In Summary
  • This follows advice from the Controller of Budget, said Mr Ranguma, who chairs the committee planning the bank.
  • The counties also seek to use it to stop the perennial lateness in disbursement of funds from the National Treasury.
  • Each county will contribute Sh100 million.

Counties in western Kenya have received the green light to allocate money to set up a Sh1.1 billion regional bank.

Kisumu Governor Jack Ranguma Wednesday said 11 counties, seeking to establish a common bank, had been allowed by their assemblies to allocate Sh100 million each.

This follows advice from the Controller of Budget, said Mr Ranguma, who chairs the committee planning the bank.

The controller had asked them to seek approval of their county assemblies.

“Most counties have got the approval of their assemblies to set aside the funds and we expect the process of setting up to begin soon,” the governor told the Nation in Kisumu.

They hope the bank will lend them money, grants and create wealth in the regions.

Its creation was recommended mid-2014.

FUNDS FROM NATIONAL TREASURY

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