Rwanda Finance Limited (RFL) and the East Africa Venture Capital Association (EAVCA) have formed a new partnership to enable private investment in Africa through their respective mandates.
The partnership between RFL and EAVCA will provide a platform for Rwanda to increase its attractiveness and competitiveness as a business and financial hub for private equity and venture capital activities through the Kigali International Financial Centre (KIFC). EAVCA, whose core mandate is to advance East Africa as a private capital destination while ensuring a favourable environment for trade for the business and financial sector, will promote KIFC within its network and connect potential investors looking to invest in Africa.
Kigali International Financial Centre is poised to become one of the leading international financial centres and is developing a comprehensive legal and regulatory framework, robust infrastructure, and a skilled and dynamic workforce that will help investors develop their interests across Africa.
Nick Barigye, CEO of Rwanda Finance, says: “Private equity and other types of alternative funding are undisputedly shaping the growth of the private sector alongside standard debt financing. This unique partnership will be at the forefront of building an enabling environment for future capital deployment and long-term savings in the region for both private and public institutions. KIFC wants to be the jurisdiction for consolidating capital efficiently and deploying it effectively across the continent. We want to connect international investors with opportunities across Africa”.
The East Africa Private Equity and Venture Capital Association (EAVCA) is the trade association for private capital providers, including private equity and venture capital firms, investing in East Africa. Established in 2013, the association has grown in its membership to represent over 90 companies representing DFIs, PE and VC fund managers, asset managers, and advisory firms that operate in the private capital ecosystem, across five East African markets: Kenya, Uganda, Tanzania, Rwanda, and Ethiopia. Cumulatively, EAVCA members have over US$3 billion in assets under management which they seek to invest in a myriad of sectors.
Esther Ndeti, Executive Director of the EAVCA, says: “The advancement and promotion of East Africa as a private capital destination while ensuring a favorable environment for trade for the business and financial sector, is at the core of what EAVCA does. We are proud to work with KIFC to strengthen its position as an International Financial Centre and a domicile for investment funds. This partnership will further facilitate increased capital flows, while also bringing long term economic benefits to the region.”
