Abu Dhabi Global Market (ADGM) and Kigali International Financial Centre (KIFC), a financial center that aims to transform Rwanda into a leading financial destination for investors seeking opportunities across the African continent, have signed a Memorandum of Understanding (MoU) establishing a comprehensive framework for collaboration between the two financial centers.
The strategic collaboration was inked at ADGM’s Authority building with an esteemed delegation from Rwanda. The partnership aims to foster cooperation within both financial centers including but not limited to promotion and international development, mutual recognition, capacity building and skills development, sustainable finance, and Islamic finance.
Furthermore, the regulatory authorities of the IFCs will explore mutual recognition agreements for regulated entities based in either country with a view to opening opportunities in both markets. This also extends to sharing best practices and experiences in the development of financial centers and fostering a culture of continuous improvement within the financial landscape through knowledge exchange and customized training programs.
Sustainability is also going to be a major focus for future collaborations in green and sustainable finance, Environmental, Social and Governance (ESG), green bonds, Corporate Social Responsibility (CSR), and Sustainable and Responsible Investments (SRI).
Salem Mohammed Al Darei CEO – ADGM Authority
“ADGM and KIFC coming together through this MoU mark a pivotal moment in ADGM’s ongoing efforts to develop robust partnerships with IFCs worldwide and particularly in the African continent. It is a significant step towards our endeavor to strengthen our cooperation in advancing the interests of both IFCs, facilitating collaborative efforts in various areas and knowledge exchange. This partnership not only strengthens our commitment to innovation and inclusivity but also paves the way for unprecedented opportunities for substantial economic advancement, prosperity, and new avenues for business expansion, within our respective financial ecosystems in both markets.”
Nick Barigye, CEO of Rwanda Finance Limited, the agency mandated to develop the Kigali International Financial Centre noted that, “This signing represents a significant milestone in KIFC’s journey toward forging strategic partnerships with globally renowned International Financial Centres such as ADGM. This MoU marks a positive step forward as we strive to deepen our collaboration in promoting both KIFC and ADGM, which will foster joint capacity-building initiatives and the exchange of expertise across key domains, including sustainable finance. Through this partnership, we anticipate substantial economic benefits within our respective financial ecosystems through job creation and increased investments, to cultivate new opportunities for business growth in both markets.”
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