Counties to adopt regional economic block

Fourteen county assemblies are expected to adopt the Lake Region Economic block in the next three months, the has revealed.

Oparanya who is also Kakamega Governor, told a press conference at the region’s new Economic block offices, in Kisumu on Thursday, that with the help of the World Bank, together with Deloitte & Touch, they have identified the flagship projects to be undertaken.

He explained that as soon as a third of the 14 counties ratify the Economic bloc, the secretariat will move fast and deliver what the regional leaders promised the residents, hence transform their livelihood.

Already Kisumu County has set aside Sh.100 million towards jumpstarting the operations of the regional bank, while Kakamega County has also budgeted for Sh.200million towards the same endeavor, the Lake Region Economic bloc’s chairman revealed.

Oparanya said the bloc was already negotiating with some banks to ensure that by October, 2018 the Regional bloc’s Bank will be flagged off to act as a vehicle to spur economic growth in the region.

Relevant committees have been formed with respective chairpersons expected to report to the summit, composed of all the 14 Governors, County Executive Committee (CEC) for Finance and County Secretaries, totaling 28 members, who confirmed Abala Wanga as the first Chief Executive Officer (CEO) of the Lake Region Economic Bloc.

He commended all those who served the bloc on an acting capacity, but pointed out that they have now formalized the appointments and come up with structures to ensure every county is represented in the secretariat.

The summit also elected Geoffrey Mulai the first chairman, charged with presiding over the technical aspects of management of the regional economic bloc.

Now that Lake Region Economic bloc is based in Kisumu, I have come here to familiarize myself with the number of projects, earmarked for exploitation, stated Oparanya during the press briefing.

Last Monday, March 26, 2018 the 14 Governors officially signed the legal instrument, in Kakamega to facilitate the operations of the Lake region Economic bloc.

Source: Kenya News Agency