The Rwanda Association of Passenger Transporters (ATPR) on Friday contributed Rwf67.2 million to the Agaciro Development Fund Corporate Trust. The sovereign fund's total collections are currently over Rwf23.8 billion.
The Rwanda Association of Passenger Transporters (ATPR) on Friday contributed Rwf67.2 million to the Agaciro Development Fund Corporate Trust.
The sovereign fund’s total collections are currently over Rwf23.8 billion.
"The contribution is one way of thanking the government for ensuring that there is a suitable environment to do business in the country,” said the body’s president, Olivier Nizeyimana, while presenting a dummy cheque to the Minister for Finance and Economic Planning, Amb Claver Gatete at Umubano Hotel in Kigali.
Nizeyimana said the money was contributed by members of the association which is made up of owners of public transport vehicles and the group’s employees.
He added that the association would continue mobilising its members to contribute more money to the Fund.
Gatete commended association’s efforts for supporting the country’s self-reliance initiative and urged them and other Rwandans to continue contributing to the Fund. The Fund raises between Rwf150 million and Rwf250 million per month from individuals, private and public institutions, according to officials.
The minister recalled that the government depended entirely on foreign aid for three years following the 1994 Genocide against the Tutsi.
He, however, noted that this has greatly changed with the country financing the biggest part of the budget.
"Though we are yet to fully finance the national budget using locally-mobilised resources, it is important to create initiatives like Agaciro so that in case of any financial problems in the local or global economic arena, we have a fallback position,” Gatete said.
The Fund, which was launched in August 2012, is Rwanda’s first sovereign fund based on voluntary donations by Rwandans, well-wishers and corporate companies.
It is aimed at making Rwanda self-reliant as far as funding development initiatives is concerned.
Most of the Rwf23.8 billion that has so far been collected has been invested in the money market, earning the Fund an annual interest rate of between eight and 12 per cent, according to Fund managers.