Afreximbank investment conference in Kisumu to strengthen Intra-African trade

Kanayo Awani, Executive Vice President for Intra-African Trade and Export Development at Afreximbank. [Brian Ngugi, Standard]

In a strategic effort to enhance the role of Africa’s sub-sovereign governments in promoting intra-African trade and investment, the African Export-Import Bank (Afreximbank) will host the fourth edition of the African Sub-Sovereign Governments Network (AfSNET) Conference in Kisumu City, between November 25 and 27.

This year’s theme, ‘Leveraging the AfCFTA for Sustainable Trade and Investment: A Development Pathway for African Sub-Sovereigns’ underscores the commitment to advancing the African Continental Free Trade Area (AfCFTA).

The conference will feature an exhibition aimed at boosting local trade, accompanied by an investment promotion training session on the opening day. The primary goal is to foster collaboration among African sub-sovereigns to align their trade and investment initiatives with the objectives of the AfCFTA.

Mrs Kanayo Awani, Executive Vice President for Intra-African Trade and Export Development at Afreximbank, emphasized the importance of local engagement, stating, “Afreximbank has partnered with the Forum of Regions of Africa (FORAF) under the AfSNET initiative to ensure our trade and investment products are accessible at the local level. This collaboration has led to a significant US$2 billion financing commitment to address the challenges faced by sub-sovereign entities and businesses.”

Building on the success of the previous AfSNET Investment Conference held during the Intra-Africa Trade Fair (IATF2023) in Cairo, the upcoming event will provide sub-sovereign governments a platform to present investment projects to potential investors, enhancing Afreximbank's role in facilitating impactful investments across the continent.

Kisumu County Governor Peter Anyang’ Nyong’o expressed his enthusiasm for the conference, highlighting the vital role of local governments in Africa’s economic renaissance. He stated, “Despite advances in decentralization, African local governments often lack the administrative and fiscal capacity necessary for local economic development. AfSNET serves as an innovative tool to bridge that gap and enable sub-sovereigns to enhance economic growth quality.”

Mr Jean Pierre Elong Mbassi, Secretary General of UCLG Africa, reiterated the organization’s mission to assist local governments in attracting investments to improve economic conditions and support sustainable development.

The AfSNET conference will allow Kisumu County Government and the Lake Victoria region to showcase their development strategies and projects to potential investors. This initiative follows a successful history of AfSNET conferences, which have attracted increasing participation and facilitated substantial investment deals.

Afreximbank established AfSNET as a platform for enhancing intra-African trade, investment, and cultural exchanges, aligning with the broader goals of the AfCFTA.