OECD and South Africa announce the creation of the first African sovereign debt management centre
Paris, 25 May 2011 - The OECD's 50th anniversary ministerial meeting provided an occasion for OECD Secretary-General Angel Gurría and South African Finance Minister Pravin Gordhan to announce the creation of the first African sovereign debt management centre. The centre will encourage co-operation among African debt managers and support the development of sound practices in public debt and cash management, in order to create stronger securities markets. It will also encourage the implementation of a stronger infrastructure for government securities markets.
“As the OECD celebrates its 50th anniversary, this new centre symbolises the organisation’s increasing co-operation with emerging and developing economies,” said OECD Secretary-General Angel Gurría. “The centre will help reduce the cost of managing public debt and encourage the development of financial sector products including mortgage loans, micro-credit and financing for small and medium-sized firms, ultimately supporting Africa’s development.”
"With the most advanced financial market on the African continent, we look forward to partnering with the OECD in facilitating and building capacity of our neighbours in the region," said South African Finance Minister Pravin Gordhan.
The centre, which started operations on 30 June 2011, is located in Midrand, South Africa.
Experts operating from the centre will train African government officials and work with them to develop better markets and practices across the continent. The centre will also create a government debt database to monitor and analyse debt and sovereign risk in Africa, as well as conduct regular research and monitor bond market developments.
The OECD has been working since 2006 with government debt management officials from Angola, Cameroon, Gabon, Kenya, Madagascar, Mauritius, Malawi, Morocco, Mozambique, Namibia, Nigeria, Sierra Leone, South Africa, Tanzania, Tunisia, Uganda and Zambia.
For further information, please contact Hans Blommestein, head of the OECD’s Bond Market and Public Debt Management Unit (tel. + 33 1 45 24 79 90).
More about OECD work with Africa on public debt management
Sovereign debt and financial stability
Transcript of remarks by
Hillary Rodham Clinton
Photos from the signing ceremony