In a significant move towards fostering financial market development in the region, the Central Bank of Mauritania (BCM) and the Casablanca Stock Exchange have entered into a strategic South-South partnership.
A memorandum of understanding was signed in Nouakchott on Thursday, marking a collaborative effort to support the creation of a Mauritanian stock exchange. This ambitious project aligns with Nouakchott’s commitment to establishing a modern and inclusive financial market that adheres to international standards.
This burgeoning partnership with Mauritania, centered on the development of its own stock exchange, further underscores Morocco’s dedication to the advancement of capital markets across Africa. By forging structural collaborations with financial institutions on the continent, Morocco continues to play a key role in regional economic development. This initiative also coincides with the strengthening economic ties between Rabat and Nouakchott, a development that reflects the shared vision of King Mohammed VI and Mauritanian President Mohamed Ould Cheikh El-Ghazouani. The signing ceremony in Nouakchott was attended by Mohamed-Lemine Dhehby, the Governor of the Central Bank of Mauritania, and Tarik Senhaji, the Director General of the Casablanca Stock Exchange, alongside the Moroccan Ambassador to Mauritania, Hamid Chabar.
Leveraging its nearly century of experience in operating a stock exchange, the Casablanca Stock Exchange will provide comprehensive support to the BCM throughout all phases of designing and implementing the future Mauritanian stock market. The memorandum of understanding outlines the provision of technical, strategic, and operational assistance, as well as the implementation of targeted training initiatives aimed at strengthening local expertise and capacity within Mauritania’s financial sector.
The stated objectives of this collaborative endeavor are ambitious and far-reaching. The establishment of a Mauritanian stock exchange is envisioned to significantly boost the country’s capital market, effectively mobilize national savings, facilitate greater access to crucial financing for local businesses and entrepreneurs, and ultimately attract foreign investment. The long-term goal also includes the seamless integration of the future Mauritanian stock exchange into the broader regional and international financial system.
Speaking at the signing ceremony, Mohamed-Lemine Dhehby, Governor of the Central Bank of Mauritania, emphasized the transformative potential of the agreement, stating, “The signing of this agreement marks a decisive step in our ambition to build a robust, transparent, and resilient financial ecosystem for Mauritania.” Tarik Senhaji, Director General of the Casablanca Stock Exchange, echoed this sentiment, hailing it as “a historic step” in the relationship between the two institutions.
He further elaborated on the broader significance of a stock exchange, noting, “A stock exchange is much more than a financial instrument. It is a driver of trust and economic development. We are proud to support our sister country in this important transformation.” This partnership signifies a commitment to fostering economic growth and financial stability within the African continent through strategic collaboration and the sharing of expertise.
MK/te/Sf/fss/abj/APA