Afreximbank to help sub-national governments invest in Africa

The hosting of the 29th session of the Executive Committee of the United Cities and Local Governments of Africa at Ciala Resorts in Kisumu, Kenya, provided the opportunity to organise a workshop for the African Export-Import Bank (Afreximbank) to address the leaders of Subnational and Local Governments in Africa on June 2nd, 2023.

Kisumu County Government organised the workshop, in collaboration with UCLG Africa and Afreximbank. There were subnational and local government figures in attendance, including the Lake Region Economic Bloc governors and deputy governors, members of the UCLG Africa Executive Committee and Secretariat, and Kisumu County government officials and personnel.

The Governor of Kisumu, Prof. Peter Anyang’ Nyongo’o highlighted the importance of the creation of this initiative. “We appreciated the possibility of the Afreximbank coming on board to support subnational governments. The leadership of UCLG Africa have for a long time battled on this, and hence set up the Africa Territorial Trade and Investment Agency (ATIA). This contributes to this opportunity today that we welcome to this platform Afreximbank. Together we believe Africa will be developed”, he said. 

“Every development is local. It means that, if you want to grow, you start locally. We created ATIA because we wanted the Sub-national Local Governments of Africa to participate in the realization of the African Continental Free Trade Area (AfCFTA). UCLG Africa signed a Memorandum of Understanding (MoU) with Afeximbank to improve the level of investments at the sub-sovereign level of governance have investments brought by the bank or to convince people with investments to get into our Subnational Local Governments Network. So that this becomes changing agents for the development of this continent”, said Mr. Jean Pierre Elong Mbassi, Secretary General of UCLG Africa. 

Notice that the MoU signed between Afreximbank and UCLG Africa, contains a detailed Implementation Plan that will ensure the ideals of the collaboration to improve the governance and economic conditions of Sub-Sovereign Governments are achieved and that a Data Management System is developed to boost economic development in African Regions.  

Dr. Gainmore Zanamwe, Acting Director, Intra-African Trade Bank, made a presentation of key Afreximbank financing products of interest for Sub-Sovereign Governments. “We want to work with you to help you to build your development projects. And for those who have already launched their projects, we can support you to find investors. Because we do believe that, business is actually done at the subnational level”, he explained.  

Mr. Zanamwe presented a series of instruments and products developed by Afreximbank to assist sub-sovereign governments in identifying business and trade opportunities and supporting the design of a portfolio of bankable projects that would participate in changing the sustainable development trajectory of sub-sovereign governments in Africa.