Kenyan Cabinet approves establishment of main branch of African Export Import bank in Nairobi
NAIROBI – The Kenyan Cabinet on Tuesday approved the establishment of branches of the African Export Import bank which will handle the affairs of the five members of the East African Community (EAC) –Kenya, Burundi, Rwanda, Tanzania and Uganda.
The African Export Import Bank was established in October, 1993 by African governments, African private and institutional investors as well as non-African financial institutions and private investors for the purpose of financing, promoting and expanding intra-African and extra-African trade, according to the bank’s website. Its headquarters is in Cairo.
There will be a main branch located in the Kenyan capital Nairobi, and there will be a branch office outside the city to serve the East African Region, the cabinet said in a statement. “The choice of Nairobi by the African Export-Import Bank as a host city for the Bank’s regional office for Eastern Africa is an attestation to the recognition of Nairobi as a regional hub and its global significance,” the statement said.
According to Dr. Samuel Nayndemo, an economist and lecturer at the University of Nairobi, the choice of Nairobi as a seat for the bank is significant. “This is a clear picture that shows that the country is a financial business hub, that is good for the country, especially for the financial sector,” he told Anadolu Agency in an interview on Tuesday.
“It was not by accident that Nairobi was chosen to host the regional bank; within the region, Nairobi is among the best in terms of financial soundness, it is one of the economic giants in the region.”Anthony Muli, an economist from the Co-operative Bank of Kenya, told Anadolu Agency that the bank will help maintain financial stability in the East African region.
Source: News Fulton Country

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