Addis Ababa, 17 July 2023 (ECA) – The African Securities Exchange Association (ASEA) and the United Nations Economic Commission for Africa (ECA) proudly announce the signing of a landmark Memorandum of Understanding (MOU) which aims at fostering closer collaboration and driving financial market development and integration on the African continent for sustainable development.

The MOU signed today 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, ASEA and ECA will jointly work on several key areas of cooperation as outlined by the MOU, including: 

1)     Studies and research on financial market development and integration in Africa

2)     Training and technical cooperation at national, sub-regional, and continental levels

3)     Policy dialogues and advocacy for African countries

Mr. Thapelo Tsheole, President of ASEA and CEO of Botswana Stock Exchange, attended the signing ceremony in person in Addis Ababa. He hailed the partnership between ASEA and ECA and 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”.

Mr. Robert Lisinge, Officer-in-Charge, Private Sector Development and Finance Division, ECA 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 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.

For his part, Jude Chiemeka, Divisional Head, Capital Markets at Nigerian Exchange Limited (NGX), lauded the partnership and added that this 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.