Rwanda’s cement manufacturer, Cimerwa PPC has contributed Rwf 20 Million to the Agaciro Development Fund, a local sovereign wealth fund.
The check was handed to Jack Kayonga, the Chief Executive Officer of Agaciro Development Fund by Bheki Mthembu, the Cimerwa Chief Executive Officer (CEO) at Agaciro headquarters on Monday.
“In a bid to stay true to our brand vision of “Strengthening Rwanda” – contributing to the Agaciro Development Fund comes naturally to us at CIMERWA,” Mthembu said.
“When the idea came to make the contribution, our staff united along to give the best we had. By joining hands, we as a company, we have made it a reality to see that Agaciro Development Fund continues its journey of creating the Rwanda we all want. To that, we are pleased to share and contribute to Fund’s objective,” Mthembu said.
According to Mthembu, the Rwf20 million was contributed by 266 Cimerwa employees.
Since its inception in 2011, Agaciro Development Fund treasury has raised Rwf 53 billion according to Kayonga.
He said that the fund made profit of Rwf7 billion last year through lending to commercial banks.
“We have tried to lend all this money to banks and organizations to make profits. We lend to many banks to prevent losses in case they experience problems,” Kayonga said.
“This fund is key for bringing us together as Rwandans. We thank CIMERWA’s CEO and his staff for showing their commitment to Rwanda’s collective effort for growth.
This contribution will go a long way in helping us realize the broad Rwandan vision of growth.”
In September, Agaciro Development Fund acquired full membership of the International Forum of Sovereign Wealth Funds (IFSWF), joining countries including; Morocco, Nigeria, Angola, Botswana, and Senegal.