NEW YORK--(BUSINESS WIRE)--Bloomberg L.P. today announced a grant to the Financial Services Volunteer Corps (FSVC), a not-for-profit, private-public partnership that helps build sound financial systems in transitional and emerging market countries. Capital markets play an increasingly important role in the African continent’s economic and business growth; this new initiative helps address some of the challenges that growing economies face by sponsoring technical assistance training for market regulators in Africa.
This new initiative was announced as part of the President’s Advisory Council on Doing Business in Africa, which was established in August 2014 at the request of President Obama to promote broad-based economic growth in the United States and in Africa through greater trade and investment in the region. The grant announced today provides investors and African governments an opportunity to expand efforts in this vital region and boost U.S. investment opportunities.
The grant will also enable FSVC to conduct a series of workshops to train regulators in select African countries in capital formation and trading, laws and regulation, promotion of growth in markets, the advantages of bonds and other trading platforms, and more, as well as raise the level of knowledge among market participants. The workshops will emphasize the importance of adopting international best practices.
“I am delighted at the path-breaking grant that Bloomberg L.P. has made to help strengthen capital markets in the critically important African sub-continent,” said J. Andrew Spindler, FSVC President and CEO. The potential of these markets to support job creation, economic growth and more broad-based prosperity in Sub-Saharan Africa is truly enormous. FSVC has been deeply involved in strengthening the region’s financial sectors, and we feel privileged to partner with Bloomberg L.P. in support of the agenda of the President’s Advisory Council on Doing Business in Africa.”
"Our grant to the FSVC builds off Bloomberg's longstanding commitment to the African sub-continent," said Peter T. Grauer Chairman of Bloomberg L.P. "I'm proud of all the work we've done throughout the region - including financial and technology investments to bring more transparency to local markets in over 40 African countries, and our philanthropy and engagement efforts especially in South Africa, Rwanda, Republic of Congo, Nigeria, Kenya, Tanzania, Senegal, Burkina Faso and Uganda. Just last year, Bloomberg Philanthropies co-hosted the U.S.-Africa Business Forum with the U.S. Department of Commerce, and we announced the Bloomberg Media Initiative Africa to build capacity for business and financial journalism on the continent. We will continue to increase our investment and focus in the region as Africa continues to play an increasingly critical role in the global economy."
About Bloomberg L.P.
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The Financial Services Volunteer Corps (FSVC) is a not-for-profit, private-public partnership that helps to build sound financial systems in emerging market countries. FSVC structures demand-driven technical assistance delivered by senior financial sector practitioners who serve as unpaid volunteers. Over the past 25 years, more than 8,500 experts from the international financial, legal and regulatory communities have taken part in 2,700 FSVC missions in over 35 countries. For more information, please visit www.fsvc.org.