Financial markets to free states from aid dependancy.
UK's International Development Secretary Penny Mordaunt believes financial markets are key to creating a future free from aid dependency.
She added that capital markets play a crucial role in delivering global prosperity in that they create opportunities for new investment, trade and jobs.
'By building partnerships, sharing knowledge and opening up markets across the Commonwealth, we can defeat poverty, boost trade and investment, and deliver on the ambitions of countries that want to stand on their own two feet,' she said.
Morduant was today joined by President Uhuru Kenyatta in opening trading at the London Stock Exchange where she welcomed a new partnership between the LSE and the Nairobi Securities Exchange.
She also welcomed the launch of the Commonwealth Digital Finance Champions Group in which the UK is partnering with Commonwealth countries to share knowledge and expertise on digital finance and the transition to a digital economy in the most inclusive and sustainable way.
The Group is aimed at driving innovation to improve financial access for the most vulnerable and underbanked people in societies.
The inaugural meeting of the Group will take place in the third quarter of 2018 where the founding members include the UK, Ghana, Kenya, Jamaica and Rwanda.
The group will be looking to implement initiatives aimed at bringing down the cost of remittances, digitisation of government payment systems to reduce costs and cut down on corruption as well as implementing new guidelines for investing in responsible digital finance.
'I encourage the Commonwealth community to explore the potentials of applying cutting-edge technologies such as blockchain for distributed ledgers and artificial intelligence as this can enhance public service delivery and boost economic growth, particularly for developing economies such as Kenya,' ICT Cabinet Secretary Joe Mucheru said.
During the event, Morduant also announced UK funding to help developing countries raise investment from global capital markets in their own currencies.
The event marks the second day of the Commonwealth Heads of Government Meetings - bringing together business, civic society and government leaders from across the 52 Commonwealth nations in London for a week of events, forums and discussions.
|Printer friendly Cite/link Email Feedback|
|Publication:||The Star (Nairobi, Kenya)|
|Date:||Apr 17, 2018|
|Previous Article:||Talks on restoring Nairobi River kick off, polluters to be charged.|
|Next Article:||Children with malaria emit specific odour that attracts mosquitoes.|