East African countries needs to develop deep, liquid financial markets in order to accelerate and sustain economic growth, according to industry experts.

Jingdong Hua, IFC Vice President and Treasurer, said: "Vibrant capital markets are the foundations for accelerating and sustaining economic development for any economy."

"Through a continued focus on nurturing nascent capital markets, regulatory infrastructure, and collaboration, East Africa can position itself as a financial center in the region and harness markets for sustained growth.”

The discussion was held at the capital markets conference in Kigali under the auspices of Paul Kagame, president of Rwanda, and hosted by the Rwandan government and IFC, a member of the World Bank Group.

The conference was attended by more than 250 leading African and international experts who discussed foundations for East African developing capital markets and the role of these markets in private sector financing.

Participants also addressed approaches and sequencing of policy and macroeconomic reforms to support debt, equity and commodity markets; financing priority sectors such as infrastructure, housing, and small and medium enterprises through capital markets; and the perspectives for closer integration of the East African Community Common Market.

Panelists included senior government officials from Kenya, Rwanda, and Uganda; the CEO of the National Stock Exchange of India; as well as senior representatives from international and regional investment banks, rating agencies, and multilateral development organizations.

Speaking on the role of capital markets in economic development, Claver Gatete, Rwanda’s Minister of Finance and Economic Planning, said: “Capital markets have the potential to play a crucial role in consolidating and sustaining economic growth."

"In Rwanda, we are convinced that capital markets provide the best alternative for long-term financing for development initiatives such as infrastructure and energy.”

The conference “East African Capital Markets 2015: Accelerating Economic Growth” was held in partnership with The Ministry of Finance and Economic Development, Banque National Rwanda, and the Rwandan Capital Markets Authority.