Rwanda’s High Commissioner to the United Kingdom, Johnston Busingye, has called for stronger African financial markets and greater mobilisation of local capital to finance development projects, particularly infrastructure.
Busingye made the remarks in London on Monday, October 12, during an event organised by the Eastern Africa Association, according to a report published by Kigali Today.
He said sustainable development required stronger capital markets, cooperation across the financial sector and legal frameworks that encourage investment.
Mobilising capital from within Africa could help finance development projects, narrow funding gaps and strengthen countries’ ability to sustain their own economic growth, Busingye said.
Discussions focused on how pension fund assets, money sent home by Africans living abroad and regional stock exchanges could be used to channel more investment into development projects, including through financing in local currencies.
The event was linked to the Eastern Africa Association’s fourth annual John Small Lecture, held at the Royal Overseas League in London under the theme “The Architecture of African Capital: Pension Funds, Connected Exchanges and the Diaspora Investor.” The programme was followed by a reception at the House of Commons, where Busingye was scheduled to deliver remarks.
The gathering brought together business leaders, financial-sector specialists, investors and regulators to discuss ways to strengthen African capital markets and direct more of the continent’s financial resources towards long-term investment.
