Fund for African Private Sector Assistance provides equity to Africlear Global to improve Securities Market Infrastructure in Africa
The Fund for Africa Private Sector Assistance (FAPA) hosted by the African Development Bank (AfDB) signed on March 5, 2015 in Abidjan a seed equity investment of US $400,000 to Africlear Global. The goal of the investment is to enhance the efficiency of capital markets by supporting the modernisation of central securities depository infrastructure in African securities markets.
Africlear Global is a company initiated by two African central securities depositories, namely Central Depository and Settlement Corporation (CDSC) Kenya, and Central Securities Clearing System Ltd. (CSCS) Nigeria, and sponsored by Altree Financial Group. Solomon Asamoah, AfDB Vice-President, Infrastructure, Private Sector and Regional Integration, and Anthony Fischli, Director, Africlear Global, signed the Shareholder and Subscription agreements on behalf of the Bank and Africlear Global, respectively.
The seed equity investment to Africlear Global supports the improvement of the securities market infrastructure across Africa through promotion of industry-leading technologies designed to enhance the efficiency of capital markets and to achieve better regulation, and ultimately lower the cost of investing in the debt and equity securities of African companies
FAPA is a multi-donor thematic trust fund that provides grant funding for capacity building, seed capital and advisory services to support implementation of the Bank’s Private Sector Development Strategy. The FAPA portfolio includes regional and national projects aimed at improving the business environment, strengthening financial systems, building private sector infrastructure, promotion of trade and development of micro, small and medium enterprises. The Governments of Japan and Austria, and the African Development Bank are active contributors to the fund, which to date has provided over US $60 Million to 56 projects in 38 countries across the African continent.
For more information about FAPA: http://www.afdb.org/en/topics-and-sectors/initiatives-partnerships/fund-for-african-private-sector-assistance/enhanced-private-sector-assistance-for-africa-epsa-initiative/