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Kenya is rallying the rest of the continent for the world’s second-largest stock market to be set up in Nairobi as part of President William Ruto’s push for a reformed global financial architecture.
Government officials on Monday unveiled plans for the inaugural Africa Capital Week, to be held in Nairobi from August 31 to September 4 this year, as part of a broader plan to enable the United States-based National Association of Securities Dealers Automated Quotations (NASDAQ) to enter the continent.
The push has been informed by Kenya’s ambition to mobilise funds for critical development projects owing to the formation of the Sovereign Wealth Fund (SWF) and the National Infrastructure Fund (NIF).
The two funds aim to mobilise private-sector capital for the country’s development agenda as the budget books grow thinner, with more debt to manage amid taxpayers who are already squeezed.
