African Financial Markets Initiative

Deep and liquid bond markets are essential for a country to enter a sustained phase of development, driven by market-determined capital allocation. However, bond markets in Africa remain largely underdeveloped, with corporate bond markets non-existent or in their infancy. Launched by the African Development Bank Group in 2008, the African Financial Markets Initiative (AFMI) is designed to further develop local currency bond markets on the continent.  

AFMI aims at:

• Acting as a catalyst for the development and stability of financial markets as well as for regional financial integration
• Improving the availability and transparency of African fixed income data.

To achieve these objectives, AFMI has two complementary pillars:

• The African Financial Markets Database - a comprehensive database that provides updated information on African local currency bond markets;
• The African Domestic Bond Fund - an index tracker fund that will invest in local currency denominated sovereign bonds.

Access to accurate information and data on African debt markets remains one of the major challenges faced by markets participants and development partners. For that purpose, AFMI has developed a website to provide awareness and bring visibility to local currency bond markets.