Officials at Agaciro Development Fund, the country’s sovereign wealth fund, have called for more involvement from the private sector to support Rwanda’s sovereign wealth fund. The call was made after the fund received Rwf3 million as a contribution from G-Mart, a local private company that manufactures school chalks. Charles Mugabo, the Agaciro Chief Investment Officer said that the support is proof of how different categories of Rwandans and businesses believe in self-reliance and demonstrate their commitment by contributing to the sovereign wealth fund. “Supporting Agaciro Development Fund does not require huge amounts of money,” he said, adding that the small contributions can make a big difference. Jessie Kalisa Umutoni, the founder and Managing Director of the chalk factory said that their contribution to the Fund is also a way of appreciating the doing business environment and the promotion of locally made products. “The Government has done a lot to promote local businesses. As we make profits we also believe it is our duty to support initiatives aimed at nation-building. I was given the opportunity to develop my business and today it produced this small support to the Fund” Kalisa said. The Factory has a contract to supply chalk to public schools. “In absence of such support, our business would not be still alive. We appreciate the government support to us,” she said, further committing to continue contributing to the Fund. The Agaciro Fund was recently ranked second in the 2018 African Sovereign Wealth Funds Index. The grading looked at financial performance and economic impact of sovereign wealth funds. The rankings also considered other indicators including, Governance and Public Disclosure, Size of Fund, Domestic Investment Mandate, Source of Funding (Diversification of Sources) and Sustainability. The Index was compiled by The Afrochampions Initiative in collaboration with Kofidants. AfroChampions is a set of public-private partnerships designed to galvanize African resources and institutions to support private sector on the continent. Kofidants is an international Advisory Firm that supports companies to be more impactful. The name “Agaciro” conveys the idea of “Dignity” which was embraced as Rwanda’s key moral value in its journey towards sustainable socio-economic development. The Fund, which now boasts of contributions worth Rwf49 billion, was conceptualized during the 2011 National Dialogue Meeting (Umushyikirano) and was launched within the following year. editorial@newtimes.co.rw
