By Nairobi January 21, 2014…The Capital Markets Authority (CMA) Board has today approved the public exposure of the draft Capital Markets Master Plan, which has been developed by a sixteen-member Capital Markets Master Plan Steering Committee (CMMSC). The Master Plan is expected to guide the development of the Kenyan capital market over the next ten (10) years. The Authority will be inviting comments from members of the public during the 30-day public exposure starting tomorrow.
In tabling the draft Plan, the Chair of the Capital Master Plan Steering Committee, Mr. Paul Kavuma, observed that the Capital Market Master Plan envisions that by 2023, Kenya will be transformed into the market choice for domestic, regional and international issuers and investors looking to invest in and realize their investments in Kenya, within East Africa and across Middle Africa.
The CMA Acting Chief Executive Mr Muthaura, who was a member of the Steering Committee, added that the Authority was optimistic that Kenyan capital markets will support the emergence of centres of excellence in real sectors of the economy in which Kenya already has significant capacity and potential, including in agriculture, infrastructure (including real estate), and technology, while also leveraging the strength of Kenya's financial sector to develop innovative products and services including derivatives and asset management while supporting the emergence of Islamic finance hub in the country.
The Chairman of the Board of CMA, Mr. Kung'u Gatabaki noted while accepting the draft that "the Master Plan, which is a key Vision 2030 Flagship project, under the 2nd Medium Term Plan (MTP2), is a product of an extensive consultative process spanning over seventeen months, that has not only harnessed creativity and innovation from the industry players, but has leveraged on consensus on the vision, key pillars and building blocks and execution plan necessary for capital markets to be transformative."
The Authority welcomes comments from capital markets stakeholders and the general public on the draft Kenya Capital Markets Master Plan by February 22, 2014. The exposure of this draft Master Plan is made in accordance with Article 232 of the Constitution of Kenya, section 5(2) of the Statutory Instruments Act (Act No. 23 of 2013) and Section 12 of the Capital Markets Act (Cap 485A, Laws of Kenya) which require public participation in policy-making and statutory instruments development.
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