Thursday, March 03, 2022 / 09:38 AM / by AfDB / Header Image Credit: AfDB

The grant will fund the creation of a digital platform to automate securities issuance for the regional financial market

The African Development Bank recently signed a grant agreement for an amount of $400,000 with the Depositaire Central/Banque de Reglement of the West African Monetary Union (WAMU) to modernize the regional financial market infrastructure.

The 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 Depositaire Central/Banque de Reglement, 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.

"The African Development Bank is a key partner of the development of WAMU's regional financial market. After having already supported the Conseil regional de l'epargne publique et des marches financiers, the Bourse regionale des valeurs mobilieres, and Agence UMOA-Titres, we look forward to continue supporting the development of WAMU's regional financial market with this first partnership with the Depositaire Central/Banque de reglement", said Marie-Laure Akin-Olugbade, Director General for the West Africa Region of the African Development Bank Group. "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 mobilize additional resources and support the efforts of the economies of the West African Monetary Union", she said.

Edoh Kossi Amenounve, Director General of the Depositaire Central/Banque de reglement, 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 Depositaire Central/Banque de reglement is delighted to be a stakeholder in this major technological development which aims to accelerate the development of the WAEMU regional financial market."