African Development Bank and West African Monetary Union Capital Markets Authority sign grant agreement for development of regional financial markets. | African Development Bank

The African Development Bank and the Capital Markets Authority (AMF-UMOA) of the West African Monetary Union have signed a grant agreement for $750,000 to implement the second phase of the Regional Financial Market Development Support Project (PADMAFIR 2).

PADMAFIR 2 enables the AMF-UMOA to develop a financial code for the region. It will also promote the deepening of the mortgage and securitization markets through capacity building and the review of relevant laws and regulations.

Funding will come from the Capital Markets Development Trust Fund, a multi-donor fund managed by the African Development Bank. It will support the ongoing modernization of the regulatory framework of the regional financial market to increase its attractiveness, depth and competitiveness.

AMF-UMOA Secretary General Ripert Bossoukpé said: “This new support reflects the strength of the relationship between the African Development Bank and the Financial Markets Authority. It reinforces the commitment of the two institutions to sharing a common vision of the development of the regional financial market to make it more attractive and secure. This support will allow the continuation of the projects implemented as part of the implementation of the first phase of the project, in particular the modernization of market regulation.”

Ahmed Attout, Head of the Capital Markets Development Division at the African Development Bank said: “Having supported the first phase of the Regional Financial Market Development Support Project, we are delighted with this new partnership with the AMF-UMOA, which will enhance our interventions complements. aimed at supporting the development of the regional financial market and increasing its contribution to the financing of WAMU’s economies.”

About the Financial Markets Authority of the West African Monetary Union:

The Financial Markets Authority of the West African Monetary Union (AMF-UMOA), formerly the Regional Council for Public Savings and Financial Markets (CREPMF), is the public regulatory body that ensures the proper functioning of the regional funding market. It was established on July 3, 1996 by a convention signed between the eight countries of the Union: Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal and Togo. The head office is located in Abidjan, Ivory Coast. The AMF-UMOA is responsible for the general protection of savings invested in securities and in any other investment giving rise to a public offering procedure in all countries of the Union. (www.amf-umoa.org)

About the Capital Markets Development Trust Fund:

The Capital Markets Development Trust Fund (CMDTF) is a multi-donor fund managed by the African Development Bank and financed by the Luxembourg Ministry of Finance and the Dutch Ministry of Foreign Trade and Cooperation. It is intended to support the African Development Bank’s efforts to raise resources to develop robust capital markets to finance Africa’s development.