Soon an African continental stock exchange

The African Union (AU) is preparing to launch a continental stock exchange, the AU Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, Albert Muchanga, announced on Saturday.

The pan-African stock market will be the first of its kind on the continent and will aim to meet the financial needs of the continent, said Albert Muchanga, on the sidelines of the 41st ordinary session of the AU Executive Council, which is being held in the Zambian capital Lusaka.

The AU Commissioner indicated that the first step to put this project in place will be the signing of a memorandum of understanding between the AU Commission and the African Commission for the Security of Scholarships.

This agreement will mobilize the national resources of AU Member States to put in place this continental project, he added.

He also revealed that several African sovereign investors, who have a combined asset base of $13 billion, have decided to create an African Sovereign Investors Forum.

“The main objective of the Forum is to mobilize financial resources to invest in transnational infrastructure projects across Africa,” he explained, calling on the African diaspora to join in this effort to contribute to development. from the continent.

The African Development Bank (AfDB) and the African Export-Import Bank (Afreximbank) have been identified to help mobilize the necessary funds and a feasibility study is underway on the creation of the African Diaspora Finance Corporation .

“Our work on domestic resource mobilization operationalizes a key provision of the African Union’s Agenda 2063 stating that to fully implement this Agenda, 75-90% of resources must be mobilized domestically,” said the Commissioner.

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