(Ecofin Agency) - The African Development Bank (AfDB) announced this week the disbursement of $400,000 to digitize public tenders for savings on the regional financial market. The same amount was granted last December to the Dépositaire Central/Banque de Règlement of the West African Monetary Union (WAMU) for the project.

AfDB says it wants to create a digital platform to automate the management of public savings calls for the market. “The implementation of this project to digitize securities issuance on our market will facilitate access for investors, especially retail investors, to our products through an automated, transparent, and secure subscription mechanism. The Dépositaire Central/Banque de règlement is delighted to be a stakeholder in this major technological development which aims to accelerate the development of the WAEMU regional financial market,” said Edoh Kossi Amenounve (pictured), MD of the Dépositaire Central/Banque de règlement.

Once operational, the platform will facilitate and make available to actors on the market information and data on public offerings. The project will strengthen transactions and automate the subscription process to save time.

Let’s note that the AfDB grant is provided through the Capital Markets Development Trust Fund, a multi-donor fund administered by the African Development Bank and supported by the Ministry of Finance of Luxembourg and the Ministry of Foreign Trade and Cooperation of the Netherlands.

Chamberline Moko