Rwanda seeks to become a destination for pan-African investment

Rwanda's ambitious vision to become a top destination for pan-African investment is steadily taking shape through the establishment of the Kigali International Financial Centre. Led by Rwanda Finance Limited, the center aims to attract investors looking for opportunities across the continent. Three years since its inception, the center has made significant progress. Shaduri Umutoniwase, the Chief Marketing Officer at Rwanda Finance Limited, shed light on the achievements and future plans during a recent interview on CNBC Africa. The Kigali International Financial Centre was officially operationalized about two and a half years ago amid the challenges posed by the COVID-19 pandemic. Despite these hurdles, the center managed to enact 17 laws and attract prominent investors. Notable among these investors is the FedR Fund, an Infrastructure-focused investment fund, and the Future of Work Fund, which focuses on providing tertiary education access for students. Additionally, a pipeline of investors, particularly interested in holding companies, holding structures, and special purpose vehicles is also emerging. Rwanda has also introduced frameworks for the structuring of foundations and trusts, further enhancing its attractiveness to investors. Reflecting on the progress made, Umutoniwase highlighted the targets set by Rwanda in comparison to established financial centers like Casablanca. Drawing inspiration from Casablanca's growth trajectory, Rwanda aims to achieve $600 million in assets under management within five years. The country's strategy foregrounds policy reforms, investor attraction efforts, and ongoing groundwork to realize this goal. Notably, Rwanda is set to host an event during the Commonwealth Business Forum to showcase its journey and aspirations of transforming into a financial hub for pan-African investments. While acknowledging stiff competition from financial centers like Casablanca, Johannesburg, and Mauritius, Umutoniwase emphasized that Africa still has room for more financial centers. As the continent continues to expand economically, the emergence of new financial hubs is seen as an opportunity for collaboration rather than competition. Rwanda's focus lies in learning from established centers while carving out its unique positioning in the financial landscape. Looking ahead, Rwanda aims to climb the ranks in the Global Financial Centre's index. Despite being ranked fifth in Africa last year, the country is committed to enhancing its competitiveness through continuous policy reforms and awareness campaigns. By leveraging its reputation for ease of doing business, Rwanda strives to solidify its position as a leading destination for financial investments in Africa. The journey towards establishing the Kigali International Financial Centre as a key player in the continent's financial ecosystem is characterized by relentless efforts and a commitment to growth and innovation.