The 4th African Sub-Sovereign Government Network (AfSNET) Investment Conference concluded on a high note in Kisumu on Thursday, November 27, 2024, with a vibrant closing ceremony at the Grand Royal Swiss Hotel. Algeria is set to host the 5th AfSNET conference during the Intra-African Trade Fair (IATF) in September 2025.
Milestones Achieved in Kisumu
The conference, hosted by Afreximbank in collaboration with the County Government of Kisumu and UCLG Africa, gathered delegates from across Africa to explore strategies for leveraging the African Continental Free Trade Area (AfCFTA) to promote sustainable trade and investment.
Kisumu Governor Prof. Peter Anyang’ Nyong’o, while presiding over the closing ceremony, hailed the event as a resounding success. He announced a landmark agreement signed during the conference between the Kisumu County Government, Great Lakes University, and Med Aditus Pharmaceutical to establish a Ksh1.6 billion pharmaceutical manufacturing plant in Kisumu.
“The Fourth Investment Conference of AfSNET has advanced discussions on how the AfCFTA drives sustainable trade and investment for African sub-sovereigns,” said Nyong’o.
Key Resolutions and Announcements
The conference saw critical resolutions aimed at empowering African sub-sovereign governments and advancing regional economic integration, including:
- Enhanced Financial Support: Afreximbank committed $2 billion to support trade-enabling infrastructure and industrialization projects across Africa.
- Capacity Building: Training sessions for investment professionals were held, attracting over 210 participants and strengthening investment promotion.
- Public-Private Partnerships: Emphasis was placed on mobilizing resources through PPPs to address funding gaps and accelerate infrastructure projects.
- Youth and Gender Inclusion: Delegates highlighted the importance of creating equitable opportunities for all demographics.
President William Ruto’s address at the conference underscored the pivotal role of infrastructure development, digital transformation, and regional trade networks in achieving sustainable growth. He commended Afreximbank’s innovative initiatives, including the African Trade Gateway (ATG) and the Pan-African Payment and Settlement System (PAPSS).
“We must prioritize the inclusion of small businesses in intra-African trade value chains and invest in infrastructure that connects rural and urban economies,” Ruto stated.
Looking Ahead to Algeria 2025
The Kisumu conference concluded with a unified call for collaboration among sub-sovereign governments to advance AfCFTA goals. Algeria will host the 5th AfSNET conference from September 4 to 10, 2025, during the IATF, focusing on fostering cross-border trade and investment partnerships.
This year’s deliberations and resolutions reaffirmed AfSNET’s mission to enhance cooperation, drive innovation, and strengthen Africa’s position in the global economic landscape.
