AfDB and ASEA partner to deepen Africa’s capital markets
They have already started collaborating on the African Exchanges Linkage ProjectThe African Development Bank (AfDB) and the African Securities Exchanges Association (ASEA) are joining forces to deepen and connect African financial markets.
They have signed a five-year Memorandum of Understanding (MoU) that will provide a collaborative framework for harmonising and coordinating various projects in areas such as financial markets infrastructure development, introduction of new products in the market, improving market liquidity, information sharing and capacity building.
The two institutions have already started collaborating on the African Exchanges Linkage Project, which is designed to improve liquidity and foster greater investments and trading across markets.
AfDB president Akinwumi A. Adesina said the partnership will allow both parties to leverage "huge pools of capital available in sovereign wealth funds, pensions and insurance for the development of Africa".
He also called for "increased mobilisation of domestic pools of savings and support for small and medium enterprises (SMEs), as they constitute the bulk of Africa's private sector."