On Tuesday 16 June, Kigali International Financial Center signed a partnership agreement with CDC Group, the UK’s financing institution for development and impact investor.
Among other things, the agreement signed virtually provides for KIFC to gain and benefit from the expertise of CDC Group to support the ongoing development of the new international financial center.
Among the provisions of the agreement is that CDC will provide expertise to help shape the Kigali International Finance Center ‘s strong legal and regulatory framework designed to attract institutional investors seeking to finance African businesses.
The agreement is part of developing and upgrading the Kigali International Financial Centre, a project led by Rwanda Finance Limited seeking to improve the financial services market.
The reforms are under three key pillars: Financial service sector laws and regulations, financial sector tax policies, and financial service sector skills and capacity development.
Chief Executive Nick Barigye of Rwanda Finance Limited said the partnership is an important milestone towards improving capacity in aspects such as the legal , regulatory and institutional framework.
“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,” he said following the virtual signing.
He said the partnership agreement will also see KIFC gain access to the network of its new partner which is likely to lead to increased partnerships and deals.
Nick O’Donohoe, CDC Group’s chief executive said they are confident of Kigali ‘s ambitions as a financial hub and therefore partner with KIFC.
“The African continent needs a vibrant and stable financial services industry to foster inward investment and nurture a professional and technical skills base to support wider economic development. It is still very early days in Kigali’s development as a financial hub, but we are confident it will deliver on its early potential. And if it does, then I see no reason why we wouldn’t look to use it ourselves,” he said.
In May 2020, Rwanda Finance Limited (RFL) signed an agreement with Casablanca Finance City (CFC) to encourage investment and cooperation in financial services between Morocco and Rwanda.
The agreement , signed virtually among other things, aims to promote best practices through which CFC will support Kigali ‘s Financial International Center (KIFC) in its development.
Promotion efforts by Kigali International Financial Center have recently seen the Rwanda Stock Exchange (RSE) cross-listing of South African company, RH Bophelo Limited.
This was partially due to attempts to encourage KIFC after urging multinational corporations to consider cross-listing on the RSE.
