PRESS RELEASE
CMA and KAM sign MoU to support growth of manufacturing sector
Nairobi, 27 June 2019…The Capital Markets Authority (CMA) has signed a Memorandum of Understanding (MoU) with the Kenya Association of Manufacturers (KAM) to promote the growth and development of the manufacturing sector through the capital markets, in line with the national development priorities and Sustainable Development Goals.
Through the MoU the Authority and KAM will collaborate to identify and analyze funding gaps, institutional challenges and key impediments in the manufacturing sector and recommend best reform approaches. The agreement also sets the stage for policy formulation and product development aimed at supporting the attainment of the Big 4 Agenda for the manufacturing sector through the capital markets industry.
‘This partnership will enhance our ability to examine the strategies necessary to create a pipeline of targeted issuers of traditional and new capital market products to support manufacturing. This may include a review and possible revision of existing eligibility and disclosure requirements to attract large and private companies & small and medium enterprises (SMEs)’, noted CMA Chief Executive, Mr. Paul Muthaura.
KAM Chief Executive, Ms. Phyllis Wakiaga said, ‘It is a worthwhile partnership whose success will have a reverberating effect throughout industry and respective value chains for years to come. This collaboration also comes at a time when manufacturing has been identified as a key pillar in the economic agenda of the country and will be a catalyst towards increasing the GDP Contribution of the sector from 7.7% to 15% by the year 2022.”
In line with the CMA Strategic Plan, products such as project bonds, private equity, fintech and initial public offerings can be leveraged to develop the manufacturing sector at national and county level. This will accelerate economic growth, create jobs and reduce poverty. Mr. Muthaura observed that the share of manufactured products in Kenya’s exports can be increased and transformed to support value addition and a shift towards sustainable, inclusive trade. The partnership will also support research and analysis, capacity building and financial inclusion.
ENDS
BACKROUND INFORMATION ON THE CAPITAL MARKETS AUTHORITY
The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence. The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics; Promoting investor education and public awareness; and Protecting investors’ interest. For more information, please contact: Antony Mwangi, Head of Corporate Communications on This email address is being protected from spambots. You need JavaScript enabled to view it.
BACKROUND INFORMATION ON THE KENYA ASSOCIATION OF MANUFACTURERS
KAM is a Business Member Organization representing value-add companies and associate services in Kenya. Its members’ significant contribution to the economy is estimated at a quarter of the country’s Gross Domestic Product. The Association provides an essential link for co-operation, dialogue and understanding with the Government and other key stakeholders by representing its members’ views and concerns through fact-based policy advocacy. KAM promotes trade and investment, upholds standards, encourages the formulation, enactment and administration of sound policies that facilitate a competitive business environment and reduce the cost of doing business. The Association houses the UN Global Compact Network Kenya chapter and its CEO – Ms. Phyllis Wakiaga is the network representative for the country.
For more information please contact:
Sally Kahiu, Public Relations, Communication and Marketing Manager, Kenya Association of Manufacturers on 0706 322 488 or email This email address is being protected from spambots. You need JavaScript enabled to view it.
PRESS RELEASE
CMA and KAM sign MoU to support growth of manufacturing sector
Nairobi, 27 June 2019…The Capital Markets Authority (CMA) has signed a Memorandum of Understanding (MoU) with the Kenya Association of Manufacturers (KAM) to promote the growth and development of the manufacturing sector through the capital markets, in line with the national development priorities and Sustainable Development Goals.
Through the MoU the Authority and KAM will collaborate to identify and analyze funding gaps, institutional challenges and key impediments in the manufacturing sector and recommend best reform approaches. The agreement also sets the stage for policy formulation and product development aimed at supporting the attainment of the Big 4 Agenda for the manufacturing sector through the capital markets industry.
‘This partnership will enhance our ability to examine the strategies necessary to create a pipeline of targeted issuers of traditional and new capital market products to support manufacturing. This may include a review and possible revision of existing eligibility and disclosure requirements to attract large and private companies & small and medium enterprises (SMEs)’, noted CMA Chief Executive, Mr. Paul Muthaura.
KAM Chief Executive, Ms. Phyllis Wakiaga said, ‘It is a worthwhile partnership whose success will have a reverberating effect throughout industry and respective value chains for years to come. This collaboration also comes at a time when manufacturing has been identified as a key pillar in the economic agenda of the country and will be a catalyst towards increasing the GDP Contribution of the sector from 7.7% to 15% by the year 2022.”
In line with the CMA Strategic Plan, products such as project bonds, private equity, fintech and initial public offerings can be leveraged to develop the manufacturing sector at national and county level. This will accelerate economic growth, create jobs and reduce poverty. Mr. Muthaura observed that the share of manufactured products in Kenya’s exports can be increased and transformed to support value addition and a shift towards sustainable, inclusive trade. The partnership will also support research and analysis, capacity building and financial inclusion.
ENDS
BACKROUND INFORMATION ON THE CAPITAL MARKETS AUTHORITY
The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence. The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics; Promoting investor education and public awareness; and Protecting investors’ interest. For more information, please contact: Antony Mwangi, Head of Corporate Communications on This email address is being protected from spambots. You need JavaScript enabled to view it.
BACKROUND INFORMATION ON THE KENYA ASSOCIATION OF MANUFACTURERS
KAM is a Business Member Organization representing value-add companies and associate services in Kenya. Its members’ significant contribution to the economy is estimated at a quarter of the country’s Gross Domestic Product. The Association provides an essential link for co-operation, dialogue and understanding with the Government and other key stakeholders by representing its members’ views and concerns through fact-based policy advocacy. KAM promotes trade and investment, upholds standards, encourages the formulation, enactment and administration of sound policies that facilitate a competitive business environment and reduce the cost of doing business. The Association houses the UN Global Compact Network Kenya chapter and its CEO – Ms. Phyllis Wakiaga is the network representative for the country.
For more information please contact:
Sally Kahiu, Public Relations, Communication and Marketing Manager, Kenya Association of Manufacturers on 0706 322 488 or email This email address is being protected from spambots. You need JavaScript enabled to view it.
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