Fourteen Governors from the Lake Region Economic Bloc will allocate Sh2million each in the financial year 2018/2018 towards the establishment of a regional bank.
The resolution passed during the second Summit meeting at Hotel Itoya in Busia Town on Friday that was chaired by Kakamega Governor Wycliffe Oparanya and hosted by Busia Governors Sospeter Ojaamong.
Oparanya who read the eight resolutions in the presence of eight other governors said residents from the 14 member counties will only need a Local Purchase Order from their mother counties to access the loans with no collateral security, but on condition that County Governments make payments through the bank.
” We are also going to work with statutory institutions like the Central Bank of Kenya , controller of budgets . Auditor General and the National Treasury towards making this project a reality.
We have all agreed that the bank will serve both development and commercial purposes . Besides the regional bank, other cross border flagship projects we shall focus on include maritime transport and services, investment in sugar sector and conservation of Mau catchment areas,” he said.
The Governors also agreed to undertake intensive sensitization campaign targeting county assemblies and county residents to educate them on LREB legal agreement.
They resolved to allocate both human and material resources towards making LREB a world class bloc. They will also champion the interest of the citizens by working together as LREB to address industrial challenges with the help of the National Government.
The Kakamega Governor revealed LREB will host a regional investment conference in Bomet County in October , adding that the focus of the conference will be centered on promoting entrepreneurship and financial inclusion for our people particularly women, youth and the marginalized. Nandi will host the third Summit in September.
Other Governors who attended the Summit includes Wycliffe Wangamati (Bungoma), Wilber Ottichilo (Vihiga), Paul Chepkwony ( Kericho), Joyce Laboso (Bomet), Anyang’ Nyong’o (Kisumu), Stephen Sang (Nandi) and James Ongwae (Kisii).