The African Securities Exchange Association and the United Nations Economic Commission for Africa have signed a Memorandum of Understanding aimed at fostering closer collaboration and driving financial market development and integration on the African continent.
In a statement issued on Wednesday, the parters stated that the MoU marked a significant milestone in the efforts to develop Africa’s capital markets, build market capacity, enhance investor confidence, facilitate peer learning and promote regional integration.
Based on the MoU, the ASEA and ECA will jointly work on key areas of cooperation including studies and research on financial market development and integration in Africa, training and technical cooperation at national, sub-regional and continental levels, and policy dialogues and advocacy for African countries.
President of ASEA and Chief Executive Officer of Botswana Stock Exchange, Thapelo Tsheole, who attended the signing ceremony in person in Addis Ababa, Ethiopia, hailed the partnership between ASEA and ECA.
He said, “This MOU represents a significant step forward in our collective efforts to develop robust and sustainable capital markets across Africa. By working together, we will create an enabling environment for businesses, foster investor confidence, and contribute to the overall economic growth and prosperity of the continent.”
Officer-in-Charge, Private Sector Development and Finance Division, ECA, Robert Lisinge, in his comments, welcomed the ASEA delegation and noted that at the time of uncertainty and turbulence, “it’s critical for development partners to speed up their efforts in helping African countries develop their domestic capital markets, to not only mobilise resources and attract investments but also build resilience with market depth.”
The Divisional Head, Capital Markets at Nigerian Exchange Limited, Jude Chiemeka, lauded the partnership and added that this would broaden the range of financial services and investment opportunities available to both local and foreign investors.
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