This archive report was first published on 12 September 2019.
On September 19, 2019, the African Export Import Bank (Afreximbank) and the Government of Uganda will sign a hosting agreement in Kampala for the Afreximbank East Africa Branch Office, valued at Sh3 billion.
The move marks a significant blow to Kenya's efforts to establish itself as a regional financial hub, with President Uhuru Kenyatta's administration facing criticism for delaying approvals.
According to Afreximbank, Kenya's reluctance to grant diplomatic status had forced the agency to woo Kampala for the setting up of the headquarters.
Chairman and President of Afreximbank, Benedict Oramah, had earlier stated that Nairobi kept the bank waiting for more than three years for the necessary approvals.
The Treasury had initially indicated in 2016 that Kenya would sign the deal, paving the way for the establishment of the regional headquarters in Nairobi.
However, a decision by the Ministry of Foreign Affairs bureaucrats led by then Cabinet Secretary Amina Mohamed appeared to have scuttled the process.
