African Development Bank Grants € 976,000 for Central African Unified Financial Market Start-Up Support Project

AfDB NEWS & EVENTS

02-Jan-2020

The Governor of the Bank of Central African States (BEAC), Abbas Mahamat Tolli and the Country Manager of the African Development Bank (AfDB) Group in Cameroon, Solomane Koné, proceeded on December 21, 2019 in Douala, in Cameroon, at the signing of a grant agreement for an amount of UA 783,328 (approximately € 976,000), financing, by the Bank, the activities of the Project to support the start-up of the unified financial market of Central Africa (AMFUAC Project).

The Ceremony took place on the sidelines of the 10th session of the work of the Steering Committee of the Economic and Financial Reform Program of the Economic and Monetary Community of Central Africa (PREF-CEMAC).

The overall objective of the AMFUAC project is to support strategies for accessing domestic resources to meet the financing needs of the CEMAC States in their process of structural transformation and diversification of their economies. The Program will revolve around three components, notably, the operationalization of the unified financial market, the mobilization of domestic savings and the strengthening of human capital on stock market instruments.

This support is in line with the Bank's Strategic Framework for Regional Integration for the period 2018-2025, in particular in its Pillar III on financial integration. This aims to help financial institutions become regional players and to develop a regional financial system aimed at mobilizing more domestic savings to meet the needs of the productive sector. It is also aligned with the Regional Integration Strategy Document for Central Africa (DSIR-AC) for the period 2019-2025.

This intervention will be supplemented by those of other technical and financial partners, in particular those of the International Monetary Fund and the World Bank.

The ceremony took place in the presence of MM. Daniel Ona Ondo, President of the Commission for the Economic and Monetary Community of Central Africa (CEMAC); Nagoum Yamassoum, President of the Central African Financial Market Supervisory Commission (COSUMAF); and Jean Claude Ngwa, director general of the Central African Securities Exchange (BVMAC).

As part of the regional integration process of the countries of the Central African Economic and Monetary Community, the Heads of State of CEMAC, meeting in extraordinary session on October 31, 2017 in N'Djamena, decided, among other things, to merge the Douala and Libreville stock exchanges, namely the Douala Stock Exchange (DSX) and the Central African Stock Exchange (BVMAC), into a single regional stock exchange, the Central African Stock Exchange ( BVMAC), based in Douala. This Agreement is funded by resources from the Technical Assistance Fund for Middle Income Countries (FAT - PRI).