African Development Bank concludes first day of African Financial Markets Initiative workshop in Johannesburg

Dec 01, 2015

The 4th Annual African Financial Markets Initiative (AFMI) workshop on Local Currency Bond Markets in now underway in Johannesburg, South Africa.

During the first day of the workshop, the AFMI presented recent developments on the African Financial Markets Database (AFMD) and the AFMI website, which is the continent' primary knowledge hub on African Local Currency Bond Markets. The AFMD currently covers 43 countries. Through the AFMD, the African Development Bank has committed to help African markets reach the best international standards in terms of data collection and dissemination. The AFMI team also presented the African Fundamental Bond Index (AFBI) 2015 rankings report in addition to outlining the AFMI Technical Assistance Program for 2016. Thirty-two (32) countries were represented on this opening day with remarks delivered by Leon Myburgh, Head of the Financial Markets Department, South African Reserve Bank. Myburgh reiterated the pivotal role of AFMI in improving the availability, frequency, quality, and transparency of bond market data thereby enabling investors to make better-informed investment decisions and ultimately adding to their willingness to participate in African debt markets. His comments were echoed by Stefan Nalletamby, Director of the AfDB's Financial Sector Development Department, who emphasized the importance of developing robust, deep and liquid domestic financial markets not only to mobilize much-needed financing, but also to ensure financial stability and to reduce the currency mismatch between sovereign assets and liabilities. The second day of the workshop will bring together all AFMI stakeholders including the South African private sector. Participants along with a panel of industry experts will delve into the subject of developing the institutional investor base for vibrant domestic debt markets across Africa. About AFMI In 2008, the African Development Bank (AfDB) launched the African Financial Markets Initiative (AFMI) as part of its strategy to develop the financial sector in Africa. This initiative aims to contribute to the development of domestic bond markets in Africa through its two complementary pillars: i) the African Financial Markets Database (AFMD) and ii) the African Domestic Bond Fund (ADBF).