2 August 2007
City looks to East African alliance
The City of London’s Policy Chairman, Michael Snyder, will
launch a new guide on raising capital in London when he visits
Rwanda and Tanzania on 4 August.
The booklet, Raising Capital in London, is tailored to
companies in developing and transition economies and outlines the
options available to them in seeking access to the City’s
international markets. It sets out what a London listing means,
what the benefits are and what governance and reporting standards
are expected from those who access the City’s finance and
expertise.
The guide will be launched in Kigali, Rwanda, on 10 August
during a week-long visit to explore possibilities for stronger
connections between the City and the business communities in the
East African Community and helping the City to engage with those
countries that want to attract more investment.
Mr Snyder will meet with Rwandan President Paul Kagame and
business leaders to discuss the region’s financial services
requirements and how the City might best be able to meet those
needs. He will also explore the scope for a financial services
skills exchange programme, co-ordinated by the City of London
Corporation, which could strengthen the financial services sector
in East Africa.
Mr Snyder said: "This visit is a good opportunity to meet with
business leaders in East Africa and to find out first hand what
they need in the way of financial services assistance.
"We can offer advice on how improvements to the business
climate, through reduced bureaucracy, more political stability,
government accountability and stable land rights, can enhance
foreign investment.
"The City of London would like to work in partnership with the
East African Community. The City has a source of global expertise
and deep pools of capital which Africa can access to help fund its
expansion, creating jobs and growth.
"We hope this would move beyond outmoded concepts of charity or
aid to create truly sustainable economic development, peace and
prosperity."
Ends.
Press enquiries on the City of London Corporation to Lesley
Mair. Tel 020 7332 1754 or 07785 528 453 or
email.
Download Raising Capital in London
here (663kb)
Notes to editors
- Michael Snyder will lead a three-strong delegation from the
City of London, from 4 -10 August to Kigali in Rwanda and Dar es
Salaam in Tanzania.
- London is the world leader in international bond trading,
cross-border lending and foreign exchange trading. Average daily
turnover on the UK’s foreign exchange market totalled more than
$1,100 billion in 2006.
- There are 255 foreign banks located in the UK. More than half
of UK banking sector assets are held by foreign banks.
- The UK insurance industry is the largest in Europe and the
third largest in the world
- The City of London Corporation provides local government
services for the Square Mile and beyond. The Chairman of the City’s
Policy and Resources committee is responsible for setting the City
of London’s strategic priorities and policies, agreeing resources
allocation and leading relations with local and regional
government.