Bomet supports formation of Western block bank

Bomet residents are supporting the formation of the Lake Victoria Western regional economic block bank to serve member counties in the region.

The proposed financial institution has received the backing of the County’s leadership as well as the youths who are said to be the biggest beneficiaries.

Led by activist, Victor Rob, the youths said the bank will see the youth get access to financial services including loans that would attract little interest.

Rob said the County Assembly of Bomet had the noble responsibility of passing relevant financial bills that would see the County make legal contribution of Sh. 200 million each year.

He said the idea behind the regional economic block was noble in that the region had its own challenges whose solutions were best handled concertedly owing to their similarity.

At the same time, Rob said it was for the best interest of the jobless youths that they got financial support from a bank more advantages as compared to the mainstream financial institutions.

Th e sentiments were echoed by Bomet County Deputy Governor, Dr. Hillary Barchok who said the County administration fully supported funding towards to formation of the bank.

Dr. Barchok said when formed, the bank would have the capacity of extending loans to individuals as opposed to numerous funds laid out before that only benefited only the youths in groups.

Source: Kenya News Agency