Governors from 11 counties in the Western region of Kenya are looking to stat their own investment bank. The 11 counties have already linked up with professionals in USA and Europe who are advising them on the best way to execute such a plan.
The move is likely to meet stiff opposition from the central government led by Uhuru Kenyatta who is just not interested in seeing any development in the region.
A section of governors have sought the services of US-based company to help them start an investment bank for 11 counties in western Kenya. Each of the 11 counties will deposit Ksh 100 million in the kitty to jumpstart the initiative which will see the bank lending to the counties.
The bank will also be a key channel for diaspora remittance to the region and a source of loan to the county residents. The bank will also be a key lender to the counties if allocation from the central government is delayed.
It will cover counties like Kisumu, Siaya, Homabay, Kisii, Nyamira, Migori, Bungoma, Kakamega, Vihiga, Busia and Kericho. Bome and Nandi Counties have also expressed interests in joining the initiative.