Kigali International Financial Centre (KIFC) has hosted its 2022 Annual Review Event to reflect on its achievements and focus on future prospects to imprint its footsteps in improving Rwanda’ financial sector on the global market.
The event opened this Thursday, 2nd February 2023 at Kigali Convention Centre (KCC) with the KIFC presenting its annual report to its stakeholders, members, and the financial ecosystem as a whole.
This report includes the significant milestones reached and activities completed during that year and outlines future plans and strategies for transforming Rwanda into a financial hub.
Nick Barigye, CEO of Rwanda Finance Limited said KIFC continues to play an important and immediate role in unlocking new investment and facilitating Rwanda’s economic recovery and resilience.
“The year 2022 saw us reach greater heights in our quest to develop and promote Rwanda as a Pan-African financial hub evidenced by 49 newly incorporated entities,” Barigye said.
He noted that the establishment of a Pan-African fund to support tech and education sectors, and the launch of the $100Million African Development Bank (AfDB) Pan-African foundation established through KIFC to facilitate investment in regional vaccine and healthcare specialty services were also remarkable achievements.
Notable investment funds that have been domiciled through KIFC over the last two years, include: $350million (FEDA fund), $250million (Virunga fund) and $21million (Future for work fund).
KIFC currently ranks 5th in Africa on the Global Financial Centres (GFC) index- a highly regarded ranking on the competitiveness of financial centres worldwide.
Currently Rwanda’s financial sector contributes 3% to the economy and there are plans, according to KIFC, to increase this contribution to 11.8% in the next few years.
KIFC projects to venture in creating an ecosystem for innovators and future entrepreneurs – a place that leverages finance and technology to build Rwanda’s knowledge-based economy.
This is expected to generate $150 million in ICT exports annually once fully operational, but overall modernization of the Rwandan economy will touch sectors as varied as financial services, health care and even agriculture.