The agaciroDevelopment Fund money is being invested in high-yield instruments so that it can grow and be used to fund the country’s development projects, Vianney Kagabo, the Fund’s chief executive officer, has said.

Kagabo said Rwf23.78 billion has so far been collected, most of which is being invested in the money market.

The initiative, which was launched in August 2012, is Rwanda’s first sovereign fund based on voluntary donations by Rwandans, well-wishers and corporate companies.

 It is aimed at making Rwanda self-reliant as far as funding development initiatives is concerned.

"We have invested Rwf18 billion in short-term bank deposits, Rwf3 billion in the Rwf15 billion Treasury bond issued by government in September, while about Rwf3 billion will be invested in the upcoming government Treasury bond slated for issuance this month,” Kagabo revealed.

He noted that these investments earn the Fund an average interest of between eight and 12 per cent annually, respectively.

Kagabo, however, said the money is still  little to be spent on developments in the near future.

"We will start using the money to finance development projects when the Fund has grown substantially…right now it’s still very small,” he noted.

Kagabo thanked those who have already contributed, and urged them and other Rwandans and well-wishers to continue contributing to the Fund.

"The Rwanda Defence Forces contribute about Rwf43 million every month and the Police Rwf32 million, all of which is from individuals...many other people are still contributing,” he said.

He revealed that the Fund receives between Rwf150 and Rwf250 million in contributions monthly from Rwandans and well-wishers.

This, however, is less than the expectations.

Kagabo noted that if each of the 1.32 million Rwandans who receive regular income contributed Rwf3,000 per month, on average, this would amount to Rwf47.4 billion annually.

"This way, the Fund will grow faster and will be used to support development projects sooner,” Kagabo.