Premier Ngirente calls for strengthened partnerships for Africa to achieve sustainable, inclusive development

On 7 July 2023 at 03:28

The 2nd Annual General Meeting of the Africa Sovereign Investors Forum (ASIF) has come to a successful close in Kigali, with Prime Minister Dr. Edouard Ngirente officiating the closing ceremony.

The event, held from July 6 to 7, gathered various authorities in the sovereign wealth funds ecosystem, alongside government officials and stakeholders, to evaluate challenges and explore development opportunities across all sectors of the African economy.

Under the theme of "Strategic partnerships: driving Africa’s resilience and sustainable development," the forum highlighted the importance of collaboration and co-investment in unlocking Africa’s potential.

As he addressed participants, Premier Ngirente expressed gratitude towards sovereign investors in Africa for their decision to strengthen institutional cooperation through ASIF and acknowledged their close collaboration in organizing the annual meeting in Kigali.

Notably, the Africa Sovereign Investors Forum was launched in Rabat in June the previous year as an African initiative to foster partnership for co-investment.

The Prime Minister emphasized the significance of sovereign wealth funds as a growing part of global investment institutions. He commended the establishment of more African Sovereign Wealth Funds, recognizing their importance for the continent’s future.

With at least 30 sovereign wealth funds in Africa collectively valued at $100 billion, these funds have the potential to play a crucial role in developing an efficient and diversified economy that generates equitable wealth for future generations.

Premier Ngirente has applauded the expansion of ASIF and congratulated Ethiopia and Mauritius for joining the forum. He encouraged other African countries to establish their Sovereign Wealth Funds and become members of ASIF, fostering a journey of partnership and co-investment for the benefit of Africa as a whole.

While Africa is rich in resources and development potential, the Prime Minister stressed the need to move beyond theories and implement strategies that leverage Africa’s own resources for development.

He highlighted the importance of transforming African resources into wealth that benefits the African people. Co-investment among African Sovereign Wealth Funds should aim to add value to services and products, promoting self-reliance and economic growth.

To ensure effective co-investment, Premier Ngirente emphasized the importance of endorsing best practices and principles of Sovereign Wealth Funds, including independency, transparency, and accountability. He expressed confidence that ASIF would continue to uphold these principles among its members through appropriate legal structures and legislation.

In conclusion, the Prime Minister expressed anticipation for future meetings to celebrate the achievements resulting from the exchanges, ideas, and networking at the ASIF Annual Meeting.

While the forum may have concluded, the work is far from over. The Prime Minister called upon ASIF members to continue working together to mobilize capital and investment, ultimately achieving sustainable and inclusive development across the African continent.

With the official closure of the 2nd Annual Meeting of the Africa Sovereign Investors Forum (ASIF), Prime Minister Dr. Ngirente expressed his gratitude to all participants and wished them safe travels back home.

The forum’s success signals the growing commitment and dedication to strengthening partnerships for Africa’s resilience and sustainable development through co-investment and collaboration.

Premier Ngirente (in the middle) has called for strengthened partnerships for Africa to achieve sustainable and inclusive development.