African Sub-Sovereign Governments Network Conference to Promote Intra-African Trade and Investment in Kisumu

A central feature of the conference will be an exhibition aimed at promoting local trade, coupled with an investment promotion training session on the first day.

In an effort to empower Africa's sub-sovereign governments in enhancing intra-African trade and investment, the African Export-Import Bank (Afreximbank) has partnered with the County Government of Kisumu and the United Cities and Local Governments of Africa (UCLG Africa) to host the fourth edition of the African Sub-Sovereign Governments Network (AfSNET) Conference. The event is scheduled to take place from November 25 to 27 in Kisumu City, Kenya, under the theme "Leveraging the AfCFTA for Sustainable Trade and Investment: A Development Pathway for African Sub-Sovereigns."

A central feature of the conference will be an exhibition aimed at promoting local trade, coupled with an investment promotion training session on the first day. This initiative seeks to align with the goals of the African Continental Free Trade Area (AfCFTA), fostering collaboration among African sub-sovereigns in trade, development, and investment initiatives.

Investment and Financing Initiatives

Mrs Kanayo Awani, Executive Vice President for Intra-African Trade and Export Development at Afreximbank, highlighted the bank's commitment to making its products and interventions accessible at local and sub-sovereign levels. She announced that Afreximbank, in collaboration with the Forum of Regions of Africa (FORAF), has earmarked US$ 2 billion in financing to address the pressing financial challenges faced by sub-sovereign governments and businesses.

Building on the successes of previous AfSNET conferences, particularly the third edition held during the Intra Africa Trade Fair (IATF2023) in Cairo, Egypt, the upcoming conference will provide a platform for sub-sovereign governments to showcase investment projects to potential investors. This initiative aims to strengthen the bank's commitment to facilitating impactful investments across the continent.

Local Economic Development

Kisumu County Governor H.E. Prof. Peter Anyang’ Nyong’o emphasized the importance of decentralization in Africa's economic revival. He pointed out that while significant strides have been made in decentralization, local governments often struggle with low administrative and fiscal capacities needed for local economic development. He stated, "AfSNET is an innovative tool that bridges this gap and enables sub-sovereigns to accelerate and improve the quality of economic growth in Africa."

Prof. Nyong'o extended a warm invitation to delegates, urging them to engage with the local culture and explore the economic opportunities in Kisumu.

UCLG Africa’s Role

Mr. Jean Pierre Elong Mbassi, Secretary General of UCLG Africa, reinforced the organization's commitment to assisting its members in attracting investments to enhance local living conditions and stimulate economic activities. He stated, "UCLG Africa supports its members in adopting local economic development policies that propel public and private business growth."

Significance of the Conference

The fourth AfSNET conference will provide Kisumu County and the Lake Victoria region with a unique opportunity to present their development strategies and projects to potential investors. The inaugural AfSNET conference, held in Durban in 2021, attracted over 80 delegates, while subsequent editions have seen growing participation, with more than 250 attendees at the third conference in Cairo, resulting in deals valued at over USD $1.5 billion.

AfSNET was established by Afreximbank as a platform for promoting intra-African trade and investment, educational and cultural exchanges, and fostering effective engagement among sub-sovereigns to advance Africa's development and prosperity within the context of the AfCFTA. The upcoming conference is poised to be a significant step toward achieving these objectives.