Kenya’s Capital Markets Authority (CMA) is pushing the development of the capital market through today’s (16 Oct) launch of a 16-member steering committee to formulate the Capital Markets Master Plan (CMMP) covering the next 5 years of development.
The plan is to be finished within 9-12 months, after consultations that started in November 2011. The committee includes Paul Kavuma as independent chairperson, the acting Chief Executive of CMA Paul Muthaura, Donald Ouma of the Nairobi Securities Exchange and representatives of the Ministry, Central Bank of Kenya, nominees from the Kenya Association of Stockbrokers and Investment Banks, Kenya Bankers Association and the Fund Manager Association.
The CMMP aims to ensure that Kenya’s capital market supports national economic growth and meets future challenges from regional competition and globalisation as Kenya endeavours to be an international financial services hub, according to this press release from the CMA.
Meanwhile the CMA will continue to engage with the industry to implement current reforms geared at deepening and developing the capital markets, including restructuring the bond market, introducing infrastructure and county bonds, introducing real-estate investment products, facilitating access to capital by small and medium enterprises (SMEs), reviewing the legal framework, and the continuing demutualization of the Nairobi Securities Exchange.