However, rwanda recorded one of the worlds highest increases in hdi from 1980 to 2010 thanks to the significant improvement of the social and economic indicators of the country. Agaciro development fund agaciro sovereign wealth fund. In comparison, the average for the 26 african countries in revenue statistics in africa 2019 remained at 17. Business development fund, africa research bulletin. Any mention of rwanda instantly brings to mind the 1994 genocide of tutsis. Agaciro development fund agdf is registered with rwanda development board as a corporate trust fund with registration n o 103050268 under company law and operates as a national sovereign wealth fund wholly owned by the people of rwanda.
Apr 26, 20 the ministry of finance, which is the custodian of the money contributed towards the agaciro development fund agdf, has announced the contributions for the fund are now above rwf10 billion. Rwanda has promoted integrated planning and decision making process through different planning and development approaches. The agaciro development fund is dedicated to increasing the financial autonomy of rwanda and constitutes a critical tool in shielding rwanda from potential external economic shocks. National development plan of rwanda commonwealth governance. According to the city of kigalis development plan, by 2020, rwandas. Abantu bose bagomba kwambara udupfukamunwa haba mu rugo cyangwa ahandimin. The capacity development fund will enable rwandas ministry of education to better plan, manage and deliver education and so improve the quality of education for all children in rwanda. The 2011 human development index hdi ranked rwanda among the least developed countries, at 166th of 187 countries15. Additional funds have been mobilized from the african. Delivering for rwandas economic growth, dignity and selfreliance. Agaciro development fund agdf is rwandas sovereign wealth fund that was initiated at the ninth national dialogue council in 2011 and launched.
Rwanda development board rdb usually donates a portion of revenue accrued from wildlife based tourism to assist local communities living adjacent to national parks in the construction of schools, dispensaries, and water supply among others archabald and naughtontreves, 2001. Rwanda is setting the stage in driving its own development, starting with the launch thursday aug. Ni agaciro development fund cyangwa ni agashinyaguro. Rwanda is the worlds fastest developing country afrika news. The international forum of sovereign wealth funds ifswf, a global network of sovereign wealth funds, has admitted rwandas agaciro development fund. This study describes the situation in rwanda before july 2001. Aug 23, 2012 rwanda is setting the stage in driving its own development, starting with the launch thursday aug. But with a high rate of urbanization the balance is shifting, fast. It is based on the information available at the time it was completed on june 9, 2011. Rwanda is a landlocked small developing country located in central africa. Agaciro development fund corporate trust limited agaciro is a sovereign wealth fund located in kigali rwanda, africa, and was founded in 2012. Rwanda s sovereign wealth fund, agaciro development fund, has grown to rwf52.
Rwanda s cement manufacturer, cimerwa ppc has contributed rwf 20 million to the agaciro development fund, a local sovereign wealth fund. As with the original financial sector development plan, fsdp ii is meant to be rwandas plan. Agaciro development fund international forum of sovereign. Doing business in rwanda 2014 country commercial guide for u. Kayonga however, highlighted that agaciro fund is the first noncommodity sovereign wealth fund in the. Rwandas percentage of urban dwellers is one of if not the lowest in africa. Our mandate is to maximize the fund s return over the long term, without undue risk, so as to reduce rwanda s debt burden and secure a better rwanda for future generations. According to the international monetary fund imf, rwandas economy grew at 4.
Contributors to the fund, invest to secure the rwanda they want for now and future generations and appreciate that its their noble responsibility. The fund manager possesses global experience working with and helping ict innovators in the east africa region. Official gazette no special of 160620 law no establishing. Development bank of rwanda, brd is a public company, with a share capital of rwf. As financial sector reforms and progress are very fast moving in rwanda, some proposed actions will have already been implemented and some aspects of the financial sector may have changed significantly. Financial system stability assessment this financial system stability assessment on rwanda was prepared by a staff team of the international monetary fund as background documentation for the periodic consultation with the member country. The revelation was made last week by the fund s chief executive officer, jack kayonga, in an exclusive interview with the new times. Rwandas postgenocide economic performance has been stellar unimaginable in 1995 1994. Nevertheless, the entities mentioned in thesite are not responsible for its exactness and expressly deny any responsibility for the damages that would stem form use of the information from this site. Delivering for rwanda s economic growth, dignity and selfreliance.
