Fourteen Governors from the Lake Region Economic Block (LREB) including Busia County have committed Sh1.4billion towards the establishment of a regional bank. The decision was arrived at during the third LREB summit in Nandi County.
The Bloc’s chairman and Kakamega Governor H.E. Wycliffe Oparanya said they have also agreed after consultation with statutory bodies to register a joint venture.
“We are on course towards the establishment of the LREB Regional Bank that will invest in a bank,’’ he said
In a statement issued after the third Regional Summit at Nandi Bear Club on Friday, H.E. Oparanya said the Summit has resolved to double their efforts towards the regional Bank Project.
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Busia Deputy Governor Moses Mulomi represented Governor Sospeter Ojaamong who is on official duty outside the country. Also present was County Secretary Nicodemus Mulaku and Director of Communications Winston Mbanda.
The LREB summit was preceded by pre-summits on Thursday including County Assemblies Forum, Peace and Reconciliation meeting of elders from five counties, pillar committees and private sector and development partners and national government meetings.
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Devolution CS Eugene Wamalwa presided over the pre-summit meetings. Busia was represented at the pre-summit meetings by CEC Members Judith Maketso (Trade), Phaustine Barasa (Finance) and Chief Officer Trade Stephen Oyango.
The counties under the bloc have identified the revitalization of the sugar and tea sectors as a priority for the region.
Initially as reported by Your News Vogue, the LREB summit had allocated 1.8b for the construction of the regional bank. The block also had also promised earlier to work with statutory institutions such as the Central bank of Kenya, the Auditor General and the National Treasury.
Subsequently, the bloc also contracted the financial advisory giant through a stiff procurement process to be its financial advisor. This marks the 3rd summit to be held by LREB after the first was held in Hotel Itoya, Busia.