By MAYA NTANDA –
ZAMBIA and other developing countries have been challenged to take advantage of the London Stock exchange (LSE) and access financing in wide range of currencies to invest in economic prosperity.
United Kingdom (UK) International Development secretary Priti Patel said at the launch of the (LSE) first-ever ‘Companies to Inspire Africa’ report, in London, that the City of London should rise to the challenge of becoming the global financial centre for the developing world.
Ms Patel said LSE was leading the way through a new partnership with an organisation called GuarantCo and supported by Department For International Development (DFID) which would bring more international bonds in a wider range of currencies to the London market.
This is contained in a statement released by the British High Commission in Lusaka.
Ms Patel said the new partnership would help generate the much needed business investment in developing countries to help them stand on their own feet.
She said, this would help Africa industrialise faster, trade more and create millions of jobs, driving the continent to prosperity.
“This will mean businesses can invest in vital infrastructure projects in developing countries, helping them defeat poverty with sustained economic growth. The partnership should also lead to more businesses from Africa and South Asia being able to borrow in London, in the currency that suits them best,” she said.
Ms Patel said no country can defeat grinding poverty without sustained economic growth as jobs and investment opportunities were vital in economic achievement.
LSE’s ‘Companies to Inspire Africa’ report identifies the fastest-growing and most dynamic private businesses across Africa to help generate investment opportunities for UK companies.
Ms Patel said LSE first-ever ‘Companies to Inspire Africa’ report was proof of the dynamism and vision of the City of London in supporting Africa’s growing economies.
“Now is the time for UK businesses to seize the opportunities offered by Africa, and the UK Government is supporting the City of London to become the global financial centre for the developing world.
Ms Patel stated that the African continent forms one of the most significant opportunities to not only create jobs, build livelihoods and help some of the world’s poorest people, but also produce trading opportunities for British businesses and create trading partners for the future.