African Development Bank’s CMDTF Opens $4.8M Capital Markets Funding Call

The CMDTF’s 2025 Call for Proposals focuses on initiatives aligned with its core objectives and the AfDB’s broader mission.

The African Development Bank Group (AfDB), through its Capital Markets Development Trust Fund (CMDTF), has launched a call for proposals under its 2025 Annual Budget and Work Program. With a funding envelope of $4.8 million, the call seeks to bolster capital markets across Africa through a wide range of initiatives running from 2025 to 2028. The call is part of AfDB’s continued commitment to strengthening Africa’s financial ecosystem and advancing its High 5 strategic priorities: Light up and power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the quality of life for the people of Africa.

Supporting Africa’s Financial Market Ecosystem

CMDTF was established to promote robust and inclusive capital markets throughout the African continent. By providing catalytic funding, the Trust Fund supports the development of sound financial systems, enhances access to capital, and promotes economic integration among African nations. It is managed by the Financial Sector Development Department of the AfDB and supported by key development partners including the Netherlands’ Ministry for Foreign Trade and Development Cooperation, the Ministry of Finance of Luxembourg, and the Swedish International Development Cooperation Agency (Sida).

Scope of Funding and Thematic Priorities

The CMDTF’s 2025 Call for Proposals focuses on initiatives aligned with its core objectives and the AfDB’s broader mission. The funding targets the following key areas:

• Regulatory and Legal Frameworks (30%): Proposals that aim to enhance the robustness of capital market regulations, improve governance standards, and establish investor-friendly policies.

• Infrastructure Modernization (20%): Projects that seek to upgrade technical infrastructure, such as trading platforms, bond auction systems, clearing and settlement mechanisms, and digital solutions.

• Product and Services Diversification (30%): Innovations that introduce new market instruments such as green bonds, asset-backed securities, SME-focused capital market tools, and Islamic finance products.

• Investor Base Expansion and Capacity Building (20%): Initiatives that improve transparency, align markets with international standards, increase investor confidence, and build institutional capacity through training and education.

In addition to project-specific funding, CMDTF will also allocate resources for knowledge dissemination through publications, research reports, and knowledge-sharing events and workshops aimed at spreading best practices across the continent.

Eligibility and Application Details

Entities eligible to apply must be based in the African Development Bank’s regional member countries. Eligible institutions include:

• Stock exchanges and securities depositories

• Capital markets authorities and financial regulators

• Central banks

• Government Ministries, particularly those responsible for finance and regional integration

• Regional Economic Communities (RECs) and other regional and continental institutions

Application Deadline and Process

The deadline for submitting proposals is 16 May 2025 at 23:59 GMT. Proposals must be submitted via email and may be written in either English or French. The process is as follows:

1. Download and complete the official application form, available in both English and French.

2. Submit the completed application to:

   • a.kakou@afdb.org

   • h.rajhi@afdb.org

   • m.jaotody@afdb.org CC: cmdtf_secretariat@afdb.org and a.zoukpo-sanankoua@afdb.org Subject line: “[Country/Region] – CMDTF Call for proposals 2025”

3. Queries or clarifications may be directed to the above emails using the subject line: “[Country/Region] CMDTF Call for proposals 2025”

Evaluation and Selection Process

Applications will be reviewed based on alignment with the CMDTF's strategic objectives and thematic focus areas. Shortlisted applicants may be contacted for further information. All applicants will be informed of the selection outcome within three months of the submission deadline. However, submission does not guarantee funding approval.

A Strategic Investment in Africa’s Economic Future

The CMDTF funding opportunity comes at a time when the continent’s financial systems are rapidly evolving. Through this call for proposals, the AfDB and its partners aim to encourage systemic reforms, unlock new investment opportunities, and drive inclusive economic growth. By supporting both institutional and market-level transformations, CMDTF continues to serve as a cornerstone in Africa’s financial development journey.

Interested entities are encouraged to act swiftly to take advantage of this significant funding opportunity and contribute to the shaping of Africa’s next generation of capital markets.

For more information and access to the application form, visit: www.afdb.org/cmdtf.