The African Union -AU- intends to establish a pan African Stock Exchange.
To this effect, the AU Commission will enter into a Memorandum of Understanding with the African Security Exchange Commission to establish the Stock Exchange.
AU Commissioner for Economic Development, Trade, Tourism, Industry and Minerals ALBERT MUCHANGA says the agreement will be signed in the next few days.
Mr MUCHANGA said this at a media briefing on the sidelines of the 41st Ordinary Session of the Executive Council meeting in Lusaka yesterday.
He said once established, the Stock Exchange will help in mobilising domestic resources for member states.
Mr MUCHANGA disclosed that last month some African sovereign investors with a combined asset base of 13 billion United States dollars decided to set up an African Sovereign Investors Forum.
He also said the African Diaspora is also coming on board to contribute in meeting the financial needs of the continent.
Mr MUCHANGA said a feasibility study is being undertaken on the establishment of the African Diaspora Finance Corporation.
He further revealed that AU has entered into a strategic partnership with the Africa Finance Corporation as a measure to mobilise domestic resources.
Mr MUCHANGA said in addition to the African Development Bank and the African Export Import Bank, the Africa Finance Corporation has been identified to help mobilise domestic resources.
