LREB chooses Deloitte as transaction advisor as shs 700M contributed so far for regional bank formation
By Dickson Odhiambo
August 14, 2018.
LREB chooses Deloitte as transaction advisor as shs 700M contributed so far for regional bank formation.
THE Lake Region Economic Bloc {LREB} has chosen Deloitte
East Africa as its advisor on regional bank formation.
LREB Chairman Wickliffe Oparanya says they have received
procurement report which has identified Deloitte East Africa as the advisor in
the regional bank process.
Addressing the press at the Bloc’s Secretariat in Kisumu,
Oparanya said the formation of the regional bank is under the Bloc’s economic
Blue Print under the Financial Services Pillar as a flag ship project.
He says the company will be now the transaction advisor to
the Bloc on the issue of the formation of the regional bank.
“Under our economic Blue Print we have indentified
establishment of the regional Bank under the Financial Services Pillar as the
flagship project.We have received the procurement report which has identified
Deloitte East Africa as the advisor in the regional Bank Process,” Oparanya
says.
The LREB Chairman says already the about shs 700 million has
been contributed by about 4 member counties of the Bloc towards the formation
of the regional bank.
He adds that each of the 14 member counties of the bloc
should contribute shs 200milllion toward the project.
He says the formation of the Bank will need shs 2.8 billion
after all the 14 member counties contribute towards the project.
Oparanya who is also the Kakamega County Governor says
already there is a tremendous progress has been made so far by county assemblies
in the ratification of the Lake Region Economic Bloc Bill,adding that Kakamega
County Assembly has already passed the Bill and he will sign it into law.
Oparanya who was accompanied by the Vice Chair of the Bloc
Dr. Joyce Laboso has hinted that the bloc will have hold the Lake Region’s
Trade Investment and Blue Economy Conference in Bomet on October 23 to 26 this
year.
Dr. Laboso who is also the Bomet Governor says the Regional
conference will be held in partnership with the National Government Agencies,
Private Sector and Development partners.
Laboso says the three day conference will be a platform to
showcase the region’s investments opportunities and bring leading
international, regional and national investors to engage in lively discussions
with the leadership of LREB and development partners on increased investments
to the region.
“The conference outcomes will provide invaluable insights
into the region’s strategic direction and priorities going forward,” Dr. Laboso
said.
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 under the bloc include Kisumu, Siaya, Homa
Bay, Migori, Kisii, Nyamira, Kericho, Nandi, Bomet and Trans Nzoia. Others are
Vihiga, Kakamega,Bungoma and Busia.
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.
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