The West African Securities Regulatory Authorities (WASRA) is planning the establishment of a regional bond issuing framework for infrastructure financing in the region.
The Securities and Exchange Commission (SEC) in a statement in Lagos said that the framework for infrastructure financing was one of the high points of the meeting of WASRA.
The meeting was held in Abidjan, Côte d’Ivoire over the weekend.
WASRA is a regional organization for West African countries that aims to fashion out modalities and to establish an umbrella body as mutually acceptable basis for co-operation and consultations aimed at fostering market integration in the region.
WASRA, established in 2015, is the recognized forum for capital markets regulators in the West African Sub Region.
The statement said that the body was also working toward building relationship between WASRA and ECOWAS Commission, the supervision model needed for the establishment of cross border transaction and issuers, among others.
The statement quoted, Mr Mory Soumahoro, WASRA Chairman
as saying “the body would work together to strengthen integration’’.
Soumahoro, also the Executive Secretary of Le Conseil Regional de l’Epargne Publique et des Marches Financiers (CREPMF) Abidjan, whose tenure was extended by two years thanked the members for the confidence and the leadership bestowed on him.
He said, “I am pleased with this opportunity and for the confidence bestowed on me and looking forward to strengthening our co-operation by looking at the same direction with the specificity of our respective markets to strengthen integration in our region.”
Dr Abdul Zubair, the Acting Director- General, SEC Nigeria, commended WASRA members on their determination to building a strong and competitive regional market that would rank at par with the markets of other regions of the world.
Zubair said that WASRA regional market should compete with other regions in the areas of transparency, disclosure, efficiency, accountability and indeed, investor protection.
He noted the imperative of a cohesive collaboration between the relevant regulators, operators and other stakeholders in West Africa, and the need to ensure that adequate resources were devoted.
Amaka E. Nliam