The newly inaugurated Rwanda Finance Board of Directors convened for the first time this week to discuss the establishment of the Kigali International Financial Centre (KIFC).
KIFC is a subsidiary of Rwanda Finance Limited, a private company created by the Government of Rwanda to promote and develop Rwanda as a leading destination for international investment and cross-border transactions in Africa. The centre, is positioned to facilitate pan-African trade and investment by providing an attractive destination for international investors with a legal and regulatory framework fully compliant with international best practices.
The Board, led by Tidjane Thiam, Board Chair of Rwanda Finance, considered a range of issues, including the progress of Rwanda Finance in increasing competitiveness, compliance, and attracting tenants to the Kigali International Financial Centre, the Strategic Plan and the launch of KIFC.
Tidjane, the former Credit Suisse boss was in November 2020 appointed Chairman of the Board of Directors of Rwanda Finance Limited.
KIFC is set to be launched during the upcoming 26th Commonwealth Heads of Government Meeting (CHOGM) under the theme “Delivering a common future: connecting, innovating, transforming.” The meeting will take place in the week of June 21st 2021.
According to a KIFC media statement, following the first Board of Directors meeting, Nick Barigye, the CEO of Rwanda Finance, said: “the establishment of the Kigali International Financial Centre has brought together Rwanda’s best talents in the world of finance and investment, talents that bring renewed energy, teamwork and commitment to Rwanda and beyond.”
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Other members of the board, each of whom brings to the board, vast experience, include:
- Diko Jacob Mukete, Vice-Chair of the Board, former Country Representative of the African Development Bank in Rwanda and governance and finance expert.
- Liban Soleman Abdi, former Chief of Cabinet to the President of Gabon, and Chairman of the Gabon National Investment Promotion Agency
- Louise Kanyonga, Chief Strategy and Compliance Officer at the Rwanda Development Board
- Alice Ntamitondero, previously Secretary-General at the Auditor General’s Office and Corporate Services Division Manager of Rwanda Natural Resources Authority
- Umulinga Karangwa, Chief Executive and Founder of Africa Nziza Investment Advisory, targeting institutional investors in Sub-Saharan Africa;
- Julien Kavaruganda, President of the Rwanda Bar Association and Board member of the East African Law Society, also member of the boards of the Bank of Kigali and Kigali International Arbitration Centre
The Vice-Chair of the Board of Rwanda Finance, Diko Jacob Mukete, former Country Representative of the African Development Bank in Rwanda and governance and finance expert, hailed Rwanda as a “pace-setter” in best practice.
“It has the “X-Factor” – visionary leadership, supportive government, and a bilingual, disciplined and hardworking workforce that makes it highly competitive,” he said.
“The Kigali International Financial Centre is set to become a global investment hub that will serve investors in the continent and the rest of the world. KIFC promises to be a premier location for global capital flows and the embodiment of Rwandan exceptionalism,” he said.
