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ECO4030

Institution: USIU

Course: Bachelor in Finance

Content Category: Research Projects

Posted By: stacy Makau123

Document Type: DOCX

Number of Pages: 12

Price: KES 100
 
    

Views: 187     Downloads: 0

Summary

Term paper on Lake Region Economic Bloc.

INTRODUCTION BACKGROUND

Regional Economic Blocks are associations of counties in particular regions that coordinate and support commerce between themselves (OKEYO, 2021). A non-hardliner organization known as the Council of County Governors (COG) was established under Section 19 of the Intergovernmental Relations Act. According to the Council of Governors, there are six Regional Economic Blocs in Kenya that were created by County Governments or other reverted units. These blocs are connected by common interests like marketing, agriculture, and travel destinations, as well as cross-border trade and speculation. Since they are handled effectively better than non-individuals, regional economic coalitions and blocs direct the exchange and production of exchange among individuals. They offer resources to deal with various everyday challenges that affect them. These economic blocs have been developed in Kenya by the local leaders who rely on regional financial activities and communal resources to spur development(OKEYO, 2021).

There are 14 counties surrounding the Lake Victoria Region that make up the Lake Region Economic Bloc (LREB). According to the blueprint, the Lake Region is made up of the following thirteen counties: Bungoma, Busia, Homa-Bay, Kakamega, Kisii, Kisumu, Migori, Nyamira, Bungoma, Kericho, Transnzoia, Siaya, and Vihiga. In addition to sharing similar biological regions and natural wealth, they also share historical migration and trade routes-related cultural antecedents (OKEYO, 2021). With approximately 10 million residents, or nearly 25% of Kenya's total population, the Lake Region Economic Bloc Counties are among the most populous areas in the country. The Blue Print for the Economy also known as LREB Blue Print was created to direct development activities by influencing existing assets, addressing obstacles, and outlining crucial actions that regional leaders and residents can do to make their common goal of prosperity a reality (LREB, n.d.). The Lake Region Economic Bloc aspires to aggressively protect and influence the future of the region by presenting the socioeconomic goals of 14 counties in the Lake Basin Region. The Economic Blueprint is intended to direct development activities by utilizing current resources, removing obstacles, and outlining crucial actions that regional leaders and residents can do to make their common goal of prosperity a reality (LREB, n.d.).

The Lake Region Blue Print for Economic Development is in line with the County Integrated Development Plans for each County Government and the National Development Plans of Vision 2030. For the benefit of the stakeholders, the Lake Region Economic Bloc's mandate is to: coordinate and facilitate service delivery and development, improve public joint investments in capital assets through resource mobilization, promotion of trade, investment development, tourism, sports, and health on a regional and global scale, fostering innovative social planning, developmental research, and activity coordination through centres of research and innovation (LREB, n.d.). To make use of the plentiful natural assets, build on current strengths, and handle issues, a collaboration between all the counties is both necessary and opportune. However, the majority of farming in the area is on a small scale, with most landholdings being between 0.5 and 2 acres in size. Additionally, the majority of farming is still practised using antiquated and conventional methods, which harm agricultural productivity.
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