LREB Commits 1.35B to start a Bank

The Lake Region Economic Bloc has set aside shs 1.35 billion towards the formation of a region bank.
Through its chairman , Governor Wickliffe Oparanya, the 14 member counties have committed a total of shs 800million for the Financial Year 2018/2019 budget as an investment capital for the bank project.
Addressing the media in Kisumu today to give a briefing about the forthcoming third Summit meeting of the Bloc which will be held this September 21 in Nandi County, Oparanya said in addition a total of 550 million is expected to be committed through the supplementary budget to improve the investment capital kitty for the regional bank’s project.
Each of the 14 counties who are members of the Lake Region Economic Bloc is to pay shs 200million towards the formation of the regional bank thus expected to contribute a total of sh 2.8 billion toward the project.
Oparanya who is also the Kakamega County Governor says the Bloc has finalized and identified a transaction Advisor on the issue of regional bank formation.
“We have finalized and identified a transaction advisor; more so, we are also in the process of identifying individual experts from the region to join the team who will help the summit to identify the most viable bank to buy into,” Oparanya says.
Oparanya who was accompanied by the Nandi County Deputy Governor Dr. Yulita Cheruyiot says the bloc is in partnership with OPEC fund for international development who has accepted to come on borad and assist the Summit at no cost as technical advisors in the establishment of the Bank.
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.