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CMA wants capital markets counties to make money – KBC

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The Capital Markets Authority (CMA) wants county governments to hit the capital markets to get long-term capital to finance key development projects.

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CMA Chief Executive Officer Wycliffe Shamaya says 47 devolution units have a Kshs 1.1 trillion infrastructure funding gap and only four counties have so far expressed interest in floating infrastructure bonds.

Makueni, Laikipia, Bungoma and Kisumu are four counties that have undergone a loan assessment in readiness to float county treasury bonds.

According to Shamaya CMA intends to participate in the National Treasury and Planning in accordance with the Guidelines for the issuance of County Guarantees.

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Shamaya says devolution units should also take advantage of the new regulations by the National Treasury which allows counties to borrow up to 20% of their annual revenue collections.

This comes at a time when a marketing regulator has reported an increase in interest in green bonds while more investors are focusing on sustainable and viable options away from corporate bonds.

“There is a targeted implementation of the Post Covid-19 Capital Markets Strategy to capitalize on the unique benefits of the capital market especially in playing the role of facilitating the promotion and promotion of capital market and additional listings,” said Shamaya.

The CMA’s first quarter performance report shows that there was little volatility in the first three months of this year as NSE-listed companies did not record significant changes in stock prices due to corporate performance forecasts.

Liquid remained low in the NSE but declined for the second quarter of 2020.

However, there was a slight reduction in the total foreign investor’s contribution to sales and a slight increase in the local investor’s involvement in the secondary business.

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