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Doha – The Casablanca Stock Exchange and Ethiopian Securities Exchange signed a strategic cooperation agreement today, marking a significant step toward strengthening financial markets between two of Africa’s major economies.
The agreement was signed following the conclusion of the Africa Financial Summit (AFIS) in Casablanca.
According to a press release received by Morocco World News (MWN), this partnership aims to leverage the expertise of the Casablanca Stock Exchange, founded in 1929 and currently Africa’s second-largest bourse with a market capitalization of $76 billion, representing 55% of Morocco’s GDP, to support its Ethiopian counterpart.
The Ethiopian Securities Exchange, established in October 2023 through an innovative public-private partnership, seeks to accelerate Ethiopia’s economic growth through capital market development.
“The partnership will support the Ethiopian exchange in strengthening its technological framework, operational capabilities, and risk management to ensure a smooth and secure trading platform,” the statement noted.
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The collaboration encompasses several key areas, including sharing Morocco’s experience in stock market development, particularly its major financial reforms initiated in 1993.
These reforms have recently culminated in the launch of a derivatives market and the progressive implementation of the New Development Model by the Casablanca Stock Exchange.
“The two exchanges share a common objective: to expand access to stock market financing, enhance market liquidity, contribute to the economic development of their respective countries, and promote financial integration across the continent,” the communique stated.
The partnership also emphasizes Environmental, Social, and Governance (ESG) practices as a key lever for promoting responsible investment and supporting sustainable economic growth.
Both exchanges will jointly advocate for African interests in regional and global financial platforms to accelerate the development and integration of African markets.
As of November 2024, the Casablanca Stock Exchange hosted 76 listed companies with a market capitalization of MAD 756.4 billion ($75.64 billion).
The bourse operates under the supervision of the Ministry of Economy and Finance and has been strengthening its ties with African financial markets and operators across the continent in recent years.
The initiative aims to foster business relationships between Ethiopian and Moroccan communities while exploring new opportunities, including joint product development, dual listings, and shared financial education initiatives.
