AFMI 10 Year Anniversary Workshop

Enhancing Transparency in African Bond Markets

Bank of Zambia logo

For African Bond Markets and Financial Sector Development

29th October 2018
08:30am – 18:00pm
AVANI Victoria Falls Hotel, Livingstone, Zambia

In partnership with Bank of Zambia


Register

Please submit your name and email address, we will email you to confirm your registration for the event.

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International Travel

If you are travelling internationally, you may require a visa, please visit the Zambia department of Immigration website to obtain your visa before your trip: www.zambiaimmigration.gov.zm

Hotel Booking 

Conference guests can receive a discount on their hotel booking at the AVANI Victoria Falls resort using this link.


Summary

Main focus of the workshop

The workshop will be an opportunity to further hone the data collection skills of our Liaison Officers. Overall, the objectives of hosting a training workshop for Liaison Officers are to increase the regional coverage of the data required by the Bank and to improve the quality of data collected. Specifically, the workshop will achieve the following objectives: 

  • To present the updates on African Domestic Bond Fund (ADBF); 
  • To present the recent developments of the financial sector in Africa;
  • To improve the completeness and quality of data; 
  • To improve the quality whilst also increasing the amount of data collected in all RMCs; 
  • To increase finance ministers and central bank governors’ awareness on the importance of AFMI’s mandate.

Please see the Concept Note and Agenda for full event details. 

Concept Note

Introduction and context

In 2008, the African Development Bank (AfDB) launched the African Financial Markets Initiative (AFMI) as part of its strategy to develop the financial markets sector in Africa. This initiative aims to contribute to the development of domestic bond markets in Africa through its two complementary pillars:

i) the African Financial Markets Database (AFMD) and

ii) the African Domestic Bond Fund (ADBF). 

To create the database, a data collection exercise with African Central Banks was launched in April 2008. Liaison Officers were appointed by Central Bank Governors to assist with the collection of all information and data necessary to feed the database. Today the database includes data on the bond market infrastructure and/or fixed-income instruments of 41 countries.


Moreover, the Bank, in its efforts to respond to the increasing demand for statistical financial data and indicators, has created a database with a set of indicators that covers the financial sector in 52 African countries over the period 2005 to 2014. 

Rationale for workshop 


Since its inception, AFMI’s goal is to further develop debt markets in Africa, by strengthening the domestic bond market and by investing in local currency-denominated debt to improve capital markets’ long-term resilience. Its specific objectives are:

(i) to enable governments to improve the terms at which they borrow in domestic financial markets, thus reducing their dependence on foreign currency denominated debt;

(ii) to increase financing options available to corporate sectors;

(iii) to act as a catalyst for the development and stability of financial markets as well as for regional financial market integration; and

(iv) to improve the availability and transparency of African fixed income data.


The workshop will also be an opportunity to further hone the data collection skills of our Liaison Officers so as to address some of the inconsistencies that we have seen due to quality and completeness of the data stemming from: 

  • Weak ownership of the initiative by the Liaison Officers; 
  • The financial markets being either embryonic or lacking specific methodology for the development of some key financial indicators; 
  • Limited skills in public structures in the area of capital markets in general and in the field of public debt markets in particular.

Objective of the workshop 

Overall, the objectives of hosting a training workshop for Liaison Officers are to increase the regional coverage of the data required by the Bank and to improve the quality of data collected. Specifically, the workshop will achieve the following objectives: 

  1. To present the updates on African Domestic Bond Fund (ADBF); 
  2. To present the recent developments of the financial sector in Africa;
  3. To improve the completeness and quality of data; 
  4. To improve the quality whilst also increasing the amount of data collected in all RMCs; 
  5. To increase finance ministers and central bank governors’ awareness on the importance of AFMI’s mandate.

Expected outcomes 

The expected outcomes of the workshop are: 


  1. To present updates on the African Domestic Bond Fund – ADBF listed on the Mauritius Stock Exchange on the 18th September 2018;
  2. Seek interest and receive commitment of additional investors for the ADBF;
  3. To initiate a dialogue platform with governments and Central Banks on public debt market management
  4. Reaffirmation by Liaison Officers to respect the timetable to update the data as required by the initiative and its website;
  5. Provide attendees with an understanding and appreciation of the importance of reliable, timely and accurate information for the financial markets.
  6. The Liaison Officers will have a better understanding of the value and use of the data they provide in advancing the development of local currency bond markets in Africa. 

Format of the workshop 

The Event will be opened to the public on the 29th October only. However, there will be closed sessions over three days (for the Central Banks Liaison Officers).

Participants 

The workshop will bring together more than 40 Liaison Officers, officially appointed by their Central Bank Governors, Ministries of Finance and some representatives of national or sub-region organizations directly involved with collecting data on domestic financial markets and stakeholders from the private sector, insurances as well as well as potential investors. Overall the event is expected to bring together approximately 200 attendees. 

This year’s event will see the special participation of the Zambian Ministry of Finance as well as the Zambian Central Bank Governor.

Language of the workshop 

The conference and the workshops will be conducted in English. Simultaneous interpretation in French will be provided. 

Date and venue of the event 

The conference and workshops will be held at AVANI Victoria Falls Hotel,  Livingstone, Zambia on the 29th of October 2018.

