FirstBank boosts real estate finance, commissions Rainbow Estate

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The President-Elect, Muhammadu Buhari will on Wednesday commission the first phase of the Rainbow Town upscale mixed use estate in Port Harcourt, Rivers State.

The very ambitious project, valued at N82 billion was financed by First Bank of Nigeria Limited.

FirstBank’s support for the project, according to a statement, is in sync with the Bank’s quest to bridge the gap in the nation’s housing deficit.

Executed as a Public Private Partnership (PPP) project by the Rivers State Government and FirstBank, the project is an exciting example of how the PPP model has been deployed to provide much needed infrastructure whilst promoting rapid economic growth and public empowerment.

“This partnership led to the incorporation of a Special Purpose Vehicle (SPV) – Rainbow Town Development Company Limited (RTDL) on February 1, 2008 as a Public Private Partnership initiative between Rivers State Government and First Bank of Nigeria Limited to drive, manage and deliver the New Rainbow Township,” according to the statement from the bank.

According to the Group Managing Director/CEO of FirstBank, Bisi Onasanya, the Bank’s involvement in the project resonates with its desire to boost economic development as well as making housing conducive and affordable for Nigerians.

“FirstBank will continue to support initiatives aimed at enhancing the quality of life for the populace, establishing income streams for thousands of people, create job opportunities and reinvigorate economic activities”, he said.

Located in the Trans-Amadi business/industrial corridor of the Rivers State capital city, Rainbow Township occupies 23.24 hectares of land and at completion delivers 1,181 upscale residential housing choices distributed into terrace, detached and high-rise condos.

The complimentary facilities provided in the estate include a medical clinic, school, shopping arcade, clubhouse and outdoor recreational facilities.

Other support facilities are police post, perimeter fencing, security posts, fire station; eco-centre that will serve as the nerve centre for power, water and sewer plants; broadband wireless Internet connectivity, telephone and data outlets, and security surveillance.

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