8th AFMI/AfDB Annual Workshop
For African Bond Markets and Financial Sector Development
19th-21st November 2019
Addis Ababa, Ethiopia
In partnership with National Bank of Ethiopia
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 (www.africanbondmarkets.org) 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 2019.
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 improve 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;
- Lack 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:
- To present the updates on African Domestic Bond Fund (ADBF);
- To present the recent developments of the financial sector in Africa;
- To present the innovative trends in local currency bond markets
- 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.
The expected outcomes of the workshop are:
- To present updates on the African Domestic Bond Fund – ADBF listed on the Mauritius Stock Exchange on the 18th September 2018;
- Seek interest and receive commitment of additional investors for the ADBF;
- To initiate a dialogue platform with governments and Central Banks on public debt market management
- Reaffirmation by Focal Points to respect the timetable to update the data as required by the initiative and its website;
- Provide attendees with an understanding and appreciation of the importance of reliable, timely and accurate information for the financial markets.
- The Focal Points 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 19th November only. However there will be closed sessions over three days (for the Central Banks Focal PointS) as per the attached agenda.
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 Ethiopian Ministry of Finance as well as the Ethiopian 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 Intercontinental Hotel Addis Ababa, Ethiopia on the 19th-20th of November 2019.
For more information, please contact the AFMI team:
Tel: + 225 20 26 54 87/ +225 20 26 11 78
*** opened to the public***
08:00 – 08:30 Guests Registration
08:30 – 09:00 Welcome address and press conference
- AfDB Country Manager for Ethiopia
- Director Financial Sector Development Department - AfDB
- His Excellency the Governor of the National Bank of Ethiopia
- His Excellency the Minister of Finance – Ethiopia
- Group Photo
09:00 –09:45: Ethiopia's Homegrown Reform Agenda
(Ministry of Finance)
09:45 – 10:30 Presentation on Developing the Ethiopian Capital Markets
10:30 – 11:30 Panel 1: Local Currency Bond Markets Development: Experiences from different regions
Mrs. Patience Oniha, Director Debt Management Office, Nigeria
Mr. Mustapha Ait Lhaimair, Head of Middle Office Division, Domestic Debt of Morocco
Mr. Halidou Abdoul Aziz, Head of the Public Securities Market Development Department,UMOA-Titres
Mr. Harouna O. OUEDRAOGO, Head of Financial Operations Department,
Conseil Régional de l'Epargne Publique et des Marchés Financiers (CREPMF)
Mr. Boikanyo Kgosidintsi, Botswana Bond Market Association , Head of Investor Relations, Letshego Holdings Limited
Moderator: Eyman Errais
11:30 – 11:45 Coffee Break
11:45 – 12:15 Presentation: The AfDB/AFMISM Bloomberg® African Bond Index (ABABI)
Mme. Ebru Boysan, Bloomberg, Head of Middle East and Africa’s multi asset class product development and business strategy.
12:15 – 12:45 Presentation: African Domestic Bond Fund (ADBF): Latest Developments, Mr. Albin Kakou, AFMI Coordinator
12:45 – 14:00 Lunch Break
14:00 – 15:00 Panel 2: Innovative trends in local currency bond markets
Mr. David Irungu Waggema, Head of Business Development Nairobi Securities Exchange Plc
Mrs. Ariyike Daramola, Head, Trading Business Division, Nigeria Stock Exchange (NSE)
Mr. Jeroen Verleun, Senior Investment Manager, PGGM Investments
Moderator: Mr. Guy Menan
15:00 – 15:10 Coffee Break
15:10 -16:00 The case for Local Currency bonds vs. Eurobonds
Mrs. Phatsimo Ncube, Managing Director Allan Gray Botswana
Mrs. Eva W. Murigu, Africa Strategist, Global Research Standard Chartered Bank, Kenya
Mr. Cedric Mbeng, African Bond Market Expert, African Development Bank
Mr. Jochen SCHANZ, Senior Economist, Bank for International Settlements
Moderator: Mr. Ncube Alphonse
16:00 – 16:10 Conclusion of the Day and Recommendations
Emmanuel DIARRA, Manager, Capital Markets Development Division, AfDB
19:00 – 24:00 Gala Evening (By Invitation Only)
Keynote Speaker: Governor of the National Bank of Ethiopia
*** Closed sessions AFMI Central Banks Liaison Officers ***
08:50 – 09:00 Introduction
09:00 – 13:00 AFMI Platform
- Website Ms Gouzae Nassira, AFMI, Research Officer
- Data platform Mr Guihy Judicael, AFMI, Capital Markets Officer
workshops breakout sessions to validate data
13:00 – 14:00 Lunch Break
14:00 – 16:00 Capacity building
Credit and Debt Management, Mr. Eymen Errais
*** Closed sessions for AFMI Central Banks Liaison Officers ***
08:30 – 10:30 Site Visit
11:00 – 14:00 Lunch
From 15:00 Delegates Departure