NAIROBI, Kenya, Oct 29 – The African Export-Import Bank (Afreximbank) aims to boost local trade through the upcoming African Sub-Sovereign Governments Network (AfSNET) Conference, set to take place in Kisumu from November 25-27.
The event, organized in collaboration with the United Cities and Local Governments of Africa (UCLG Africa), focuses on increasing the role of Africa’s sub-sovereign governments in driving intra-African trade and implementing the African Continental Free Trade Area (AfCFTA).
Under the theme, “Leveraging the AfCFTA for Sustainable Trade and Investment: A Development Pathway for African Sub-Sovereigns”, the conference will foster collaboration across sub-sovereign regions to support AfCFTA’s goals of creating the world’s largest free trade area, connecting over 1.2 billion people and generating a combined GDP of $2.5 trillion.
Afreximbank’s Vice President of Intra-African Trade, Kanayo Awani, highlighted that the initiative, in partnership with the Forum of Regions of Africa (FORAF), has introduced $2 billion in financing to address the financial challenges of sub-sovereign entities and businesses, thereby enhancing accessibility to Afreximbank’s trade and investment products.
Kisumu Governor Peter Anyang’ Nyong’o emphasized the critical role of local governments in Africa’s economic development, underscoring the need for greater administrative and fiscal empowerment to spur local economic growth.
