EBRD supports development of regional capital markets in Bulgaria, Croatia and FYRMacedonia
SEE Link, a joint stock company established by the Bulgarian, Macedonian and Zagreb stock exchanges has joined forces with the European Bank for Reconstruction and Development (EBRD) to support the development of regional capital markets.
The EBRD is providing a €540,000 grant to establish an electronic system for order routing. In parallel, the participating stock exchanges are extending €80,000 each in capital to strengthen SEE Link, a platform set up for trading securities listed on the respective bourses.
The EBRD is working to strengthen local capital markets and encourage the use of local currencies in the countries where it works, to counteract major weaknesses in their transition to open-market economies.
“The SEE Link is a prominent initiative aimed at increasing liquidity in southern and eastern Europe. The EBRD, through its Local Currency and Capital Markets Development Initiative, is delighted to support these regional integration efforts that will contribute to improving the options for raising funding through capital markets. SEE Link will standardise and develop financial services in the region, making it more attractive to international investors, including the EBRD,” said EBRD representative Jacek Kubas, at the signing ceremony in the Macedonian capital, Skopje.
“We strongly believe in the success of this project and think that we have found the model that could strengthen regional markets. The attention that the project has already received from the financial community at this early stage certainly supports our view,” stated Ivana Gažić, President of the Management Board of the Zagreb Stock Exchange.
Ivan Steriev, CEO of the Macedonian Stock Exchange (MSE), added: “For many years one of the main priorities for MSE was to establish some kind of regional network. The recent launch of our joint company and the support from the EBRD are very encouraging steps in the successful creation of a functional linkage model, which will be beneficial for all players in the regional securities markets.”
“Our joint project is developing rapidly and successfully and we are encouraged by the preliminary interest expressed by investors,” said Ivan Takev, CEO of the Bulgarian Stock Exchange.
SEE Link is a joint stock company based in Skopje, Macedonia, and established in May this year by the Bulgarian, Macedonian and Zagreb stock exchanges, each holding an equal share of ownership.