Contacts 

For more information, please contact the AFMI team: 

Email: afmi@afdb.org

Twitter: @afmi_afdb


Tel: +225 20 26 38 13/ 54 89

Agenda

29th October

*Please note, this day is open to the public.*

08:00 – 08:30 Guests Registration

08:30 – 09:00 Welcome address

1) AfDB Country Manager Zambia

2) 10 years of AFMI Journey - Director of Financial Sector Development Department - AfDB

3) His Excellency the Central Bank Governor of Zambia

4) His Excellency the Ministry of Finance – Zambia

5) Group Photo

Session 1

09:00 – 09:15 – AfDB’s Regional Financial Integration Strategy

Mrs Mupotola Moono – Director Regional Integration, AfDB

09:15 – 09:45 – Presentation on Domestic Resource Funding

a) Gilbert GNANY - Chief Strategy Officer, Director MCB Group Ltd [TBC].

b) Q&A

Session 2

09:45-10:45 – Panel 1 – African Capital Markets Initiatives

Joseph Rohm (MD Adventis & the Africa Financial Sector Deepening Fund –AFSD) – Representative Paris-Europlace [TBC] – Mohamed Farid Saleh (CEO Egyptian Exchange) – Oscar Onyema (CEO-Nigeria Stock Exchange) – Thapelo Tsheole  (CoSSE Chairman) – Stefan Nalletamby (Director, AfDB).\

Moderator: Tom Minney, African Growth Partners Ltd

Expected outcomes:

  • Shed light on the value proposition of Partnerships for resource mobilization in addition to providing an update on the Bond Fund and different initiatives in the African Capital Markets.

10:45 – 11:00 Coffee Break

11:00 – 12:00 Panel 2: African Bond Markets Transparency

Eva Murigu Wanjiku (Africa Strategist-Standard Chartered) – Mohamed Farid Saleh (CEO Egyptian Exchange) – Chris Ostrowski (Head of Business Development, OMFIF) [TBC] – Cedric Mbeng Mezui (AfDB).

Moderator: Tom Minney, African Growth Partners Ltd

Expected outcomes:

  • Shed the light on investments constraints due to lack of data on LCBMs in Africa; cross borders investors and international investors

Session 3

12:00 – 13:00: AfDB’s contributions to deepening African LCBM

1. Data Collection Tool & Platform Presentation, Theo Tonle (AFMI) – AfDB

2. ABDMI, Albin Kakou – AfDB

3. Presentation ABABI, BADBC, BADBX (Bloomberg), Thomas Alemayehu (Account Manager, Bloomberg).

Expected outcomes:

  • Elucidate the critical importance of the above mentioned products for the markets.
  • Have Bloomberg to clarify the selection criteria as well as the methodology of ABABI and the sub-indices.

13:00 – 14:00 Lunch Break

14:00 -14:20 Speech of Prof Leonce Ndikumana (Chair of Economics, Professor & Director, Africa Policy Program - Massachusetts University) on African Illicit Financial Flows.

Q&A: 10 mins

14:30 – 15:00 ADBF Performance presentation - Abhimanyu Yadav (Head of Fixed Income & Currencies - MCB).

Session 4

15:00-16:00 – African Credit Risk profile

Aurelien Mali (Vice President-Senior Credit Officer - Moody’s) – Dr Nashwa Saleh (Managing Partner BAST Consulting) – Souheil Skander (Directeur Général PBR Ratings, Tunisia) 

Moderator: David Ashiagbor, Coordinator Making Finance Work For Africa – MFW4A 

16:00 - 16:15 Coffee Break

Session 5

16:15 -17:15 Zambia Business Opportunity – Ministry Of Finance, Lusaka Stock Exchange, Central Bank, Investment Board (Central Bank to organize)

Expected outcomes:

  • An opportunity for Zambia to present the country as an investment destination
  • CoSSE presentation for a better understanding of the Project
  • A strong emphasis should also be put on Fintech opportunities (Have a Fintech representative present its financial solutions)

Session 6

17:15 – 17:30 Conclusion of the Day and Recommendations – Diarra Emmanuel (Manager Capital Markets, AfDB).

19:00 – 24:00 Gala Evening (By Invitation Only)

Keynote Speaker: Christopher Marks (Managing Director, Head of Emerging Markets – Mitsubishi UFJ Financial Group “MUFG” )

30th October

*Please note, this will be a closed session day for AFMI Central Banks Liaison Officers.*

08:50 – 09:00 Introduction

Session 1

09:00 – 09:45 Training on Debt Portfolio Management: Abhimanyu Yadav/ MCB

09:45 – 10:45 Yield Curve Development – Case Study (Eymen Errais and Judicael) & Presentation on the New Fixed Income Country Page (Albin Kakou)

10:45 - 11:00: Coffee Break

11:00 – 13:00 Workshops breakout sessions to validate data

13:00 – 14:00 Lunch Break

Session 2

14:00 – 16:00 Bourse Game

Expected outcomes:

  • Validate the data provided by the Liaison officers
  • Train the liaison officers on the utilization of the new data collection tool in order to have more timely, standardized and accurate data
  • Data Validation
  • Train the liaison officers to provide timely information to the AFMI team to update their respective new 'Fixed Income' country pages
  • Highlight the fundamental role of the yield curve development

16:00 – 16:15 Conclusions and recommendations day two

31st October

*Please note, this will be a closed session day for AFMI Central Banks Liaison Officers.*

08:30 – 10:30 Site Visit

11:00 – 14:00 Lunch

From 15:00 Delegates Departure

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