Signature of Memorandum of Understanding of the Africa Roundtable of the WAIFC
Signature of Memorandum of Understanding of the Africa Roundtable of the WAIFC
Mauritius, 29.03.2024 – Signature of Memorandum of Understanding of the Africa Roundtable of the WAIFC
Members of the World Alliance of International Financial Centers (WAIFC) of the African continent signed a Memorandum of Understanding (MoU) for the setting up of the WAIFC Africa Roundtable on 27 March 2024 at the Westin Turtle Bay Resort & Spa, Balaclava, Mauritius.
The Africa Roundtable includes the following members: the Economic Development Board of Mauritius (EDB), Casablanca Finance City Authority (CFCA), EnterpriseNGR of Nigeria, and Rwanda Finance Limited (RFL).
Signatories have agreed to jointly pursue the following objectives:
- Strengthen the competitiveness of financial centres in Africa;
- Collaborate, through projects, research papers, communiques and events to position the African Continent, to demonstrate the myriad of investment opportunities, and to showcase the role which financial centres play withing the African Continent;
- Conduct joint initiatives to support the exchange of best practices between members, enhance visibility regionally and internationally, and to provide African financial centres with a unified voice regionally and internationally;
- Facilitate the development of dialogue with major financial centres outside the African Continent;
- Build communication channels with African institutions including regulators and policy makers, as well as African financial services industry associations, and advocate for regulatory coordination amongst members of the Africa Roundtable to promote cross-border investment and financial services.
The MoU was signed by Mr. Ken Poonoosamy (EDB), Ms. Lamia Merzouki (CFCA), Nick Barige (RFL) and Obi Ibekwe (EnterpriseNGR). This signifies a pivotal step towards advancing the commitment of the WAIFC’s members of the African continent to facilitate greater collaboration fostering sustainability, impact investment, and regional trade. Collaborative efforts will include joint projects, research, and events to further promote investment opportunities and the strategic role of financial centres.
The inaugural meeting of the Africa Roundtable is scheduled in Mauritius on 29 March 2024, under the chairmanship of Mr. Ken Poonoosamy, Chief Executive Officer of the Economic Development Board of Mauritius. During the meeting, the Members will discuss how to strengthen the competitiveness of the African financial centres in areas such as financing of regional trade and infrastructure, financial support to Small and Medium Enterprises and startups, financial technology, financial literacy and inclusion, energy transition, sustainability and impact. Joint initiatives to promote capacity building, cross-border investments and regulatory coordination including communication with African institutions, regulators, and policymakers will also be the focus of the meeting.
Commenting on this signature, the Chairperson of the Africa Roundtable, Mr. Ken Poonoosamy stated that “The signing of the Memorandum of Understanding for the Africa Roundtable of the WAIFC represents a pivotal stride in fostering synergy among financial hubs within the African sphere, with the shared objective of catalysing economic advancement across the continent.”
Said Ibrahimi, CEO, Casablanca Finance City Authority added his remarks stating “As a founding member of the WAIFC back in 2018, we are delighted to team up with our African peers for the launch of this chapter. This initiative presents a tremendous opportunity for collaboration and knowledge sharing amongst financial centers across the continent. By working together, we can unlock Africa’s vast potential and position our region as a global hub for investment, trade, and innovation.”
Nick Barige, CEO of Rwanda Finance Limited noted that “Kigali International Financial Centre is pleased to collaborate with peer African International Financial Centres for the launch of WAIFC Africa Chapter. This emphasises our mutual desire to collaborate in strengthening Africa’s presence in the global financial landscape, fostering innovation and driving sustainable economic development on the continent. Together, we will leverage our collective strength to unlock new opportunities and build a brighter future for Africa’s financial hubs.”
Similarly, the Chief Executive Officer of EnterpriseNGR, Ms. Obi Ibekwe expressed her excitement over the unprecedented development. She said “It is historic, and Nigeria fully endorses the Africa chapter of the WAIFC. This collaboration among the four African countries promises to bolster financial competitiveness on the Continent and amplify its global presence. We will leverage the platform to unlock the full potential of African financial centers to drive prosperity and development for our nations and beyond.”
Ms. Akshu Campbell-Holt, Head of Member Relations, WAIFC, reinforced the WAIFC’s commitment by adding “the establishment of the WAIFC Africa Roundtable underscores our Members’ commitment to strengthen the competitiveness of financial centers, facilitating sustainable development and prosperity in Africa while elevating the visibility of African centers both regionally and internationally. In celebrating this pivotal milestone, we reaffirm our commitment to facilitating deeper collaboration among our Members in Africa through the exchange of best practices to tackle common challenges and pressing issues in the region.”