2024-08-01 22:03:43
For years, Rwanda has been preparing to become a financial hub to attract businesses. This involves bringing together economic operators and capital providers (such as banks or investment funds), while also creating an environment conducive to the private sector. The Kigali authorities say this is a realistic bet.
In 2020, Kigali laid the foundation for its financial sector ambitions. Rwanda The first is to focus on creating an environment conducive to business development. That goal is now almost achieved, said Jean-Marie Kananura, investment manager at the Rwanda Finance Corporation, the institution responsible for making the country a Mainland Financial Center. « We are a country where it is easy to start a business, run a business, and base yourself for expansion projects. In English, we say Proof of Concept CountriesCome and test your solution. If it goes well, you can expand it to the mainland.. »
Advantages of a small Great Lakes country
On a continent where financial centres are still very rare, Rwanda has taken advantage of being a small country in the middle of a growing economic zone. If you look at Singapore, Dubai, Luxembourg, Patrick Dupoux, partner at Boston Consulting Group, said: Usually, it is a small country surrounded by larger countries that can become a financial center by virtue of certain assets (such as stability and a certain continuity of economic policies) and can claim to be a financial center. »
Challenges remain before competing with Mauritius
If about a hundred companies have already set up offices in the financial center, the country must also attract banks if it wants to succeed. A dozen companies have already moved in, including AFG Holdings, which wants to grow in the Great Lakes region. We are interested in the advantages Kigali offers, Romeo Bouba, deputy general manager of the Pan African Bank Group, explained. Already from its geographical location, as it is a bridge between West Africa, Southern Africa and even the Indian Ocean. The region also offers many facilities in terms of business environment and telecommunication infrastructure. »
The quality of digital infrastructure, the number of air routes, the qualification level of local talent and most importantly the management of money outflows by the Central Bank are areas where the Rwandan market must make progress if it wants to develop further, because Morrisbecoming an international reference.
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