The signing parties will work together with the aim to support Rwanda in further developing the Kigali International Financial Centre (KIFC), ranked 5th in Africa by the Global Financial Centre Index, considering the universally recognized expertise of Luxembourg’s financial ecosystem.

Speaking at the event, Minister Ndagijimana said that Rwanda established the Kigali International Financial Centre four years ago to increase the value addition of the financial services in the Rwandan economy and to make Rwanda an attractive investment destination, with opportunities to expand investments from Rwanda to Africa and beyond.

He highlighted that signed agreement tare meant to support Rwanda’s ambitions to become a financial hub.

“The partnership milestone that we’ve just signed will support our ambition of becoming a preferred Pan-African International Financial Centre which is in line with our aspiration of becoming a middle-income country by 2035 and a high-income country by 2050,” he said.

The Luxembourgish Minister for Development Cooperation and Humanitarian Affairs, Franz Fayot pointed out the signing of the memorandum begins a new chapter in both countries’ relations.

"Rwanda’s interest in sustainable finance and fintech reflects our priorities too. It is important that we build together and channel more finance in development cooperation, combating climate change and other areas that require financing,” he noted.

The implementing agencies are Rwanda Finance Limited, the agency tasked with developing Kigali International Financial Centre and Lux-Development S.A., Luxembourg’s development cooperation agency.

Strategic areas of cooperation are defined within the agreement, and these are: capacity building and talent development; development of sustainable finance in Rwanda; enabling a fintech ecosystem in Rwanda; and setting up a marketplace for impact investing in Rwanda.

Nick Barigye, the CEO of Rwanda Finance Limited (RFL), the agency mandated to promote the KIFC stressed that becoming a preferred centre for international investments in Africa requires strategic partnerships and welcomed the opportunity to draw on the expertise of Luxembourg’s financial ecosystem, to further develop Kigali International Financial Centre’s niche areas in sustainable finance and fintech.

"Upskilling financial sector professionals to efficiently serve global investors and financial institutions is a key feature of an attractive financial services hub and one of the pillars KIFC is looking to strengthen, through our cooperation with Luxembourg,” he said.

The bilateral cooperation agreement has been signed by the Minister of Finance and Economic Planning, Dr. Uzziel Ndagijimana (right) and Franz Fayot, the Minister of Development Cooperation and Humanitarian Affairs, Grand Duchy of Luxembourg (left).