A pan-African stock exchange will be created by the African Union (AU).
In order to construct the Stock Exchange, the AU Commission will sign a Memorandum of Understanding with the African Security Exchange Commission.
The agreement would be inked soon, according to AU Commissioner for Economic Development, Trade, Tourism, Industry, and Minerals ALBERT MUCHANGA.
At a press conference held yesterday in Lusaka alongside the Executive Council’s 41st Ordinary Session, Mr. MUCHANGA made this statement.
He claimed that after it is founded, the Stock Exchange will assist member states in mobilizing their own resources.
According to Mr. Muchanga, an African Sovereign Investors Forum was established last month by several African sovereign investors with a combined asset base of 13 billion US dollars.
He added that the African Diaspora is joining the effort to help the continent with its financial needs.
According to Mr. Muchanga, a feasibility assessment for the creation of the African Diaspora Finance Corporation is being conducted.
He also disclosed that the African Union had partnered strategically with the Africa Finance Corporation to mobilize local resources.
The African Finance Corporation has been named as a potential resource to help mobilize local resources, according to Mr. MUCHANGA, in addition to the African Development Bank and the African Export Import Bank.