This archive report was first published on 16 June 2020.
On June 16, 2020, the UK's CDC Group announced a significant partnership with Rwanda Finance, a move aimed at supporting the development of the Kigali International Financial Center (KIFC), a new international financial capital for Africa.
The partnership will see CDC provide expertise to shape a robust legal and regulatory framework 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. — Nick Barigye, Rwanda Finance CEO
The Kigali International Financial Center is designed to promote inward investment and create thousands of highly skilled financial sector jobs for the benefit of Rwanda and the African continent.
Rwanda has made significant strides in ensuring the success of the new KIFC initiative, boasting a stable and resilient economy with a 10-year average growth rate of 8.6%. The country has also been rated the number one country in Africa for government transparency according to the 2019 Transparency International Report and 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 promote the Kigali International Financial Center as a jurisdiction providing 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 $7.34 billion. 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.
