AfDB Supports West African Monetary Union With $400,000 Grant

Posted by Eric Ojo Business News, Latest Headlines Thursday, March 3rd, 2022

(AFRICAN EXAMINER) – 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 modernize the regional financial market infrastructure.
The grant, according to a statement by the Communication and External Relations Department of AfDB, 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.
In addition, 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 AfDB and supported by the Ministry of Finance of Luxembourg and the Ministry of Foreign Trade and Cooperation of the Netherlands.
AfDB’s Director General for the West Africa Region, Marie-Laure Akin-Olugbade said the 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”, she said.
This project, according to her, 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, adding that the support of the bank through this grant will help mobilize additional resources and support the efforts of the economies of the WAMU.
Similarly, the Director General of the Dépositaire Central/Banque de règlement, Edoh Kossi Amenounve said the implementation of the project to digitize securities issuance on their market will facilitate access for investors, especially retail investors, to their 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”, he stressed.