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Thursday, June 13, 2024

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Mauritius: PM Launched Afrinex, A Pan-African International Exchange

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AFRINEX Limited is a pan-African exchange with global reach and local presence located in Mauritius. It has been set up with encouragement from the Government of Mauritius along with technology and skills partnership from Bombay Stock Exchange (BSE) subsidiaries and group companies. Also, part of the organisation, Afrinex Clearing House is a wholly owned subsidiary of AFRINEX Ltd. The Exchange and the Clearing House are regulated by the Financial Services Commission of Mauritius.

The launching of AFRINEX EXCHANGE took place this morning at the Hennessy Park Hotel in the Presence of the Prime Minister Pravind Kumar Jugnauth, the minister of Finances, Renganaden Padayachi, the High Commissioner of India, Mrs Nandini Singla, the minister of Financial Services, Mahen Seeruttun and the Baroness, Sandip Varma.


Their aim is to offer a primary market platform and efficient price discovery at optimal cost. Supported by the Government of Mauritius and FSC’s vision to transform Mauritius as an International Financial Centre, AFRINEX is a first-of-its-kind multi-currency and multi-asset universal exchange, operating equity, fixed income and derivatives across asset class with best-in-class regulatory standards.

For Mrs Nandini Singla, the High Commissioner of India, being part of this launching ceremony is like being part of a historical moment. A new chapter in the relationship between India and Mauritius with the launching of AFRINEX in Mauritius. For Mrs Singla, AFRINEX is an exchange that will add value to Mauritius’s global profile as an international financial centre of high repute while also imparting greater economic heft to the African region.

Furthermore, she recalled that six months ago, India’s first-ever Free Trade Agreement in Africa, the Comprehensive Economic Cooperation and Partnership Agreement (CECPA) with Mauritius, entered into force and underscored India’s continued commitment to Africa’s growth and rise. CECPA, Mrs Singla indicated, contributes, not only to enhancing Mauritius-India trade and investment, but also to positioning Mauritius as a “hub to Africa”.


On his part, Prime Minister Pravind Jugnauth shared his satisfaction. Indeed, it is with a deep sense of satisfaction and pride that the PM joined in the launching of AFRINEX. He also commented on the fact that Mauritius is no longer on the grey list of FATF way before schedule and he is confident that we will soon leave the black list of the EU if things go as planned.

Mr Jugnauth stressed that the setting up of the pan-African securities exchange in our country reflects his vision to consolidate the attractiveness of our jurisdiction as a leading international centre of substance.

The Prime Minister appeals for a change of mindset if our full economic potential is to be realised and for this, it is imperative to increase our national level of savings, mobilise capital and channel financial resources into productive investments that create jobs and incomes.

Thanking the Government of India for making this new venture a reality that adds another important landmark to the Mauritius-India society.

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