CONTENTS
      1.  Defining Capital Markets
      2.  Functions of the Stock Exchange as a player in the 
          Capital Market
      3.  What is Development Finance?
      4.  Areas that development finance seeks to finance
      5.  The Capital Market as a source of development finance
      6.  Why the Capital Market?
      7.  Achievements of the Malawi Stock Exchange
      8.  What other capital markets have done
      9.  Opportunities for Capital Markets
      10. Challenges of the Capital Market
      11. Solutions
   1. DEFINING CAPITAL MARKETS
   The Capital Market is a part of the financial system concerned with 
   channeling  wealth from savers/investors to institutions (public or 
   private) that can put it to long term productive use.
   Primary market
   • Where capital is raised
   • Where new issue of capital market instruments is done
   Secondary market
   • Where investor’s trade in previously issued securities
   • Where trading of securities is done
  2. FUNCTIONS OF THE STOCK EXCHANGE AS 
  A PLAYER IN THE CAPITAL MARKET
   Providing a link between financial raisers and financial 
    suppliers (investors)
   Providing market place for buyers and sellers of investment 
    assets
   Supervising trading activities
   Supervising the conduct of member firms 
   Providing information services such as share price information
   Providing announcements made by listed companies
  3. WHAT IS DEVELOPMENT FINANCE?
  • Development finance involves public and private investment 
   in physical development, redevelopment and/or business 
   and industry aimed at supporting, encouraging and 
   influencing expansion.
  • Development finance aims to establish proactive approaches 
   that leverage public and private resources to solve the needs 
   of business, industry, developers and investors.
   4. AREAS THAT DEVELOPMENT FINANCE 
   SEEKS TO FINANCE
   • Government projects e.g. roads, utilities, airports, schools etc
   • Established industry e.g industrial parks, manufacturing, 
    commercial retail centers etc
   • Development & redevelopment - projects that require major 
    public resource commitments to catalyze new private sector 
    development
   • Small businesses and micro-enterprises
   • Entrepreneurs - not ready for traditional financing and need a 
    unique approach to help them find the working capital needed to 
    expand and grow.