A fi nancial hub ?

AFRICA NEWS AGENCY

RWANDA:

A FINANCIAL HUB ?

Authorities rely on a secure and prosperous business and investment environment to position Rwanda as a fi nancial hub- Photo credit KIFC

Determined to develop Rwanda’s fi nancial center, the country’s authorities have pulled several levers to make this ambition a reality

By Ange Iliza, in Kigali

Announced in early November by the Kigali International Financial Center (KIFC), the launch of the Virunga Africa Fund - a $250 million investment vehicle focused on impact investing and jointly endowed by the Qatar Investment Authority and the Rwanda Social Security Board - is the latest manifestation of the Land of a Thousand Hills’ will to become a major financial center.

KIGALI WANTS ITS CITY

Kigali wants its City. And to achieve this goal, a legal and regulatory framework has been put in place, as well as a task force made up of the cream of the continent’s finance specialists, including the Ivorian Tidjane Thiam, Chairman of the Board of Directors of Rwanda Finance, Liban Soleman Abdi, former Chief of Staff of the President of Gabon and Chairman of the National Investment Promotion Agency of Gabon, and Umulinga Karangwa, Managing Director and founder of Africa Nziza Investment Advisory,

“« We want KIFC to be a new destinatargeting institutional investors in sub-Saharan Africa. And a roadmap. tion for pan-African investment MAKING THE COUNTRY A PRIVILEGED DESTINATION FOR INTERNATIONAL INVESTMENT » The objective is to make the country a privileged destination for direct foreign investment and a leading commercial hub in the eastern and central regions of the continent. This requires the establishment of a leading financial center in Kigali. The Kigali International Financial Center (KIFC) or “The City” is a new financial center to facilitate international investments and cross-border transactions in Africa. To succeed, Rwanda is working to establish close cooperation with the main stakeholders for its outreach, through investment promotion, political advocacy and capacity building in the sector. Ultimately, it will facilitate pan-African investments by offering an

Rwanda Finance Limited (RFL) is a company promoting and developing Rwanda as a leading fi nancial destination for international investment and cross-border- Credit photo RFL

attractive destination for international investors with a legal and regulatory framework, fully in line with international best practices.

For Diko Jacob Mukete, Vice-Chairman of the Board of Directors of RFL, former national representative of African Development Bank (AfDB) in Rwanda and expert in governance and finance, Rwanda is a pioneer and sets an example in terms of Best practice. In his opinion, this country has the “X Factor”, which is visionary leadership, a supportive government and a bilingual, disciplined and hardworking workforce. All of this together makes it highly competitive.

BPI FRANCE, THE BELGIAN FINANCE CENTER (BFC), CASABLANCA FINANCE CITY (CFC)… STRATEGIC PARTNERSHIPS

KIFC has already signed a number of strategic partnerships with BPI France, the Belgian Finance Center (BFC), and Casablanca Finance City (CFC), another major financial platform on the continent that aims to attract international investment to Africa. It too…<

“«This country has the “X Factor”, which is visionary leadership, a supportive government and a bilingual, disciplined and hardworking workforce»