Afrexibank sets aside Sh40b kitty targeting counties

Monday, June 5th, 2023 03:30 | By
Afreximbank executive director Grainmore Zanamwe
Afreximbank executive director Grainmore Zanamwe. PHOTO/Courtesy

The African Export-Import Bank (Afreximbank) says it has ring-fenced Sh40 billion to promote intra-African trade in the horn of Africa.

This, coupled with another Sh200 billion marked for various capital projects this financial year, can be tapped by Kenya’s county governments.

Afreximbank executive director Gainmore Zanamwe said  they intend to work directly with the sub-national units to expedite rural economic growth in Africa. “Our focus is in the rural areas where there exists abundant natural resources, some of which remains untapped to date, to boost agricultural production for export,’’ said Zanamwe

The lender singled out the Special Economic Zones (SEZ), the maritime sector, agriculture and health as their top priority areas.

“We are ready to fund agribusiness projects that aims at opening the African markets for increased trade so that we can rely on our resources as opposed to imports abroad,’’ he said.

Speaking in Kisumu County over weekend, when he met the Lake Region Economic Bloc(LREB) governors, he urged the leaders to come up with bankable projects.

The bank was in Kisumu courtesy of the United Cities and Local Government of Africa (UCLGA). “We want to shift focus to work or engage directly with the sub-national governments to see how they will act,’’ ULCGA Secretary general Jean Pierre Elong Mbassi said.

Governors in attendance were Anyang Nyong’o, (Kisumu), James Orengo (Siaya), Wilber Ottichillo, (Vihiga) and Dr Ochillo Ayacko(Migori).

The main aim is to create and promote intra -African trade by serving as a platform for market identification, building business partnerships, and understanding African markets.

Last Month, he revealed that Afreximabank signed a US$3 Billion Country Programme with the Government of Kenya, witnessed by President William Ruto at State House Nairobi.

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