Ugandan President Yoweri Museveni has finally bagged the deal to locate the Sh3 billion regional headquarters of the African Export-Import Bank (Afreximbank) in Kampala. The announcement has dealt a blow to Kenya which has been in the three-year-long bid to establish its headquarters in Nairobi. The agreement is expected to be signed next week. The agency issued a statement saying that the African Export-Import Bank (Afreximbank) and the Government of Uganda will , sign the hosting agreement for the Afreximbank East Africa Branch Office, to be located in Kampala, on September 19, 2019, in Kampala.
Observers had warned Kenya’s decision to delay approvals pointing out that it may lose the race and the investments it brings. Relocating to Kampala or another country meant all potential benefits of hosting such an office, including investment in buildings, rents and employment, would be lost. The relocation is also observed as a setback to President Uhuru Kenyatta’s efforts to create a regional financial hub in Nairobi.
