Rwanda’s sovereign fund has received an extra Rwf25million as contribution from city of Kigali.
The city Mayor Fidel Ndayisaba delivered the cheque to Rwanda’s Ministry of Finance and Economic Planning saying; “The contribution is not institutional; city council employees saw it vital to gather money to support this cause.”
The initiative is popularly known as Agaciro Development Fund established during the National Dialogue of 2011.
President Paul Kagame identified Agaciro as a sure way to Rwanda’s self-reliance. It’s a way citizens contribute to their development and cutting dependence on Foreign Aid.
“Foreign assistance should only come as a supplement to what has been generated by us,” Kagame said at the inauguration in 2012.
By 2014, contributions to the sovereign fund had hit Rwf 24b ($34m) a figure that changed to Rwf 26.2 billion in 2015.
Sofar, different public and private institutions are mobilising contributions from their employees to support the fund.
For example, cabinet members have contributed Rwf 27million and recently, Kigali City contributed Rwf 25million. At the inauguration, Rwf1.2 billion (over $1,562,500) was pledged by different Rwandans within and outside the country.
“Contribution is a key symbol to direct the rest of Rwandans towards their country’s development. For instance, if Agaciro Money is used to construct infrastructure or even support needy Rwandans with medical insurance, all Rwandans benefit,” says The Kigali Mayor.
Kagame advised Rwandans that all wealthy countries never achieved development through depending on other countries’ funding. And in 2012 when most donors cut budget support to Rwanda, the country knew it would survive through giving Rwandans the platform to contribute to Agaciro Development Fund.
While Bank Accounts were created in different Banks to facilitate contributions, mobile donations through SMS and contributing directly through the Agaciro Development Fund Website is allowed.
To enrich the Agaciro Development Fund goals of soliciting contributions, the government appointed Agaciro Ambassadors in different districts to educate people about the fund. A patriotic Rwandan is required to at least contribute Rwf 500 to the cause.