AfDB finances online stock market in Sudan

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The Government of Sudan inaugurated an online trading system of its stock market on March 24, 2016 in the country’s capital, Khartoum, a landmark development in the Sudan’s financial history.

Financed by the African Development Bank as part of its Public Financial and Macroeconomic Management (PFM) project, the e-trading system will be instrumental in promoting rapid development of the Khartoum Stock Exchange Market, which is a central element in the country’s financial market.

This support is part of the Bank’s mandate, under its Transitional Support Facility (TSF), to strengthen Sudan’s financial governance and accountability. The Bank’s funding of PFM amounts to US $34.8 million.

The PFM project seeks to create the necessary platform for establishing electronic public financial systems, which will ultimately form basis for the transition of electronic governance and administration of public resources.

Other complementary systems that are being developed by the PFM include an Integrated Financial Management and Information System (IFMIS).

This will integrate Sudan’s public financial management systems with other systems in line ministries, through a customized IT infrastructure that will enhance electronic transactions, information flow and interaction across ministries.

Speaking on behalf of the Finance Minister, the Undersecretary of Planning in the Ministry of Finance and Economic Planning, Abdalla Ibrahim, comments that the African Development Bank for financing this initiative. He noted that it has laid the foundation for his country to align itself with the global financial and electronic trading systems.

On behalf of the Bank, the , alluded to the growing importance of electronical trade.

He stresses that the Bank’s support emanates from the considerable advantages of trading electronically, which reduces the risk associated with physical cash transactions, lowers transaction costs and saves time.

Kamara also notes the potential of e-trading to improve transparency, flow of information and enhance domestic resource mobilisation such as Sukuk bonds on which Sudan heavily depends on for financing infrastructure and service delivery. He assured the government of the Bank’s continued assistance in the area of public financial management and enhancing accountability in the use of public resources.

 

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Bontle Moeng is the Founder and Managing Director of BizNis Africa. Moeng has spent 16 years working in the digital and online media industry across Africa. She applied her trade at True Love magazine prior to discovering her passion for Investment news in key sectors across Africa. Moeng previously worked for ITWeb, Starfish Mobile Technologies, ITNewsAfrica, AVATAR Agency, eNitiate, Global Interface Consulting and Havas Johannesburg. Her primary focus is to provide solid and valuable content on investment opportunities for the ICT, Energy and Mining sectors across Africa. In addition, the online news publication assists global companies to expand their presence in Africa. Email: news@biznisafrica.co.za

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