Egypt c.bank co-hosts APRM 9th Meeting of Experts on Credit Ratings
The Central Bank of Egypt (CBE) is co-hosting the African Peer-Review Mechanism’s (APRM) 9th Meeting of Experts on Credit Ratings in Cairo.
For three days, the APRM meeting is exploring the challenges and actionable steps towards realising the establishment of the Africa Credit Ratings Agency (AfCRA).
The CBE has been an active member in the APRM, actively participating in its meetings and other events hosted by the United Nations Economic Commission for Africa (UNECA) on credit rating agencies to promote economic development and financial stability in Africa. The Egyptian central bank has also been instrumental in advocating for the establishment of an African Credit Rating Agency (AfCRA).
Yasmine Abbas, CBE Assistant Sub-Governor for Markets Sector, delivered the keynote address on behalf of Governor Hassan Abdalla. She emphasised that the changing global landscape necessitates enhanced creditworthiness for African countries. Transparency, data collection, capacity building are the key for African countries to achieve more accurate credit ratings, foster greater trust and confidence in the region’s economies, and pave the way for achieving targeted macroeconomic reforms, she added.
The agency would provide African countries with a more accurate and independent assessment of their financial performance, fostering greater trust and confidence in the region’s economies.
For his part, Mohamed Farid, chairman of the Egyptian Financial Regulatory Authority (FRA), said by establishing AfCRA, African countries can gain greater control over their economic narrative, strengthen their capital markets, and attract more investment for sustainable development.
The APRM meeting aims to shed the light on the AfCRA’s role in developing local capital markets, encouraging direct foreign investment in Africa, supporting sustainable continental economic growth as well as its potential global impact. It also fosters knowledge sharing among experts, policymakers, and stakeholders on emerging trends in credit rating that African countries can leverage. Additionally, the meeting focuses on building capacity for effective communication with rating agencies, particularly on governance.
Moreover, the meeting is expected to create a roadmap for establishing AfCRA and developing strategies to enhance APRM’s effectiveness in credit rating.
Attribution: CBE
