Côte d'Ivoire: The African Development Bank's Capital Markets Development Trust Fund (CMDTF) supports establishment of digital platform for public offerings
DIGIAPE will automate primary market subscriptions in the West African Monetary Union's (UMOA) regional financial market, enhancing both the transparency and reliability of securities allocations while boosting competitiveness through real-time allocation of securities at the close of trading.
The African Development Bank is providing $400,000 through the Capital Markets Development Trust Fund for technical support to support the design, installation and operationalization of the DIGIAPE platform, to build staff capacity in managing the platform, and enhance the ability of regional financial market stakeholders to use the platform.
Ibrahim Kalil Konaté, Ivorian Minister for Digital Transition and Digitization, was present at the launch event, which was also attended by representatives of the African Development Bank, the Central Depository/Settlement Bank, the UMOA Financial Markets Authority and financial market players.
'The African Development Bank is a key strategic partner in the development of the regional financial market – as evidenced by our having committed more than two billion euros to the financial sector in the West African Economic and Monetary Union (UEMOA) zone, through our various instruments, since 2014,' said Ahmed Attout, Director for Financial Sector Development at the African Development Bank.
'Our intervention is a continuation of the Bank's support for players in the West African Monetary Union regional financial market, which began in 2018,' said Akane Zoukpo Sanankoua, Manager of the Capital Markets Development Division at the African Development Bank. 'Support for the establishment of the DIGIAPE platform once again demonstrates the ability of the Capital Markets Development Trust Fund to respond concretely and strategically to the needs of Africa's changing markets,' she added.
DIGIAPE is expected to reduce settlement times and enable real-time allocation of securities at close, creating a more attractive environment for international investors and greater flexibility for sovereign issuers.
'Technological innovation is now a powerful lever for transforming capital markets. In a constantly changing environment, the central depository/settlement bank, like other central securities depositories, must embrace this dynamic in order to meet the growing demand for security, efficiency, transparency and inclusion,' said Birahim Diouf, Director General of the UMOA Central Depository/Settlement Bank.
'DIGIAPE is a digital platform designed to automate and secure the entire subscription process for public offerings on the primary market. It is a concrete response to current challenges, particularly in terms of financial inclusion, the digitization of financial services and the transparency of the regional financial market,' emphasized Diouf.
The Capital Markets Development Trust Fund was created in 2019 to contribute to the integration and competitiveness of African capital markets by supporting strategic reforms, strengthening market infrastructure, broadening investor bases and developing innovative instruments. It is supported by the Luxembourg Ministry of Finance, the Dutch Ministry of Foreign Affairs and the Swedish International Development Cooperation Agency.
The Central Depositary/Settlement Bank is a specialized UMOA financial institution based in Abidjan, Côte d'Ivoire. It centralizes the custody of securities for its members, manages settlement/delivery operations following stock market transactions, and makes payment for securities events.
Distributed by APO Group on behalf of African Development Bank Group (AfDB).
Media contact:
Romaric Ollo Hien
Communication and External Relations Department
African Development Bank
media@afdb.org
About the African Development Bank Group:
The African Development Bank Group (AfDB) is Africa's premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 34 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org
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