Rwanda Finance Limited and Bpifrance commit to reinforce economic cooperation between Rwanda and France

Rwanda Finance Limited (RFL) and Bpifrance signed a Memorandum of Understanding on the 6th of October. 

An MoU to boost France and Rwanda business ecosystems

On October 6, 2020, Rwanda Finance Limited (RFL), a company wholly owned by the Government of Rwanda, and Bpifrance, the French public investment bank, signed a Memorandum of Understanding in Paris, to strengthen economic cooperation between France and Rwanda. 

With this MoU, Bpifrance and Rwanda Finance Limited commit to:  

  • Contribute to the development of a dynamic and pro-business ecosystem in Rwanda.  
  • Promote business development of French SMEs and mid-caps already operating or interested in Africa’s market by structuring through the KIFC (Kigali International Financial Center). 
  • Organize projects, missions, and other events to develop linkage between Bpifrance, Rwanda Finance, and other financial institutions in the country to establish business partnerships. 

This cooperation agreement was signed by Pascal Lagarde, Bpifrance’s Executive Director in charge of International, Strategy, Studies, and Development, and Nick Barigye, Chief Executive Officer of Rwanda Finance Limited. This MoU demonstrates both institutions' commitment to promoting business exchanges and economic cooperation between France and Rwanda. 

“This partnership is an important step for our emerging international financial ecosystem,” said Nick Barigye, CEO of Rwanda Finance Limited. “We are pleased to partner with Bpifrance who will provide technical assistance to attract financial services dealing with Africa, to structure their transactions through KIFC.” 

Rwanda Finance Limited’s main mission is precisely to develop and promote Kigali International Financial Center (KIFC), which is intended to be a world-class financial hub, designed to bolster inward investment and to create thousands of highly skilled financial sector jobs for the benefit of Rwanda and the African continent.


Bpifrance supports the development of the private equity market in Africa

Pascal Lagarde, Executive Director of Bpifrance who signed the MoU on the French side, said: “We welcome this agreement which paves the way for fruitful exchanges between our two institutions to develop opportunities for our companies on both sides in terms of innovation, exports, and investment. Bpifrance has long been strongly involved in the development of a robust entrepreneurial ecosystem on the African continent.” 

Indeed, Bpifrance carries out support operations with States and foreign institutions in Africa, Europe, and Eurasia so that they can create and develop their own tools for financing their economies in: 

  • Supporting innovative companies in their projects and structuring support and financing products (seed funds, range of innovation financing products, evaluation grid, etc.). Through the EuroQuity digital platform, particularly on the African continent, Bpifrance contributes to putting project leaders in touch with investors; 
  • Developing a job-creating entrepreneurial ecosystem that promotes access to bank credit for VSE/SMEs (such as the creation and optimization of a guarantee fund, thus generating a real leverage effect in the financing of business projects). 

Bpifrance also supports the development of the private equity market in Africa. Recently, on October 8th, the French public investment bank launched its new fund on funds, Averroès Africa, the 4th edition of a program initiated in 2003.