Kampala, Uganda, December 2, 2010 –
IFC, a member of the World Bank Group, and the Securities Industry Training
Institute (SITI) today signed an agreement that will broaden training opportunities
for market participants, regulators and others in East Africa’s capital
markets sector, strengthening and supporting the growth of securities markets
in the region.
Under the agreement, SITI will be licensed to use IFC-developed securities
markets training material for 10 years. SITI will use the material, developed
by the Efficient Securities Markets Institutional Development (ESMID) Program,
to train and certify thousands of securities market participants in Kenya,
Rwanda, Tanzania, and Uganda.
Aida Kimemia, IFC Principal Investment Officer, said, “Supporting the
development of securities markets is a priority for IFC in Africa. This
agreement will make available world-class training materials to thousands
of people in East Africa, improving their skills and knowledge and giving
them the tools that will support broad economic growth in the region.”
Joseph S. Kitamirike, Chairman SITI board and CEO, Uganda Securities Exchange,
said,”We at SITI are very pleased to have cooperated with IFC to develop
the training materials. We know that they are cutting edge and will help
us develop the personnel we need to grow the securities markets in East
Africa. On the strength of this successful cooperation with IFC, we are
confident we will undertake more activities of this nature that will ensure
proper market development."
The ESMID Program – a joint project by the Swedish
International Development Cooperation Agency,
and the World
Bank – aims to help develop
well functioning securities markets in Africa, with a goal of supporting
key economic and social development needs with high developmental impact,
such as infrastructure, housing, and microfinance.
ESMID helps simplify regulations and procedures for issuing and trading
bonds; strengthen market infrastructure; build capacity of market participants;
facilitate the regionalization of securities markets; and support demonstration
In East Africa, ESMID works with central banks, securities regulators,
stock exchanges, and market participants, such as brokers, dealers, investment
banks, and institutional investors. ESMID played a central role helping
establish the Securities Industry Training Institute, which coordinates
the training and certification of market participants in East Africa.
The ESMID-developed training material consists of three courses and five
seminars: Fundamentals Securities Course; Securities Certification Course;
Officers and Directors Course; Bond Trading Seminar; Corporate Finance
Seminar; Corporate Governance Seminar; Bond Underwriting Seminar; and Portfolio
The courses, which will be required for licensing of market intermediaries,
have already benefitted more than 700 course participants in East Africa.
IFC, a member of the World Bank Group, is the largest development institution
focused on the private sector in developing countries. We create opportunity
for people to escape poverty and improve their lives—by providing financing
to help businesses employ more people and provide essential services, mobilizing
capital from others, and delivering advisory and risk-management services
to ensure sustainable development. In a time of global economic uncertainty,
our new investments climbed to a record $18 billion in fiscal 2010. For
more information, visit www.ifc.org.