Deputy President William Ruto welcomed delegates to the 18th African Securities Exchange Association (ASEA) conference in Mombasa, Kenya. In his speech, he discussed Africa's economic rise and the important role of capital markets and securities exchanges in mobilizing investment to fuel infrastructure development and power economic transformation across the continent. He emphasized that regional integration of capital markets and securities exchanges will be crucial to attracting the vast investment needed for Africa's development. Ruto also highlighted how Kenya's capital markets have matured and can mobilize significant investment to support the country's growth and regional economic integration goals.

1. SPEECH BY H.E WILLIAM RUTO, DEPUTY PRESIDENT OF THE REPUBLIC OF
KENYA DURING THE OPENING OF THE 18TH AFRICAN SECURITIES EXCHANGE
ASSOCIATION (ASEA) CONFERENCE AT LEISURE LODGE, DIANI – MOMBASA
The Governor, Kwale County, Mheshimiwa Salim Mvurya,
The President, African Securities Exchange Association,
Chairman and Members of the Nairobi Securities Exchange Board,
Distinguished delegates,
Ladies and gentlemen,
I am happy to join you this morning in our beautiful coastal resort county for an
equally magnificent and momentous occasion.
The President eagerly looked forward to opening this Conference because of
his deep interest in its subject matter, but other commitments have kept him
away.
I share his interest in your activities and the purpose of this gathering. It is
therefore an immense delight to have the honour of holding brief for the Head
of State and to be here.

2. I extend warm greetings and a hearty welcome on behalf of the President, the
Government as well as the people of Kenya. I am sure that everywhere you've
been since your arrival, you have been greeted with a smiling "Karibu". It is the
Kiswahili word for "Welcome".
We love visitors, and are traditionally warm and hospitable people who spare
no trouble to make each one of you comfortable. Karibu Kenya, Karibu Pwani,
Karibu Diani.
The theme of the Conference says it all: Africa, finally is a continent on the rise.
Our nations and peoples can now look up and forth at the auspicious golden
dawn, which promises rapid economic growth, tremendous socio-political
transformation and lasting stability, peace and prosperity.
This continental take-off will be powered by intensive investments in
infrastructure, commerce, industry and ICT that will accelerate integration and
catalyse wealth creation throughout Africa.
These investments can only happen in the presence of sufficient resources by
way of capital to enable governments and businesses fund growth and
expansion.
Our consensus is that the investments are the potent fuel needed to power
African take-off. The private sector is the formidable engine to drive our
transformation. The Securities Exchanges are our vehicle of delivering Africa's
collective dream. This gathering is therefore the congregation of engineers and

3. designers who assemble, service and pilot the great economic machine that
will bring development home.
We look to the capital markets as the best forum for the mobilisation of
savings and investments, which give our economies strength to grow and
resilience to withstand external shocks.
A strong capital markets system reduces economic vulnerability, providing our
people and businesses with the ideal space to trade, innovate, manufacture
and manage.
The resources mobilised through the securities exchange are the fuel reserves,
which enable us as drivers to estimate our journey. The more our reserves, the
greater and more realistic our ambitions.
Planning a long journey with minimal fuel is delusional, especially if the vehicle
has not received much attention from the engineers, and designers.
One of the most inspired strategies to catalyse the African transformation and
unlock the promise so long buried in our fertile soils is the drive for regional
then Pan - African integration. The various regional economic blocs have
acquired the maturity and sophistication to handle complex challenges.
Their dynamism has led logically and organically to gravitation towards inter -
regional mergers which in turn has evolved into a strong push for coalitions of
regional blocs, traversing the entire continent.
By next year African political leadership will have executed the instruments
necessary to lay the framework of this momentous integration. You do not

4. require me to enumerate the opportunities and promise what such a merger
entails. It is a game changer by all accounts.
What I will say here, however, is that we would love to see the pace of
harmonisation and interlink age of African Securities exchanges much more
even lead the socio-political integration agenda.
Let capital lead politics, so that African governance stands on a sound
economic foundation that can deliver prosperity, equity and social justice to all
our people.
It is therefore encouraging to note that the East African Council Directives are
now set out, intended to harmonise the regional capital markets frameworks
and solidify a common platform for resolving numerous challenges.
An inevitable benefit of this integrated strategy is the building of the
confidence necessary to attract investments on a scale and in volumes
envisaged for transformation. Transformation is a large-scale concept,
necessarily involving vast, ambitious projects and initiatives.
This event returns to Kenya at a time when our own capital market has
undergone immense transformation and matured into a robust, modern,
dynamic and forward - looking bourse capable of mobilising investments on a
scale more suited to our development momentum. As a matter of fact, we
believe that we are very close, if not already eligible for Emerging Market
status. We therefore expect to see intensified inflows of capital from various
global investors, especially the huge funds. The Government is committed to

5. maintaining a facilitative environment underpinned by stable macroeconomic
stewardship.
I am delighted to announce that Kenya passed its international investor
confidence test with flying colours. Our inaugural Eurobond was
oversubscribed by over 500%. This is indicative of the level of international
confidence in our maturity and promise as an investment destination.
We intend to grow this confidence even further through responsible and
accountable management of our enabling frameworks. The Eurobond and
similar initiatives will be our vehicles for the mobilisation of private sector
capital for regional and continental integration infrastructure projects.
This is the scope of Africa's promise. This is the scale of our challenge to you:
you must rise up to it and demonstrate ability to mobilise affordable capital as
well as needful investment to catapult Africa into its rightful place in global
development.
I am confident that you will be equal to the task. I also trust that you will do
justice to the theme of this year's Conference and come up with outcomes,
resolutions and decisions that will affirm our vision and ambition.
As I conclude, I must take this opportunity to interest you in our world-famous
touristic attractions. You are at the right place to be impressed and inspired by
Kenya's beauty. You are welcome to sample it as well as our unfailing warmth
and hospitality in order to enrich your Conference and business experience.

6. I wish you fruitfulness deliberations, good health and a happy stay in Kwale and
in Kenya. It is now my pleasure to declare the ASEA AGE and Annual
Conference officially open.
Thank you