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AfDB, ASEA sign agreement for $600,000 grant to expand network of linked African stock exchanges to 15

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AfDB, ASEA sign agreement for $600,000 grant to expand network of linked African stock exchanges to 15

The African Securities Exchanges Association (ASEA) and the  African Development Bank Group on 28 June signed an agreement for a $600,000 grant to expand the  number of linked African exchanges from 7 to 15 under the second phase of the African Exchanges Linkage  Project.  

The funds will come from the Korea African Economic Cooperation Fund (KOAFEC) Trust Fund, managed  by the African Development Bank. The AELP is a flagship project of ASEA and the Bank Group to link African  capital markets, thereby promoting cross-border securities trading, increasing liquidity and diversifying investment opportunities for investors.

AELP’s second phase will provide investors access to over 2,000 securities listed on up to 15 capital markets  through a cross-border securities trading platform tailored to the needs of regulators, central depositories,  policymakers, and stockbrokers. Participating stock exchanges include the Botswana Stock Exchange,  where the grant signing took place; the Ghana Stock Exchange and six other stock exchanges. The grant  will also support capacity building of institutional investors and capital market operators.  

Thapelo Tsheole, President of ASEA and CEO of the Botswana Stock Exchange, signed on behalf of the  association. He said: “We express our gratitude to the African Development Bank for their invaluable  support and dedication to the development of African Capital Markets. With the generous grant funding,  we are poised to expand technical connectivity and linkage among African stock exchanges, creating a  broader pan-African network. Together, we are working towards a fully integrated Africa for the benefit of  investors, businesses and governments across the continent.” 

Solomon Quaynor, the Bank Group’s Vice President for Private Sector, Infrastructure and Industrialization, signed on its behalf. He said: “The Bank is pleased to extend its partnership with ASEA through the follow on support for Phase 2 of the African Exchanges Linkage Project. The AELP is facilitating regional  integration through African stock exchanges linkage amounting to up to $1.3 trillion in combined market  

capitalization. The collaboration between the Bank and ASEA through the AELP aligns with our objective  of leveraging institutional investor groups and capital markets financing into infrastructure and the real  sector in regional member countries.” 

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The objectives of the AELP align with the African Union’s Agenda 2063 and the African Continental Free  Trade Agreement’s goal of establishing a liberalized market to ease the movement of capital and investments and deepen the continent’s economic integration. The project also advances the Bank Group’s  High 5 strategic priority to integrate Africa.  

The African Development Bank supported the first phase of the AELP, which was also funded with a  KOAFEC grant. Phase one supported the setup of an infrastructure interconnectivity platform involving  seven stock exchanges and 31 stockbrokers. It also offered training for over 1,000 capital market operators. 

Tags: 000 grant to expand network of linked African stock exchanges to 15AfDBASEAASEA sign agreement for $600
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