Kenya, Abu Dhabi Global Market sign MoU on sustainable finance

Source: Xinhua | 2019-07-31

Kenya's Capital Markets Authority (CMA) and the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market on Tuesday signed a memorandum of understanding (MoU) to enhance cooperation in sustainable finance in each other's market.
Paul Muthaura, chief executive of CMA, said in Nairobi that the partnership was formed following close discussions and continuous coordination between the two parties to scale up the development of sustainable finance in both jurisdictions.
"The MoU provides a framework for CMA and FSRA to exchange information pertinent to products, services and initiatives as well as to develop legislative, regulatory and institutional frameworks to enable the two sides to facilitate and support sustainable finance," said Muthaura.
He said the strategic partnership between CMA and FSRA underscores the importance of sustainable finance and the intangible value drivers within environmental, social and governance perspectives.
"This initiative has come at an opportune time as sustainable finance is expected to play an important but niche role in driving the growth of Kenya's capital markets. This is in line with the Marrakech Pledge which calls for an increase in the volume, flow and access to finance for climate projects, alongside improved capacity and technology from developed to developing countries," Muthaura said
Richard Teng, CEO of the FSRA, said that his organization will work closely with the CMA team and more like-minded partners to foster responsible and sustainable methods that support the development and growth of respective economies.
He noted that the partnership and relationship with CMA began in 2017 on financial technology where there was sharing of mutual objectives of fostering innovation, financial inclusion and regulator cooperation.