The Ethiopian Capital Markets Authority (ECMA) and the Chartered Institute for Securities & Investment (CISI) have formalized a new partnership in London marking a significant step change in the aspirations for the Ethiopian capital market.
The collaboration announced 09/10/23 at the Ethiopian Embassy in London in the presence of Laurence Roberston, MP the UK Government’s Trade Envoy to Ethiopia, The Ambassador of Ethiopia H.E. Teferi Melese Desta, distinguished guests, and other stakeholders, emphasized a shared commitment to excellence, education, and professionalism in the financial sector.
At the heart of this collaboration is the signing of a Memorandum of Understanding (MOU) between the CISI and ECMA, witnessed by Tracy Vegro, the CISI Chief Executive Officer and Dr Brook Taye, Director General of ECMA, which outlines a comprehensive framework for cooperation, focusing on capacity building for capital market service providers in Ethiopia.
Key initiatives include the introduction of CISI’s internationally recognized qualifications, and the development by the CISI of a bespoke regulatory exam tailored to Ethiopian capital market laws, which will build the foundation of a mandatory licensing pathway under the ECMA.
The partnership between CISI and ECMA represents a significant stride towards a more robust, knowledgeable, and ethical financial ecosystem in Ethiopia. By empowering professionals, fostering trust, and upholding the highest standards of integrity, this collaboration paves the way for a thriving capital market, contributing to Ethiopia’s economic growth and prosperity.
Dr Brook Taye, Director General ECMA, said: “Developing an effective and functioning capital market in Ethiopia requires a wide range of skills and competencies. The signing of this memorandum of understanding represents an important milestone in our capital market development journey. It is a significant stride towards developing the necessary human capital that is essential for a robust market ecosystem. We believe this agreement will create highly skilled professionals with technical and regulatory capabilities.”
Tracy Vego, CISI CEO said: “We are delighted to be partnering with ECMA to elevate the expertise and professionalism of Ethiopian financial services practitioners. Our collaboration signifies CISI’s dedication to enhancing confidence and integrity in the financial services sector as Ethiopia prepares for the launch of its capital market.”
Laurence Robertson, MP expressed his enthusiasm for the collaboration: “I have been visiting Ethiopia for over twenty years and am excited by the prospects of doing business in that country. It has a large, young population, has impressive growth figures and is further freeing up the economy. And the fact that the UK Prime Minister has appointed a number of Trade Envoys to cover much of Africa, and our plans to host another UK-Africa Investment Summit next April, demonstrates how serious we are about following those opportunities. The collaboration between the Ethiopian Capital Markets Authority (ECMA) and the Chartered Institute for Securities & Investment (CISI) in formalizing their partnership marks a significant leap forward for the Ethiopian capital market and extends opportunities in this sector to other UK companies. I wish them well and stand ready to help in any way I can.”
Source: CISI