UK’s CDC Group has signed a partnership with Rwanda Finance, a move that seeks to support the development of KIFC (Kigali International Financial Center); a new international financial capital for Africa.
Therefore, CDC will provide the expertise that will help shape a robust legal and regulatory framework which is designed to attract institutional investors seeking to finance African businesses through KIFC.
This partnership is a major milestone for our nascent International Financial Center. It will ensure that we have an optimal legal, regulatory and institutional framework that is in line with international norms and standards.
Rwanda Finance CEO, Nick Barigye
The Kigali International Financial Center is designed to promote inward investment and the creation of thousands of highly skilled financial sector jobs for the benefit of Rwanda and the African continent at large.
Furthermore, the centre seeks to emerge as an efficient and effective nexus for cross-border trade and investments in the entire Eastern and Central African region, and beyond.
Rwanda has already made great strides to ensure that the new KIFC initiative thrives. The country has a stable and resilient economy with a 10-year average growth rate of 8.6%. It has also been rated the number one country in Africa for government transparency according to the 2019 Transparency International Report. Rwanda is ranked second for the rule of law in Africa according to the WJP Rule of Law Index 2020.
Rwanda Finance is mandated by the Government of Rwanda to develop effective frameworks for regulations, tax and capacity-building in the country and to promote the Kigali International Financial Center as a jurisdiction which provides a range of professional, business and financial services to international clients.
CDC Group is the UK’s first impact investor, with investments in over 1,200 businesses in emerging economies, and a total portfolio value of $7.34billion. The UK Government funds it, and all proceeds from its investments are reinvested to improve the lives of millions of people in Africa and South Asia.
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