By Dayo Johnson
AKUREâ€”IN its effort to develop tourism in the state, the Ondo State government yesterday signed a Memorandum of Understanding, MoU, with an Italian firm for the construction of a tourism village that would gulp N40 billion.
The State Governor, Dr Olusegun Mimiko who signed on behalf of the government said the tourism village is to be sited around Ore area of the state.
It is to be completed within three years and would cost the state governmentN10billion while IMP.E.S would provide the balance of N30billion.
The Italian firm Messer IMP.E.S Italia S.R. L is to construct the tourism village expected to showcase the vast tourism potential of Ondo State and put it permanently on the world map.
Dr Mimiko said the project was being carried out in a joint venture format with Ondo State having 25perecent equity in the Project while IMP.E.S shall have the remaining 75perecent.
According to the governor the contract is with a proviso that the State government is free to bring into the Joint Venture relationship with IMP.E.S other investors as part of its 25perecent equity contribution to meet its financial commitment to the Projec