Africa-Press – Zambia. The African Union (AU) is intending to establish a pan African Stock Exchange. To this effect, The African Union Commission will enter into a Memorandum of Understanding with the African Security Exchange Commission to establish the stock exchange.
Speaking at a media briefing on the sidelines of the ongoing 41st Ordinary Session of the Executive Council meeting in Lusaka, African Union (AU) Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, Albert Muchanga said the agreement will be signed in the next few days.
He said this is in a quest to mobilise domestic resources for member states. Mr Muchanga disclosed that last month some African sovereign investors with a combined asset base of 13 billion United States dollars decided to set up an African Sovereign Investors Forum.
“The key objective of the Forum is to mobilise financial resources to invest in cross country infrastructure projects across Africa” he said.
He also said the African Diaspora is also coming on board to contribute in meeting the financial needs of the continent. Mr Muchanga said a feasibility study is being undertaken on the establishment of the African Diaspora Finance Corporation.
He further revealed that AU has entered into a strategic partnership with the Africa Finance Corporation as a measure to mobilise domestic resources. Mr Muchanga said in addition to the African Development Bank and the African Export Import Bank, the Africa Finance Corporation has been identified to help mobilise domestic resources.
“Our work on domestic resource mobilization operationalises a key provision in the African Union Agenda 2063 and that is that to fully implement this Agenda, 75 to 90 percent of resources must be mobilised domestically, “he said.
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