Canada has announced an additional US$2 million to support the modernisation of Zambia’s capital markets and strengthen the Lusaka Securities Exchange.
Canada’s Secretary of State for International Development, Randeep Sarai, says the funding will support financial sector supervision and regulation through a project implemented by Toronto Centre.
Mr Sarai says Canadian and Zambian experts will work together to strengthen the Lusaka Securities Exchange, improve financial governance and attract investment, particularly from local investors.
He says stronger capital markets can provide Zambian businesses with alternative sources of financing while creating more investment opportunities for citizens.
Mr Sarai was speaking during his visit to the Lusaka Securities Exchange.
Meanwhile The Securities and Exchange Commission (SEC) says well-functioning capital markets are important in mobilising long-term investment to support Zambia’s economic growth.
Commission Chief Executive Officer Phillip Chitalu says strengthening the markets is part of the Commission’s ambition to support the Government’s Grow Zambia Agenda through private-sector-led growth, employment creation and sustainable economic development.
By Best Jere
