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Home Business Banking & Finance

AfDB signs agreement to fund financial market infrastructure of WAMU

3 years ago
in Banking & Finance, Business, Editor's pick, highlights, Home, home-news, latest News, Markets
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AfDB signs agreement to fund financial market infrastructure of WAMU

The African Development Bank (AfDB) has signed a grant agreement for an amount of $400,000 with the Dépositaire Central/Banque de Règlement of the West African Monetary Union (WAMU) to modernise the regional financial market infrastructure.

The AfDB grant will fund the creation of a digital platform to automate securities issuance for the regional financial market and reduce the holding period preceding subscription allocations and registration in the books of the Dépositaire Central/Banque de Règlement, the host of the digital platform.

It is expected to facilitate access to securities issuance information and data for market stakeholders and allow them to have reliable real-time information on securities issuance.

The grant will be sourced from the Capital Markets Development Trust Fund, a multi-donor fund administered by the African Development Bank and supported by the Ministry of Finance of Luxembourg and the Ministry of Foreign Trade and Cooperation of the Netherlands.

Read: Court orders BoG to produce bank statement of Capital Bank

“The African Development Bank is a key partner of the development of WAMU’s regional financial market. After having already supported the Conseil régional de l’épargne publique et des marchés financiers, the Bourse régionale des valeurs mobilières, and Agence UMOA-Titres, we look forward to continue supporting the development of WAMU’s regional financial market with this first partnership with the Dépositaire Central/Banque de règlement,” said Marie-Laure Akin-Olugbade, Director General for the West Africa Region of the African Development Bank Group.

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“This project will be implemented at an opportune time, when most of our regional member countries, including WAMU member countries, are seeking to stimulate their post-COVID-19 recovery. The support of the African Development Bank through this grant will help mobilise additional resources and support the efforts of the economies of the West African Monetary Union,” she said.

Edoh Kossi Amenounve, director general of the Dépositaire Central/Banque de règlement, said: “The implementation of this project to digitize securities issuance on our market will facilitate access for investors, especially retail investors, to our products through an automated, transparent and secure subscription mechanism.

The Dépositaire Central/Banque de règlement is delighted to be a stakeholder in this major technological development which aims to accelerate the development of the WAEMU regional financial market.”

Tags: AfDB signs agreement to fund financial market infrastructure of WAMUAfrican Development Bank (AfDB)regional financial market infrastructureWest African Monetary Union (WAMU)

Comments 1

  1. Appiah Kubi says:
    3 years ago

    FUNDING FOR GRANT.
    I am writing to request for your financial support for my business. Amansie Oil Mills is a Small Scale Palm Oil Processing and Distribution Company registered as a Sole Proprietorship at the Registrar General’s Department in Ghana. Amansie Oil Mills has a dream of helping about 1000 Plantation Outgrowers mostly women (Farmers and Artisanal Millers) who feed the factory with their produce (Fresh Fruit Bunches) in the community. Since our machines are locally manufactured, the oil quality do not meet up to the highest standard of the Roundtable for Sustainable Palm Oil (RSPO). This affects the market price by 50% reduction. In view of this, the company tend to seek for your support and offer a grant of $100,000 USdollars to purchase Automated Machines and inputs to curb the challenges at hand. We pledge to coply the terms and conditions with regards to the mode of payment post the release of the funds. Your assistance would aid the company by employing over 100 permanent employees mostly women in the community. I hope this request will be favorably met.
    Very Best Regards,
    Appiah Kubi,
    The Sole Proprietor,
    Amansie Oil Mills.

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