The African Export-Import Bank (Afreximbank) is set to organize a landmark event in Kisumu, Kenya, aimed at strengthening the role of sub-sovereign governments in developing intra-African trade. The fourth edition of the Africa Sub-Sovereign Network Conference (AfSNET) will be held from November 25-27, 2024, in collaboration with the Kisumu County Government and United Cities and Local Governments of Africa (UCLG Africa).
$2 Billion Funding Announced
The event marks a significant milestone in implementing the African Continental Free Trade Area (AfCFTA). Ms. Kanayo Awani, Executive Vice President of Afreximbank, announced $2 billion in funding to address the financial challenges faced by sub-sovereign governments and businesses. This initiative builds on the success of the previous AfSNET conference, which was held in Cairo in 2023 during the Intra-African Trade Fair (IATF2023).
An Ambitious Program for Local Development
The conference, themed “Leveraging the African Continental Free Trade Area for Sustainable Trade and Investment,” will include a local trade exhibition and dedicated investment promotion training. For Professor Peter Anyang’ Nyong’o, Governor of Kisumu County, this event represents a crucial opportunity: “Africa’s economic renaissance depends on unleashing local governments’ development capacity and increased decentralization,” he stated.
Growing Success
The evolution of the AfSNET conference demonstrates its growing importance:
- 2021 in Durban: over 80 delegates
- 2022 in Abuja: over 150 participants
- 2023 in Cairo: over 250 participants and $1.5 billion in signed agreements
This fourth edition will particularly allow Kisumu County and the Lake Victoria region economic bloc to present their development projects to investors. In a context where African local authorities continue to face administrative and fiscal challenges, this Afreximbank initiative appears as an innovative tool to stimulate local economic development.
The conference aligns with Afreximbank’s broader strategy, which marks 30 years of commitment to transforming African trade. With assets totaling approximately $37.3 billion as of the end of 2023, the bank continues to play a central role in the continent’s economic development, particularly through initiatives such as the Pan-African Payment and Settlement System (PAPSS) and the $10 billion AfCFTA Adjustment Fund.
