Botswana, Namibia join elite AfDB index
Stefan Nalletamby, Director of the AfDB’s Financial Sector Development Department, said the development comes as more African countries were increasingly looking to domestic capital markets to source much-needed financing for economic development.
“We are delighted to welcome Botswana and Namibia to the index and expect to include more countries to it as soon as reliable pricing information is made available,” Nalletamby said.
The composite index is currently comprised of the Bloomberg South Africa, Egypt, Nigeria and Kenya.
The expanded index will now include the six most liquid sovereign bond markets in Africa and three sub-indices for different maturity ranges. To be included in the index, a security must have at least one year remaining to maturity and withstand price stability tests.
The AFMI works to deepen the continent’s local currency bond markets and also strives to create an environment where African countries can access financing at variable terms.
– CAJ News
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