The Kigali International Financial Centre, an international financial center that targets an attractive and safe jurisdiction for investors seeking opportunities across Africa has announced the establishment of an investment fund worth $250 million dubbed “Virunga Africa Fund I”.
The Fund targets investment in priority sectors expected to drive the economic and social transformation in Africa including healthcare, education, digital infrastructure, and financial services.
According to Kigali International Financial Centre, the fund will also leverage industry sector expertise to guide businesses through digital transformation and create long-term value, capitalizing on post-Covid opportunities, strong demographic tailwinds, and secular growth trends or new demands.
Both Kigali International Financial Center and Virunga Africa Fund I are owned by Qatar Investment Authority (QIA) and Rwanda Social Security Board (RSSB).
However, the Virunga Africa Fund I will be managed by Admaius, an independent investment firm comprising one of the reportedly most experienced pan-African investment teams working on the ground.
The Fund’s Head Office will be based in Kigali and domiciled in the Kigali International Financial Centre (KIFC), an institution that reportedly offers a safe, compliant, and centralized holding presence for financial activities across Africa.
This year, it (KIFC) was recognized as one of the financial jurisdictions likely to become more significant by the Global Financial Centers Index (GFCI).
The Fund’s targets investments that will deliver positive change in Rwanda, and Africa. It is also expected to produce a more dynamic private sector in Africa and make the continent more self-reliant by reducing the need for foreign imports.
“For investors of such standing to choose the Kigali International Financial Centre to host their fund sends a great signal. It shows that the KIFC is a compliant and attractive jurisdiction for Pan-African investment. Investors see that Rwanda offers them strategic advantages; these include good governance, high levels of connectivity, efficiency, transparency, and an ease of doing business which has been internationally recognized,” Nick Barigye, CEO of Rwanda Finance Limited, the agency leading the development and promotion of the Kigali International Financial Centre said.
“KIFC looks forward to the success of the Virunga Africa Fund I and welcomes more regional and international players who wish to transform the investment landscape of Africa,” he added.
Today, KIFC positions itself in Rwanda as the destination of choice for professional financial services, cross-border transactions, and pan-African investment within a legal and regulatory framework fully compliant with international practices.
“Virunga Africa Fund I affirm our belief that international investors are increasingly seeing the huge opportunities Africa offers,” Regis Rugemanshuro, Director General of the Rwanda Social Security Board said.
“The Fund will unlock tremendous value and deliver real development impact benefitting people across the continent – at a time when economies are trying to recover from the Covid-19 pandemic. We appreciate the Qatar International Authority partnering with RSSB as cornerstone investors in this historic project which will improve the lives of people in Rwanda, and across Africa,” he added.