding the market.
“The interesting thing is that the state government will also lease its own 40 per cent allocation of the shops to interested buyers.
“Without taking loans or financing the rebuilding of the market, the state government makes a lot of revenue leasing off 40 per cent of the shops,” he explained.
Mr Daser explained that at the end of the engagement and the Bank had recouped its money, it would quit the state.
He maintained that the rebuilding of the market would not only create jobs, but improve the economy of the state through active commercial activities at the market.
He further explained that government had insisted on rebuilding the burnt market because commercial activities was still ongoing at the arena, in spite of destruction and recent demolition to pave way for the rebuilding.
He also said that the decision to allow Jaiz Bank to handle the rebuilding had no religious connotation but pure economics consideration, hence dispelled rumours making the rounds that the agreement had religious agenda.
NAN
