CMA gets Sh165 million for training

Money Markets

The Gulf African Bank is one of the two fully Islamic banks in Kenya. Other lenders have opened Islamic banking units. FILE 

By GEOFFREY IRUNGU

In Summary

• The partnership will also allow the CMA to encourage integration in capital markets across the East African Community by providing funding for projects carried out jointly between the member states of the EAC.
• The FSD is funded by the UK government’s Department for International Development to promote financial sector development across sub-Saharan Africa.

British NGO Financial Sector Deepening Africa (FSD Africa) will give the Capital Markets Authority of Kenya (CMA) Sh165 million for training staff and funding promotion of Islamic finance.

On its part, as part of funding capital markets master plan (CMMP) for the next 10 years, the CMA is expected to contribute Sh105 million into the kitty to develop its own institutional capacity to carry out the plan.

“The programme runs from July 2015 to June 2018,” said the CMA in a statement released Monday.

The FSD is funded by the UK government’s Department for International Development to promote financial sector development across sub-Saharan Africa.

“The partnership will ensure that the CMA has the resources it needs to meet strategic objectives set out in the CMMP adopted by industry and the Government of Kenya,” said the authority in the statement.

The master plan seeks to position Kenya as an international financial centre and a regional hub for capital markets investments in Africa.

The partnership will also allow the CMA to encourage integration in capital markets across the East African Community by providing funding for projects carried out jointly between the member states of the EAC.

Mark Napier, director of FSD Africa, said capital markets play an important role in economic growth and poverty reduction.

“Well-functioning capital markets can play a vital role in driving economic growth and reducing poverty by encouraging investment and providing access to capital,” said Mr Napier.