14 Lake Region counties to contribute Sh200Mn each for establishment of a bank - 12 months ago, 13 Mar 15:20
he Bloc’s interim Head of Secretariat Abala Wanga says that each county will factor in a contribution of Sh200 million in their 2018/2019 financial year. Wanga says the county Assemblies are also expected to come up with relevant Bills to safeguard the Bank. He announced that by October this year, all the counties will have paid the required injection of the capital. The Counties forming the Bloc includes Bomet, Bungoma, Busia, Homa Bay, Kakamega, Kericho, Kisii, Kisumu, Migori, Nandi, Nyamira, Siaya, Trans Nzoia and Vihiga. Speaking during a media roundtable meeting, Wanga says the Central Bank of Kenya (CBK) has opened an account for the initiative. He says the initial capital will be in the custody of CBK until the bloc registers the new Bank. “Through Controller of Budget a legal instrument was made and a special purpose account was opened at CBK and the money is deducted from the Counties ...
Category: business finance