KISUMU, Kenya, Nov. 26 (Xinhua) -- A two-day regional conference opened in Kenya's lakeside city of Kisumu Tuesday amid calls for African institutions to deepen understanding of the continent's economy and the unique challenges it faces.

The Fourth Investment Conference of the African Sub-Sovereign Governments Network (AfSNET), hosted by the African Export-Import Bank (Afreximbank) in collaboration with the County Government of Kisumu and the United Cities and Local Governments of Africa (UCLG Africa), provided a platform for governments to deliberate on ways of enhancing trade and advancing goals of the African Continental Free Trade Area.

Kenyan President William Ruto said in his opening remarks that African institutions should be strengthened to spearhead the continent's agenda.

Ruto cited the Afreximbank as an example, noting that such institutions should be able to provide customized solutions. "We see the value in growing African institutions that understand our landscape and our economies. They can better support and use creative means to support our economies," he said.

The Kenyan leader said the bank facilitates deeper collaboration among Sub-Saharan countries in line with the aspirations of the African Continental Free Trade Area Agreement.

Kenya has a framework agreement with Afreximbank worth 3 billion U.S. dollars, Ruto said, stressing that it has significantly supported the country's development agenda.

"They have supported our fuel imports, commodity trade and other aspects of economic endeavors," the president said, adding that Kenya would sign more agreements with the bank, focusing on infrastructure development, the cotton value chain and investments in the textile industry.

The investment conference brought together over 250 participants including Afreximbank President and Board Chair Benedict Oramah and UCLG Africa Secretary-General Jean Pierre Elong Mbassi.

Oramah urged African nations to do away with visa restrictions to facilitate the cross-border movement of people, goods and services. Enditem

Related

Go to Forum >>0 Comment(s)