African Sub-Sovereign government leaders and businesses meet in Kisumu City, Kenya to discuss inclusive growth, trade decentralization and investment opportunities
More than 250 sub-sovereign government leaders from across Africa gathered in Kisumu, Kenya today for the fourth African Sub-Sovereign Government Network (AfSNET) conference. Occurs between 25th and 27th In November, the event provides a platform for sub-sovereign leaders and businesses to discuss how local government can attract investment in the region to promote and accelerate inclusive growth and development.
The overarching theme of the conference, organized by the African Export-Import Bank (Afreximbank) in partnership with the Kisumu County Government and the Union of Cities and Local Governments Africa (UCLG Africa), was “Leveraging the African Continental Free Trade Area to Promote Sustainable Trade and Investment: A Development Pathway for African Sub-Sovereign Countries”. Key objectives of the event include strengthening the role of African sub-sovereign governments in promoting intra-African trade and investment, as well as the successful implementation of the African Continental Free Trade Area (AfCFTA).
African sub-sovereign governments, including state, county, provincial, municipal and regional authorities, play a key role in the economic development of African countries. The African Union predicts that Africa’s economic GDP will grow by 3.7% in 2024, slightly higher than the global average of 3.2%. This growth enhances the indispensable role of sub-sovereign governments for African economies and their people.
Recognizing this, Afreximbank has committed US$2 billion to these key players to support governments and businesses in African countries.
In his keynote address at the AfSNET conference in Kisumu, Kenya, His Excellency Dr. William Ruto, President of the Republic of Kenya, acknowledged the Bank’s support to African governments, including Kenya:
“I want to thank Benedict Oramah Professor took the time to join us in this meeting. Your presence is yet another example of the Bank’s unique approach under your leadership, by engaging with stakeholders across the continent, including local entities such as Africa and decentralized governments such as Kisumu. Afreximbank continues to demonstrate innovative ways to provide credit to African governments and the public sector while promoting sub-Saharan African countries. Kenya is an example of deeper collaboration between countries. This spirit of innovation aligns perfectly with the aspirations of the African Continental Free Trade Area, creating a dynamic network of ambitious, future-oriented institutions and governments that will drive this collaboration. Transformative grassroots engagement enables Africa to achieve an unparalleled position in global value chains and contribute significantly to its bottom-up transformation.”
Speaking on the importance of the meeting, President Ruto noted: “By promoting peer-to-peer learning, the forum strengthens cooperation among sub-sovereign governments. Decentralization established in Kenya’s 2010 constitution is a huge innovation that has become a success story that Kenyans are proud of as it brings It brings services closer to the people, enhances the power of grassroots participation in government, protects the rights of minorities, and enhances the fairness of resource mobilization and distribution.”
Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, commented:
“The African Network of Sub-Sovereign Governments (AfSNET) initiative has thrived thanks to the joint efforts and strong commitment of partners who recognize the enormous potential of sub-sovereign governments as engines of broad-based economic development and, by extension, our societies at the grassroots level. At Afreximbank, we firmly believe that to be successful in our economy, development initiatives must be decentralized; Development demand must originate from and flow from the periphery to the centre. Under the African Continental Free Trade Agreement (AfCFTA), we are actively implementing the AfSNET initiative to promote intra-regional trade and investment. We collectively recognize that cities, states and provinces within a country. Exhibit significant diversity – differences in population size, resource endowments, skill sets and sectoral specialization.”
Professor Oramah continued that this conference is an important prelude to the upcoming Intra-African Trade Fair (IATF2025) to be held in Algiers, Algeria from September 4 to 10, 2025, and delegates are welcome to contribute to the discussions at the conference. IATF2025.
AfSNET was established by Afreximbank as a platform to promote intra-African trade and investment, educational and cultural exchanges, and promote the effective participation of sub-sovereign countries in Africa’s development and prosperity in the context of the AfCFTA.
Distributed by APO Group on behalf of Afreximbank.
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vincent city
Communications and Events Manager (Media Relations)
e-mail: press@afreximbank.com
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About Afreximbank:
The African Export-Import Bank (Afreximbank) is a pan-African multilateral financial institution whose mission is to finance and facilitate intra-African and external trade. For 30 years, the World Bank has been providing financing solutions through innovative structures to support the transformation of Africa’s trade structure, accelerate industrialization and intra-regional trade, thereby promoting Africa’s economic expansion. As a staunch supporter of the African Continental Free Trade Agreement (AfCFTA), the African Export-Import Bank launched the Pan-African Payments and Settlement System (PAPSS) and was adopted by the African Union (AU) as a payment settlement platform to support the African Continental Free Trade Agreement. implementation. African Continental Free Trade Area. The World Bank is working with the African Continental Free Trade Area Secretariat and the African Union to establish a US$10 billion adjustment fund to support countries that participate effectively in the African Continental Free Trade Area. As of the end of December 2023, Afreximbank’s total assets and guarantees exceeded US$37.3 billion, and shareholder funds amounted to US$6.1 billion. Afreximbank has investment grade ratings from GCR (International Grade) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity consisting of the Bank, its impact fund subsidiary Africa Export Development Fund (FEDA) and its insurance management subsidiary AfrexInsure (together the “Group”). The bank is headquartered in Cairo, Egypt.
For more information, please visit: www.Afreximbank.com
About UCLG Africa (UCLG Africa (United Cities and Local Governments in Africa)):
The umbrella organization of local governments in Africa was established in 2005 in the South African city of Tshwane as the result of the unification of three continental local government groups, namely the Alliance of Local Governments in Africa (AULA); the Union of Municipalities in Africa (UVA); and the União das Ciudades e Capitães Lusófonas Africanas (UCCL AFRICA) African Chapter. The organization’s founding meeting was held in Tshwane, South Africa, in May 2005. UCLG Africa brings together 51 national associations of local and regional governments and 2,000 municipalities with more than 100,000 inhabitants from across Africa. UCLG Africa represents more than 350 million African citizens. UCLG Africa is a founding member of the world organization UCLG and is the regional representative of Africa. It is headquartered in Rabat, the capital of the Kingdom of Morocco, and enjoys the diplomatic status of a pan-African international organization. It also has regional offices on the African continent.
