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15 June 2015

Kenya’s CMA to benefit from £1.1m FSDA TA programme to strengthen capacity

FSD Africa and the Capital Markets Authority of Kenya (CMA) are pleased to announce a strategic partnership to strengthen the CMA’s institutional and staff capacity to support the development of Kenya’s capital markets.  FSD Africa will invest £1.1 million over three years in a technical assistance programme. The investment will be substantially matched by the CMA itself.

The partnership will ensure that the CMA has the resources it needs to enable it to meet a number of the strategic objectives set out in the ten-year Capital Markets Master Plan (2014-2023) (CMMP) adopted by industry and the Government of Kenya.  The CMMP aims to position Kenya as an international financial centre and a regional hub for capital markets investments in Africa.

The technical assistance programme focuses in particular on strengthening the CMA’s institutional capacity and developing staff skills.  It also aims to: facilitate the promotion of Islamic finance (in capital markets and other parts of the financial industry); support the implementation of corporate governance reforms; and help raise professional standards across the capital markets industry.  In addition, the partnership will allow the CMA to encourage capital markets integration across the East African Community (EAC) by providing funding for projects carried out jointly between EAC member states.

We strongly welcome the collaborative nature of the relationship we have with FSD Africa, which is aligned to the full implementation of the Capital Markets Master Plan through the provision of complementary resources and facilitating access to top quality global expertise to support excellence in the delivery of the Authority’s mandate.

Paul Muthaura, Acting CEO of CMA

 

Well-functioning capital markets can play a vital role in driving economic growth and reducing poverty by encouraging investment and providing access to long-term capital.  We are delighted to have the opportunity of working with the CMA on this programme which we believe will boost innovation in Kenya’s capital markets and further strengthen investor confidence.

Mark Napier, Director of FSD Africa