Kigali, Rwanda, August 6, 2008—IFC,
a member of the World Bank Group, has signed a cooperation agreement with
the government of Rwanda to help strengthen the country’s capital markets.
Under the agreement, IFC will support
Rwanda’s Capital Markets Advisory Council in strengthening the country’s
recently launched securities exchange. IFC will help the council develop
an appropriate legal and regulatory environment for issuing and trading
bonds, implement a training and certification program for securities market
participants, and establish a framework for integrating Rwanda’s capital
markets with other markets in East Africa.
Henry Gaperi, Chairman of the Capital
Markets Advisory Council, said, “Partnering with IFC will enable us to
tap into the World Bank Group’s institutional expertise. It will also
help expand our investment opportunities in the Rwandan market, particularly
in nongovernment bonds.”
Jean Philippe Prosper, IFC Director
for Eastern and Southern Africa, said, “IFC, the World Bank, and the Swedish
International Development Cooperation Agency have pledged $5.5 million
to help establish a program for developing securities markets in
Sub-Saharan Africa. Through this initiative, we are working with governments
to enhance institutional capacity in the region and to facilitate market
The new program, called Efficient Securities
Markets Institutional Development Africa, helps securities market regulators
improve their regulatory expertise and design effective environments for
mobilizing long-term capital. On the supply side, the program supports
potential issuers and intermediaries in bringing transactions to the securities
In East Africa, IFC and the program
partners are working with central banks, securities’ regulators, stock
exchanges, and other stakeholders to simplify regulations and procedures
for issuing and trading bonds, establish an appropriate market structure,
strengthen secondary markets, build capacity of market participants, and
facilitate regionalization of the markets.
IFC, a member of the World Bank Group, fosters sustainable economic
growth in developing countries by financing private sector investment,
mobilizing private capital in local and international financial markets,
and providing advisory and risk mitigation services to businesses and governments.
IFC's vision is that people should have the opportunity to escape poverty
and improve their lives. In FY07, IFC committed $8.2 billion and mobilized
an additional $3.9 billion through syndications and structured finance
for 299 investments in 69 developing countries. IFC also provided advisory
services in 97 countries. For more information, visit www.ifc.org.
About the Capital Markets Advisory
The Capital Markets Advisory Council
of Rwanda is a government agency responsible for promoting and facilitating
the development of orderly, fair, and efficient capital markets in Rwanda.