14 Lake Region Counties to contribute 2.8 billion to establish a Bank.

  The Lake Region Economic Bloc Interim Head of Secretariat Abala Wang{L} shakes hands with the Lake Basin Development Authority Managing Director Evans Atera.The two Organization  have entered into a broad partnership to promote sustainable and equitable socio-economic development-Photo By County Government of Kisumu.

By Dickson Odhiambo

March 14,2018.

14 Lake Region Counties to contribute 2.8 billion to establish a Bank.

FOURTEEN counties within the Lake region are expected to contribute an Estimated sh 2.8 billion towards the establishment of their Bank.

Under the Lake Region Economic Bloc {LREB}, each of the 14 counties is expected to contribute sh 200 million towards the formation of the bank.

The 14 Counties under the bloc include Kisumu, Siaya, Homa Bay, Migori, Kisii, Nyamira, Kericho, Nandi, Bomet, Trans Nzoia, Vihiga, Kakamega,Bungoma and Busia.

Speaking to Journalists during a strategic partnership meeting between the Lake Region Economic Bloc and the Lake Basin Development Authority in Kisumu on Tuesday this week, the Lake Region Economic Bloc Interim Head of Secretariat Abala Wanga said already Kakamega County has contributed shs 200 Million towards the project.

He adds that Kisumu County has also contributed shs 100 million towards it, adding that a few counties forming the Bloc have also contributed part of the shillings 200 million.

Wanga says the Counties are given a deadline of October this year where they are expected to submit their contributions.

Wanga says already the office of the Controller of Budget has approved the project and has given them a go ahead so as to establish the Bank under the bloc’s entity.

Wanga adds that before the end of this month of March, all the Governors from the Counties forming the Lake Region Economic Bloc will hold a summit in Kakamega County so as to deliberate further on the issue.

“We are at a very advanced stage of a formation of a bank and what is still delaying us now is the injection of the capital where each county is supposed to contribute shs 200.This money is deducted by the Central Bank of Kenya for the specific County and Kakamega County has given its 200 million while Kisumu has contributed shs 100 million towards this,” Wanga says.

He says the money contributed so far will stay at the Central Bank of Kenya until all the 14 Counties shall have made their contributions after which CBK will start the process of registering the Bank.

At the same time, the Lake Region Economic Bloc {LREB} and the Lake Basin Development Authority have entered into a broad partnership to promote sustainable and equitable socio-economic development.

LBDA Managing Director Evans Atera says the partnership is also aiming at enhancing integration among the counties in the Lake Region and its environs.

He says it will also help in leveraging the two organizations’ respective strengths in order to achieve access to new and expanded markets, economies of scale, comparative strengths, shared resources and values.  

“Revolutionize the region by bringing together researched data and information in addition to well thought-out interventions and growth strategies through the LBDA’s master plan and the LREB’s Blueprint,” said Abala, the Interim Head of Secretariat LREB,and Atera, the Managing Director LBDA in a joint press statement.

The Lake Region Economic Bloc {LREB} is a conglomerate of fourteen counties which have integrated for purposes of socio-economic development and regional prosperity.

The 14 Counties have similar ecological zones and natural resources; they have analogous cultural histories that date back to historical migrations and trading routes.

A partnership between the counties is both essential and timely and creates a practical framework through which county government efforts can be pooled to harness the abundant natural resources, build on existing strengths and address challenges.

LREB’s economic Blueprint was born out of the understanding that strategic connections between counties with shared interest seated in a desire for mutual benefit can be an effective intelligent means of increasing the possibility of creating notable development impact across several counties.

It has a vision of being a world class bloc in promotion of sustainable, equitable socio-economic development for a better life while its mission is to achieve sustainable development through coordination, promotion, resource mobilization, innovation and enhancement of equitable economic integration in the Lake region.

 ENDS: