Call for Proposals: Capital Markets Development Trust Fund (CMDTF) 2025 Work Program: Promoting Africa’s Financial Markets
Application Deadline: May 16, 2025 (23:59 GMT)
The Capital Markets Development Trust Fund (CMDTF), managed by the African Development Bank Group (AfDB), has launched its annual call for proposals under the 2025 Work Program. This initiative seeks to fund projects that promote the development and strengthening of financial markets across Africa. Specifically, it aims to foster infrastructure modernization, stakeholder engagement, regulatory reforms, capacity-building, and product diversification within the region’s capital markets.
About the Capital Markets Development Trust Fund (CMDTF)
The CMDTF is a key component of the African Development Bank’s efforts to enhance Africa’s financial markets and increase access to capital in line with the Bank’s broader mission. Its objectives align with the High 5 priorities of the African Development Bank, which focus on improving energy, infrastructure, industrialization, regional integration, and agriculture.
The CMDTF supports initiatives that stimulate resource mobilization through local financial markets, helping African countries develop robust financial systems to support economic growth and stability.
With $4.8 million available for funding, the CMDTF is open to entities based in the AfDB regional member countries, with grants covering the 2025-2028 period. This funding will support projects that align with the Trust Fund’s primary goals and objectives.
Key Funding Areas
The CMDTF allocates its funds across four main priority areas, each critical to the development of Africa’s capital markets:
- Regulatory and Legal Frameworks (30% of funding):
- Proposals that focus on strengthening and harmonizing the legal and regulatory frameworks of capital markets in Africa. This may include reforms to improve transparency, accountability, and investor protection, which are essential for creating more secure and effective financial markets.
- Capital Markets Infrastructure Modernization (20% of funding):
- Projects aimed at upgrading and modernizing capital markets infrastructure. This includes enhancing stock exchanges, improving bond auction platforms, and modernizing trading systems to facilitate efficient market operations.
- Product and Service Diversification (30% of funding):
- Funding will be directed towards projects that aim to diversify financial products and services. This includes the development of new instruments such as green bonds, asset-backed securities, and capital markets instruments for SMEs. Diversification helps create more robust and adaptable financial markets.
- Investor Base Expansion (20% of funding):
- Proposals that focus on broadening the investor base by enhancing African capital markets’ compliance with international standards, improving data transparency, and building institutional capacity among investors and financial institutions. This area aims to encourage both local and international investment in African markets.
Additionally, CMDTF will support knowledge dissemination through flagship publications and events designed to share insights and best practices in capital market development across the continent.
Who Can Apply?
The call for proposals is open to a variety of entities based in African Development Bank regional member countries, including:
- Stock exchanges and capital markets authorities.
- Regulatory bodies, including financial sector regulators and oversight authorities.
- Central banks and Government Ministries, especially those responsible for finance, economic development, and regional integration.
- Regional and continental entities, including Regional Economic Communities (RECs).
Application Procedures
Interested entities must complete the attached application form (available in both English and French). All queries or requests for clarifications should be directed to the following email addresses:
The subject line should read: “[Country/Region] CMDTF Call for Proposals 2025.”
Completed applications should be submitted by email to the following addresses:
The subject of the email should read: “[Country/Region] – CMDTF Call for Proposals 2025.”
Proposals may be submitted in English or French.
Review and Evaluation
Applications will be evaluated based on their alignment with the objectives and priorities of the CMDTF. Shortlisted applicants may be contacted for additional information or clarification. All applicants will be notified of the selection results within three months of the submission deadline.
Please note that submitting a proposal does not guarantee funding. The final selection will be based on the quality and relevance of the proposed initiatives.
Funding Sources
The CMDTF is funded by the following development agencies:
- The Netherlands’ Ministry for Foreign Trade and Development Cooperation.
- The Ministry of Finance of Luxembourg.
- The Swedish International Development Cooperation Agency (SIDA).
This funding represents a significant opportunity for entities involved in the development of capital markets to access resources that will support critical reforms and innovations in Africa’s financial landscape. The CMDTF encourages all eligible stakeholders to apply and contribute to the growth of robust and sustainable capital markets across the continent.
