The Lake Region Economic Bloc (LREB) has secured legal recognition following the ratification of its Act by six member counties, fulfilling the constitutional threshold required for formal establishment. Busia County's approval marked the sixth ratification, completing the minimum requirement of at least a third of the 14 assemblies to enact the legislation. This milestone enables the bloc to proceed with official gazettement, granting it authority to manage funds and initiate projects under a binding legal framework.
The bloc's Chief Executive Officer, Abala Wanga, emphasized the necessity of setting a timeline and threshold for ratification, citing delays caused by varying processing schedules among counties. He noted that the legal status now allows LREB to register joint ventures with the attorney general, Treasury, and controller of budget, advancing its vision for regional prosperity. With 14 million people across the member counties, the bloc aims to implement flagship initiatives including a regional bank, revived marine transport, and a revitalized sugar industry.
Wanga revealed that the bloc has identified a commercial bank for potential acquisition, with discussions at an advanced stage. Member counties have already deposited Sh800 million into a fixed deposit account, signaling financial commitment. The remaining eight counties are in the process of ratifying the Act, as all assemblies already hold the legislation for consideration. The development coincides with the Ministry of Devolution's launch of a national policy on regional blocs during the sixth Devolution Conference in Kirinyaga County.
