The Kigali International Financial Centre launches $250 million Pan-African fund

Africa’s leading destination for compliant and professional financial services and cross-border investments, the Kigali International Financial Centre launched a multi-million Dollar Pan-African fund to drive economic and social transformation across the African continent.

With investments from Qatar Investment Authority (‘QIA’) and Rwanda Social Security Board (‘RSSB’), the $250 million Virunga Africa Fund I will be managed by Admaius, an independent investment firm comprising one of the most experienced pan-African investment teams working on the ground.

Nick Barigye, CEO of Rwanda Finance Limited — the agency leading the development and promotion of the Kigali International Financial Centre, stated that "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. KIFC looks forward to the success of the Virunga Africa Fund I and welcome more regional and international players who wish to transform the investment landscape of Africa. - Nick Barigye, CEO of Rwanda Finance Limited

The Pan African Fund will be domiciled in the Kigali International Financial Centre (KIFC) under the safe, compliant, and centralized holding presence to enable financial activities across Africa. Recently, KIFC was recognized as one of the financial jurisdictions likely to become more significant by the Global Financial Centres Index (GFCI).

According to the Centre, the Fund will leverage strong in-house and 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.

Meanwhile, targeted investments will deliver tangible change for Rwandans and for people across the continent. It will produce a more dynamic private sector in Africa and make the continent more self-reliant by reducing the need for foreign imports. Investment projects will increase access to essential services including healthcare, education, digital infrastructure, and financial services.

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Responding on behalf of the investors, Regis Rugemanshuro, Director General of the Rwanda Social Security Board, said that “Virunga Africa Fund I affirms our belief that international investors are increasingly seeing the huge opportunities Africa offers. 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."

Regis is optimistic that this historic project which will improve the lives of people in Rwanda, and across Africa.

In 2020, Statista reported that Rwanda is ranked 38 among 190 economies in the ease of doing business. The country offers the best business environment in Africa, only after Mauritius. Specifically, Rwanda's attractiveness was high in terms of getting credit and registering property, which obtained a score of 95 and 94 index points, respectively.