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Photo: Governors who attended the second LREB Summit in Busia on Friday: Back row from Left: Paul Chepkwony (Kericho), Wilber Ottichilo (Vihiga), Wycliffe Wangamati (Bungoma), Anyang' Nyong'o (Kisumu) and Stephen Sang (Nandi). Front row: Sospeter Ojaamong (Busia), Wycliffe Oparanya (Kakamega) and Joyce Laboso (Bomet).

14 Lake Region Governors to set aside Sh1.8b for establishment of a regional bank

Busia Governor Sospeter Ojaamong and his new Chief of Staff Sebastian Okiring (left) during the Second LREB Summit at Hotel Itoya on Friday.
Busia County band that tickled the Governors during the Second LREB Summit at Hotel Itoya on Friday.

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).

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