THE Bayelsa State Commissioner for Finance and Budget, Dr. Silva Opuala-Charles, has said the state government needs N110 billion to develop the proposed Central Business District (CDB) and the project will be run under a Private Public Partnership (PPP).

Opuala-Charles, who disclosed this in an interview with The Guardian in his office in Yenagoa recently, explained that to translate into reality the vision of Governor Timipre Sylva-led administration, a Special Purpose Vehicle (SPV), to drive the process had been put in place.

According to him, the private sector will be expected to invest in the project while the government will have equity shares.

The Finance and Budget commissioner said based on SPV, which is a company to be incorporated by the government, contract would be awarded, as arrangement have reached an advanced state.

Opuala-Charles stressed that the Central Business District is of first class standard with a financial centre and a shopping mall. which Bayelsans would be proud of.

He said, "Seven financial institutions, including Oceanic Bank are leading the team of private investors who have indicated willingness to participate in the CBD projects."

At completion of the clearing of the propose site of the Central Business District, the commissioner said the next phase will be the dredging, which would take of after the Special Purpose Vehicle has been put in place by the stakeholders.

He said the dredging of the area alone would cost the state government the sum of N50 billion.

Apart from the CBD projects, the state government, he said, is also pursuing the Marina, Millennium Park, sea port, airport and the three senatorial road projects, which also require huge sum of money to undertake.

The commissioner noted that over 40 internal road projects are ongoing in line with the vision of the state governor to open up the entire state, especially the capital city, Yenagoa as a deliberate strategy to provide basic infrastructure and attract private investors in the state.

He, however, described Sylva as a focused and committed leader who is determined to move the state to the next level of development and would not be distracted by critics who are bent on pulling down his administration in spite of the remarkable progress he has made since assumption of office.