Support to the development of Kigali International Finance Centre

Context

Rwanda's Vision 2050 outlines an ambitious path towards global competitiveness and inclusive growth, with its financial sector identified as a key driver. However, the sector's full potential is constrained by persistent challenges: limited access to finance for small and medium-sized enterprises (SMEs), a shortage of specialised financial skills, and an emerging but underdeveloped sustainable finance ecosystem. This intervention seeks to address these barriers by reinforcing the country's financial architecture, scaling up sustainable finance initiatives, fostering fintech innovation, and promoting private sector development. Ultimately, it aims to position Rwanda as a leading international financial centre on the African continent.

Objectives 

The project strengthens Rwanda’s financial ecosystem by building human capital, promoting sustainable and inclusive finance, and scaling up innovation. Its vision of change is delivered through four interconnected components:

1. developing a skilled workforce: building a competitive, certified talent pool through targeted professional training and capacity building for the financial sector;
2. fostering sustainable finance: promoting green and responsible investment  products and practices in Rwanda’s capital markets to position the country as a regional hub for sustainable finance;
3. driving private sector growth: enhancing access to tailored financial products and services for SMEs, with a focus on businesses led by youth and women;
4. catalysing financial technology (fintech): supporting the creation and growth of FinTech companies to diversify financial services and generate skilled employment.

Beneficiaries

Direct beneficiaries are key institutions within the Kigali International Finance Centre ecosystem, including Rwanda Finance Limited and financial sector regulators, whose capacity is strengthened. Final beneficiaries are the University of Rwanda, which receives support for accreditation from the Institute and Faculty of Actuaries, and Rwandan companies engaged in sustainable investments and emerging SMEs, particularly those led by young people and women in agriculture, green finance, and fintech, who gain improved access to finance and services, ultimately fostering job creation.

Target geographical area

The project is primarily anchored in Kigali, the country's capital and financial hub, where key partner institutions from the Kigali International Finance Centre are based. While strategic interventions are concentrated there, the project's impact extends nationwide by supporting beneficiaries — notably SMEs in agribusiness and fintech — located in other regions, thus promoting inclusive national development.

Stakeholders

The project's implementation relies on a strategic alliance of local and international partners. Key Rwandan stakeholders include Rwanda Finance Limited, the Rwanda Stock Exchange, financial regulators (the National Bank of Rwanda and the Capital Market Authority), private sector bodies, the Imanzi Business Institute, the University of Rwanda, and the Institute of Certified Public Accountants of Rwanda. From the Luxembourg ecosystem, Appui au développement autonome (ADA) provides specialised expertise in inclusive finance.