Nairobi, Kenya missed out on a huge opportunity to become the African Export – Import Bank (Afreximbank) headquarter.
This is because Kenya’s government could not reach a deal with the Afreximbank in due time, thus prompting the bank to look elsewhere for greener pastures. Their hope was to establish a regional headquarter in East Africa’s largest economy but efforts bore no fruits.
Kampala’s negotiations are understood to be underway and could be concluded by the end of 2018. The branch in Kenya would have been opened over two years ago. However, the twist and turns with the Government frustrated the bank and now seem to have been fixed in Kampala.
Kampala has an interesting market and its strategic location can serve East African countries as well. It is among the busiest hubs in the country with business potentials and ability to drive economic transformation. A number of businesses have been opened within the capital as it possesses great attributes for the investors and target audiences.
The international financial institution is geared at promoting intra- as well as extra-African trade to help economies progress. Its invitation to Uganda will see it establish its $29 million branch to help potential businesses make an economic impact. Celebrating 25 years of operations, Afreximbank continues to seek ways to leverage finance flows into Africa.
The bank has served other parts of Africa with headquarters in Abuja, Nigeria and Cairo Egypt. Its branch in Abidjan, Ivory Coast was opened around the same period they would have opened their East African branch in Kenya. Its presence in the diverse economies has been recording great performances with their vast array of services.
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Uganda will soon be a massive beneficiary of the services the institution has to offer and would be a great addition to the banking sector. The sector has had ups and downs as they continue to serve their customers.
