African Development Bank: entering the London Stock Exchange
African Development Bank President Akinwumi Adesina opened trading on London Stock Exchange at the UK-Africa Investment Summit 2020.
Robert, Chairman of London Stock Exchange Group, welcomed African Development Bank President Akinwumi Adesina to open markets for trading at London Stock Exchange on Wednesday 22 January. The reception took place in London, UK, and marked the end to the UK-Africa Investment Summit 2020 for Adesina.
“The city of London is the financial center of choice for Africa,” said Matthew Rycroft CBE, Permanent Secretary at the Department for International Development, as he welcomed African Development Bank President Akinwumi Adesina to the UK at the UK-Africa Investment Summit 2020, “We are delighted with our partnership with the Bank and at the Summit, we made some extremely significant announcements…We announced commercial deals worth £6.5 billion and there are many more in the pipeline…But it is not just about sums of money; it is also about ensuring that our investments are sustainable and that they enable real sustained growth in the economies of Africa.”
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On Tuesday the bank became a formal member of LSEG’s Africa Advisory Group (LAAG), a group which supports the development of African capital markets in order to boost trade between Africa and the UK. Adesina said that working with LAAG will enable the bank to attract a large share of the US$trn global Exchange Traded Fund Assets under management into African capital markets.
Don Robert, Chairman, LSEG, said: “Deep and sustainable capital markets are key to supporting African companies and infrastructure. We look forward to continuing to play our part in the development of these markets and attracting investment to Africa. As such, we’re delighted to continue our collaboration with the African Development Bank, which has now formally become a member of LSEG’s Africa Advisory Group.”
“My ringing of the bell here today marks the beginning of a new exciting, strategic, and impactful engagement between the African Development Bank and London Stock Exchange to jointly expand wealth creation in Africa and the UK,” Adesina said.
There are currently 112 companies listed on the African Stock Exchange, with a market capitalisation of $164mn. Strong foundations have now been laid following fundraising rounds for two African Telecommunications, which raised $1bn capital through IPOs in London.
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