The Emerging markets need to spend around US$1 trillion until 2030 to develop their infrastructure, the vice chairman of the world’s largest organisation of financial regulators (IOSCO) said Wednesday.
Ranjit Singh – Vice Chairman of the International Organization for Securities Commission (IOSCO) and Head of IOSOC’s Growth and Emerging Markets Committee – stressed the importance of upgrading the financial instruments such as bonds, sukuks, and etc in carrying out the targeted development process for the emerging markets.
During his speech in IOSCO’s committee annual meetings, Singh also noted that the projects that Egypt announced in the last few months, notably the New Administrative Capital, require upgrading the infrastructure to attract investors.
The annual meetings were organised for the first time in Egypt in the presence of David Wright -IOSCO’s Secretary General and Sherif Samy – Egyptian Financial Supervisory Authority (EFSA).
Singh emphasized that Growth and Emerging Markets committee has held expanded meeting to discuss obstacles that faces those markets.
Growth and Emerging Markets committee has endorsed a report on the funding challenges that face the Small and Medium-sized Enterprises (SMEs) in those markets.
Moreover, Singh clarified that IOSCO’s upcoming meetings are set to be held next June in London, inviting the committee’s members and the Egyptian Financial Supervisory Authority (EFSA) to attend.