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December 23, 2013: USAID Mission Director Gregory Gottleib participated in the closing ceremony of a regional financial integration project funded by Small Grants & Ambassador’s Fund Program in an event held on Monday Dec 23.
USAID Small Grants Fund Program awarded a grant of $250,000 in 2011 to South Asian Federation of Exchanges (SAFE) for a period of 18 months to harmonize a regulatory framework for the Pakistani and regional capital markets in South Asia. Under this initiative SAFE developed the Rule Book. It is the guide of the standardized market regulations with the intent of creating the necessary environment for improved regional financial integration.
The event brought together diplomatic representatives from various member countries of South Asian Association for Regional Cooperation (SAARC). Mission Director Greg Gottlieb praised the completion of the project on time and underlined the importance of developing the Rulebook for harmonizing regulatory standards for capital markets of SAARC nations and stressed the need for adopting the proposed regulatory standards in all SAARC member countries.
Synchronizing national practices for the regulation and supervision of financial institutions and the markets leads to increased financial stability and the spread of economic welfare within any region. Creating a climate for enhanced economic opportunities by improving domestic financial services adds to the economic stability of a country. We are excited to see Pakistan and South Asia developing great ideas to enhance their financial markets.” aid Gottlieb at the closing ceremony event
Secretary General SAFE Aftab Ahmed presented the Rule book to USAID Mission Director. The rulebook will push for adoption of the proposed regulatory standards in all of is member countries.
Aftab Ahmad, 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.
South Asian Federation of Exchanges (SAFE), located in Islamabad, is a cooperative platform launched by the stock markets of South Asia with the goal of promoting the development and harmonization of the securities markets in the region. It provides a forum for multilateral cooperation in order to accelerate the financial integration and common economic growth of the region.
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