The African Securities Exchange Association (ASEA) and the United Nations Economic Commission for Africa (ECA), on Monday in Addis Ababa signed a landmark Memorandum of Understanding (MOU) to foster closer collaboration aimed at the developing and integrating the continent’s financial market on a sustainable basis.
The MoU, according to a statement, marks a significant milestone in the efforts to develop Africa’s capital markets, build market capacity, enhance investor confidence, facilitates peer-learning, and promote regional integration.
By leveraging their respective expertise, the statement said both parties will jointly work on several key areas of cooperation like 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.
Commenting on the partnership, Thapelo Tsheole, President of ASEA and Chief Executive of the Botswana Stock Exchange, said “the 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”.
Also, Robert Lisinge, Officer-in-Charge, Private Sector Development and Finance Division, ECA, while welcoming the ASEA delegation, 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 mobilize resources and attract investments but also build resilience with market depth.”
He commended ASEA’s work in build market connectivity in Africa and expected fruitful and impactful projects between ECA and ASEA for African countries to develop and integrate their capital markets.
On his part, Jude Chiemeka, Divisional Head, Capital Markets at Nigerian Exchange Limited (NGX), lauded the partnership, stressing that it will broaden the range of financial services and investment opportunities available to both local and foreign investors.
Before the signing ceremony, ASEA and ECA representatives had friendly exchanges on different topics for financial market development in Africa.