This archive report was first published on 31 July 2019.
Kenya and Abu Dhabi Partner to Boost Sustainable Finance ¶
On July 31, 2019, the Capital Markets Authority of Kenya (CMA) and the Financial Services Regulatory Authority of the Abu Dhabi Global Market (ADGM) signed a Memorandum of Understanding (MOU) to enhance sustainable finance in each other's markets.
The MOU was signed by Mr. Paul Muthaura, Chief Executive Officer at CMA, and Mr. Phillipe Richard, Executive Director of International Affairs at ADGM. The agreement provides a framework for CMA and ADGM to exchange information vital to products, services, and initiatives, as well as develop regulatory and institutional frameworks to support sustainable finance.
According to Mr. Paul Muthaura, this agreement aligns with the Marrakech Pledge, which calls for increased volume, flow, and access to finance for climate projects, alongside improved capacity and technology from both developed and developing countries.
Mr. Richard Teng, CEO of the Financial Services Regulatory Authority at ADGM, noted that the partnership with CMA began in 2017, focusing on fintech, where they shared mutual objectives of fostering innovation, financial inclusion, and regulator cooperation.
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