Barclays Africa Group Limited (BAGL) has signed a 2-year agreement to provide financial support to the Frontclear Technical Assistance Programme (FTAP) through the latter’s Partnership Facility.
The contribution reflects the bank’s commitment to building inclusive, stable and liquid interbank market development through providing training, regulatory support and essential market infrastructure. The programme will be rolled-out in in Kenya, Tanzania, Uganda, Zambia and Ghana.
BAGL and Frontclear also concluded a memorandum of understanding regarding the implementation of the TradeClear interbank guarantee facility in Kenya and other leading African financial markets.
The partnership allows BAGL to implement the findings of the Barclays Africa Financial Markets Index.
Released in late 2017, the Index ranks the maturity, openness and accessibility of 17 financial markets in Africa, based on both qualitative and quantitative criteria. Development of local investor capacity and ability to attract foreign capital are also key points of focus.
“Our partnership with Frontclear and this investment in the FTAP Partnership Facility is a further demonstration of Barclays Africa Group’s commitment to expanding and deepening financial markets across Africa. The investment allows us to immediately act on the findings of our Africa Financial Markets Index, which through expert analysis of the African financial markets, draws attention to the considerable investment opportunities and uncovers the untapped market potential,” says George Asante, Barclays Africa Group Head of Global Markets in Africa.
“We are delighted to formalize our partnership with Barclays Africa Group and look forward to working together in building more liquid, stable and inclusive interbank markets. The developments of these markets are critical to economic growth, stability and poverty alleviation,” says Philip Buyskes, Frontclear Chief Executive Officer.