THE Rivers State government has signed a medical investment deal running into $235 million with a Canadian company, Clinotech Diagnostics Pharmaceutical Incorporated.
The deal, which was recently signed between the state government and the foreign organisation, would see to the construction of an international standard medical facility in the state.
According to the Memorandum of Understanding (MOU) signed by the duo, the project would take off in February and was expected to be completed and inaugurated by June, 2009.
Clinotech would be responsible for 60 per cent of the initial fund, while the state government would be contributing 40 per cent as well as the land needed.
Also, the profits and liabilities from the facility had been assigned as 60 per cent to the company and the remaining 40 per cent to the state.
A breakdown of the resources for the construction of the mega-medical facility showed that while Clinotech would be bringing $60 million as initial counterpart fund and an additional $135 million in the second phase of the construction, the state government would be contributing $40 million and the land in a choice site.
To fulfill the local content building policy of government, Clinotech had agreed to provide clinical, managerial capacity and quality control management training for the indigenes of the state.