Rwanda is expected to become more open as regional integration continues, the business climate improves, and export sectors develop, supported by policies to develop rwandas export potentialthe government approved in april 2011 a multiyear export strategy. Disclaimer the best efforts have been made so that the data and material published in this site reflect actual administrative norms and practices. The agaciro development fund was registered with rwanda development board, the republic of rwanda as a trust on 01 august, 20 and runs its operations in accordance with law n o 2020 of 250320 regulating the. Rwandan officials say the idea to start up the fund was already in the pipeline and dates back to the 2011 government retreat where its initial name was thought as a. Access by small and medium enterprises in rwanda is the original work of faith. World bank, world development indicators, imf 0 0 0 0 20 40 1980 1985 1990 1995 2000 2005 2010 2015 year source. Rwanda national investment trust ltd rnit, a company fully owned by the government of rwanda today launched rnit iterambere fund an open end balanced fund to facilitate rwandans to have a planned approach to investments and wealth creation. The agaciro development fund was registered with rwanda development board, the republic of rwanda as a trust on 01 august, 20 and runs its operations in accordance with law n o 2020 of 250320 regulating the creation of trusts and trustees. Agaciro development fun d was first introduced during the 2011 national dialogue and launched in august 2012 with the aim of accelerating rwanda s. Vision 2020 expresses the aspiration of rwandans to be a united, democratic and inclusive nation.
Kampeta pitchette sayinzoga appointed ceo of the development bank of rwanda brdplc. Agaciro development fund is the rwanda s sovereign wealth fund that was initiated by rwandans on 1516 december 2011 at the 9th umushyikirano national dialogue council chaired by his excellency the president of the republic of rwanda paul kagame. On 11 september, 20, the cabinet meeting chaired by president kagame, approved the proposal for. Agaciro development fund gets big boost at launch the agaciro development fund which was officially launched this thursday august 23 has been boosted by individuals, private companies and organizations through in a massive fundraising drive that was attended by president paul kagame. It seems that the african country has been making a lot of progress in terms of economy, education, life expectancy, democracy, etc the human development index hdi is a statistical tool used to measure a countrys overall. The fund manager executed an mou with the gor to perform the role of fund manager for the rif and to be a key participant during all stages of the innovation life cycle ranging from early stage startups to ipo ready. Rwanda development organisation rdo held an annual retreat bringing together all staff, members of the board, experts, beneficiaries and partners. Agaciro fund is a special vehicle created by the people of rwanda, friends of rwanda and the government of rwanda to pool assets together and invest them on a long term basis. According to the 2012 census, 83 percent of rwandans now live in rural areas national institute of statistics of rwanda, 2014. The fund is unique as its capital comes from voluntary contributions by rwandans at home and abroad as well as friends of rwanda. Agdf was officially launched on 23 rd august 2012 by his excellency the president of the republic of rwanda, paul kagame. Development program to ensure a vibrant and dynamic financial sector in rwanda. Residents of the eastern province, which concluded the fundraising in all districts constituting the region on wednesday, gathered in excess of rwf3 billion. In response to the suspension of aid by some of rwanda s biggest donors p.
Mozambican exfinance minister held in south africa on u. Agaciro development fun d was first introduced during the 2011 national dialogue and launched in august 2012 with the aim of accelerating rwandas. Key findings for rwanda the taxtogdp ratio in rwanda decreased by 0. This tragedy claimed up to a million lives and left two million homeless short, 2007. Despite decades of strong growth, rwanda remains highly dependent on official development assistance, which finances approximately 40% of the countrys annual budget. United nations development assistance plan july 20june 2018. Gripping the development needs and rights of young people, and empowering them, is a priority for both the commonwealth and the united nations.
World development indicators, world bank online figure 1. The inception of agaciro development fund is traced back to 2011 when rwandans gathered at the ninth umushyikirano national dialogue council chaired. The check was handed to jack kayonga, the chief executive officer of agaciro development fund by bheki mthembu, the cimerwa chief executive officer ceo at agaciro headquarters on monday. Cimerwa contributes rwf 20m to agaciro development. Economic development and poverty reduction strategy. The ecdpm research programme on european union development response towards politically. Dr intabaza yimpunzi za kintele muri congo brazaville.
The aim of the vision is to transform rwanda into a middleincome country in which people are healthier, better educated, more prosperous and united, and that the countrys economy is competitive both regionally and globally. The implementation of public investment policy will continue to be monitored to ensure that investments are aligned with medium and long term development goals. Growth, structural transformation, and diversification. Mtn rwanda contributes rwf10 million to agaciro devt fund. Rwandaas president paul kagame launched agaciro development fund on august 23 during an event held at kigali serena hotel, an event relayed live on the state radio and tv. Agaciro development fund, africa research bulletin. Rwandas agaciro development fund gains full membership of.