Rwanda’s first sovereign fund, Agaciro Development Fund has been admitted to the International Forum of Sovereign Wealth Funds (IFSWF).

The UK based global body admitted Agaciro Fund last week, a development that will see Rwanda benefit from a global pool of network to inform practices such as investment research and investment policies.

Established in 2009, the international body serves to enhance collaboration, promote a deeper understanding of sovereign wealth funds activities to the industry standard for best practice and governance.

Francine Uwamariya the acting CEO of the fund said that the admission will benefit Rwanda from a pool knowledge and skills necessary to wisely invest proceeds from the fund.  

Currently, the fund has grown to about Rwf 30.5 Billion and is usually invested in Government treasury bonds and term deposits in commercial banks.

On Rwanda’s admission, Adrian Orr, IFSWF Chair, said that there was no doubt that the Agaciro Development Fund and Rwandans in general to benefit from the membership.

 "We are delighted to welcome AgDF and Rwanda to the IFSWF. Our purpose is to raise the expected investment returns of member sovereign funds over the long term by sharing knowledge, experience, investment strategies and research through application of the Santiago Principles,” Orr noted.

The fund was first mooted in 2011 during the 9th National Dialogue Council (Umushyikirano) and was launched the following year.

It was set up to build up public savings to achieve self-reliance, maintain stability in times of shocks to the national economy and accelerate Rwanda’s socio-economic development goals.