Afreximbank Announces Investment Conference in Kisumu, Kenya to Strengthen Sub-Sovereign Participation in Intra-African Trade

In a bid to strengthen the role of Africa’s sub-sovereign governments in driving intra-African trade and investment, and the successful implementation of the African Continental Free Trade Area (AfCFTA), African Export-Import Bank (Afreximbank), in collaboration with the County Government of Kisumu and the United Cities and Local Governments of Africa (UCLG Africa) is organizing the fourth edition of the African Sub-Sovereign Governments Network (AfSNET) Conference.

The Conference will take place in Kisumu City, Kenya, from 25 to 27 November, under the theme ‘Leveraging the AfCFTA for Sustainable Trade and Investment: A Development Pathway for African Sub-Sovereigns.’ A key feature of the event will be an exhibition aimed at promoting trade at a local level, to be preceded by investment promotion training on the first day.

One of the key objectives of the conference is to foster greater collaboration in promoting trade, development, and investment initiatives among African sub-sovereigns, aligned with AfCFTA’s goals.

Mrs. Kanayo Awani, Executive Vice President of Intra African Trade and Export Development, Afreximbank who will be speaking at the Investment Conference noted:

“Afreximbank partnered with the Forum of Regions of Africa (FORAF), an organ of the UCLG Africa under the AfSNET initiative to ensure its products and interventions for trade and investment promotion are accessible both at the local and sub-sovereign level. This resulted in the announcement of US$ 2 billion in financing to tackle the pressing financing challenges faced by sub-sovereigns and businesses.”

Mrs. Awani explained that Afreximbank will be leveraging the successes of the third AfSNET Investment Conference held during the Intra Africa Trade Fair (IATF2023) in

Cairo, Egypt offering sub-sovereign governments the opportunity to showcase investment projects to potential investors and financiers, further strengthening the Bank’s commitment to facilitating impactful investments across the continent.

While inviting delegates to participate in the forum, Kisumu County Governor H.E. Prof. Peter Anyang’ Nyong’o said:

“Africa’s economic renaissance is hinged on unbridling the developmental capacity of local governments and increasing decentralization. Despite the gains made in decentralization in recent decades, African local governments still have low administrative and fiscal capacity to realize the much-needed local economic development. AfSNET, an innovative tool of Afreximbank, therefore comes in handy to bridge that gap and allow sub-sovereigns to accelerate and improve the quality of economic growth in Africa. Its vision aligns with the aspirations of the African Sub Sovereigns umbrella organization UCLG Africa to support decentralized governments’ access and participation in continental and international financial markets while also supporting the development of their fiscal capacities. As the Governor of Kisumu, it gives me great pleasure to warmly invite all the delegates to come and interact and share in the social and cultural passion of Kisumu and to experience our boundless economic opportunities.”

Mr. Jean Pierre Elong Mbassi, Secretary General, United Cities and Local Governments of Africa while outlining UC LG’s mandate remarked:

“Among the mandates of UCLG Africa is to assist its members to attract investments in sub-national and local governments to improve the living conditions of the populations, economic activities, and businesses established within their territories. UCLG Africa supports its members in adopting local economic development policies and strategies that investment plans derive from, and that gives impetus to public and private business development.”</