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RWA/024
Support to the development of Kigali International Finance Centre

Information

Country
Rwanda
Sector
Inclusive and innovative finance
Partner execution agency
Kigali International Financial Centre (KIFC)
Implementation period
February 2024 - January 2029
Total duration
60 months
Total budget
9,300,000 EUR
Contribution breakdown
  • Luxembourg Government
    9,300,000 EUR

Project sheets

The financial sector in Rwanda is driven by the country's vision to enhance domestic savings, establish itself as an international financial service centre, and achieve sustainable development goals outlined in the country's Vision 2050.

The support to the development of Kigali International Finance Centre (KIFC) project aims to boost the country's financial sector and help businesses grow, creating well-paying employment opportunities and supporting private sector development. By focusing on developing skills, promoting sustainable finance, supporting small and medium-sized enterprises, and encouraging fintech innovation, the project seeks to make Rwanda an African hub for international finance.

The project aims to:

  • improve skills and training in Rwanda's financial sector to attract and build top talent to fill well-paying employment opportunities created in the financial sector;
  • promote green and responsible investments in Rwanda, making it a hub for sustainable finance and driving the sustainable development of the country;
  • help micro-, small and medium-sized enterprisess (MSMEs) grow by providing them with better services and access to innovative financial products, especially those owned by young people and women, driving inclusive private sector growth;
  • support the growth of fintech companies in Rwanda, increasing their numbers and the types of services they offer, allowing fintech companies to scale, offer better financial products and create employment opportunities.

The direct beneficiaries of the project are key stakeholders in the KIFC ecosystem, including Rwanda Finance Limited (RFL), the National Bank of Rwanda (BNR), the Capital Market Authority (CMA), the Rwanda Stock Exchange (RSE), and the Private Sector Federation (PSF). The final beneficiaries are Rwanda's emerging MSMEs, particularly those in the agriculture, agribusiness, green and fintech sectors, led or owned by youth and women, as well as those with strong potential for job creation.