ISLAMABAD – South Asian Federation of Exchanges (SAFE) celebrated the completion of its regional financial integration project funded by the U.S. Government with the assistance of United States Agency for International Development (USAID) today during a meeting of stakeholders.
SAFE’s work has resulted in a “rulebook” that representatives from South Asian countries will use to try to create a harmonized regulatory framework for capital markets throughout the region.
Representatives from all member countries of South Asia Association for Regional Cooperation (SAARC) gathered for the event.
“We believe that SAFE’s project will serve as a landmark initiative to achieve economic growth, not only in Pakistan, but all across the South Asian region,” Greg Gottlieb, Mission Director of USAID Pakistan said. During the ceremony, Gottlieb handed over the rulebook to SAARC. The rulebook will push for adoption of the proposed regulatory standards in all of its member countries.
Aftab Ahmad, Chairman of SAFE, emphasized the need to increase cross-border financial activities within the South Asian region to create strong intraregional links and an integrated economic region. He told attendees that SAFE’s project on developing a harmonized regulatory framework will serve as a first step toward building a financially integrated South Asian region. Aftab went on to thank the American people for their assistance in working toward securing a self-sustaining economic future in Pakistan and SAARC nations by nurturing a more efficient and unified economic environment.
“We are excited to see Pakistan and South Asia developing great ideas to enhance their financial markets,” added USAID’s Gottlieb.
SAFE’s goals include standardizing the regulatory framework for the management and operations of capital and financial markets throughout South Asia, introducing consistent reporting standards, facilitating easier capital raising in member countries, enhancing market integrity and investor confidence regionally and promoting cross-border listings.