Role of financial centers in financing the economy
A Financial Center is where financial, monetary and trade operations take place. It is a network of national and international players contributing to the effective functioning of financial markets and of the economy in an ecosystem allowing pooling and sharing of specialized infrastructures, skilled human resources, and related services.
In this project, we analyze the role of financial centers for sustainable economic growth.
The project was sponsored by Casablanca Finance City.
"The WAIFC was created to foster collaboration among international financial centers and to build up a global network. It aims to accelerate the dialogue and exchange of best practices among them and develop communication with the general public. Our core objective is that finance should not be self-centered but rather serve the real economy all around the world. We are committed to supporting global economic transformations, fostering the combination of public and private funding, and contributing to meet the sustainable development goals all around the world."
Arnaud de Bresson, Chairman of the WAIFC
"As a founding member of the WAIFC as well as the first financial center in Africa to join the alliance, CFC is proud to contribute an African perspective that showcases the level of international cooperation in its undertakings on the continent. We strongly believe in Africa's potential, and the pivotal role global financial centers play in driving growth and contributing to socio-economic development. We aspire through this report to make these benefits known beyond the world of finance."
Said Ibrahimi, Member of the WAIFC Board of Directors and CEO of Casablanca Finance City
"Financial centers are vital to sustaining economic growth. They provide the
infrastructure for investment that drives entrepreneurial endeavors and economic
growth across industries and communities and increasingly contribute to sustainable development and financial literacy. Our members embrace innovation and actively drive developments in that space. They provide fertile ground for startups with new ideas and innovative business models. The diversity of WAIFC members is an important strength."
Dr. Jochen Biedermann, Managing Director of the WAIFC
The Role of financial centers in financing the economy project aimed to
- showcase the benefit of financial centers in financing and supporting the real economy,
- share the experience of financial centers and the success stories of each country,
- support local lobbying with concrete examples, and
- inspire other countries in creating a financial center with a clustering effect bringing together financial institutions, regional headquarters, professional services.