Kenya's Cabinet approves establishment of regional bank in Nairobi

Nairobi, Kenya: The Cabinet has approved a proposal to establish a regional financial institution in the country that will take care of the East Africa Community’s five member states.

The Cabinet, which met Saturday, approved the creation of African Export Import (Afrexim) Bank in Nairobi to foster financial power in the block.

“The choice of Nairobi by Afrexim as a host city for the bank’s regional office for Eastern Africa is an attestation to the recognition of Nairobi as a regional hub and its global significance,” a statement sent to media houses by the Cabinet office read.

The Cabinet also approved Kenya’s hosting of the Global Alliance (GA) for Public Relations and Communication Management’s World Conference to be held at the Kenyatta International Convention Centre, Nairobi from November 14-18.

The event will bring together over 160,000 practitioners and academicians to share knowledge and experience in the conference geared at improving professional standards for the global public relations society. The conference will also position Kenya as a key destination for conference tourists.