KIGALI - President Paul Kagame yesterday met Janamitra Devan, the Vice President of the International Finance Corporation (IFC) and discussed how the institution can enhance investment and private sector development in the country.
IFC, which is the financing arm of the World Bank Group, promotes sustainable private sector investment in developing countries as a way of reducing poverty as well as improving livelihoods.
Speaking to the press shortly after the meeting, Devan said that the discussions centered on a broad area of sectors and the entire package of aid that the World Bank and the IFC extend to Rwanda.
“We discussed the opportunities for Rwanda having the potential to get greater investments globally as well as being a much more vibrant economy that is driven by a strong private sector,” he said shortly after the meeting that took place at Urugwiro Village.
“We also examined what is it that we (IFC) can do to enhance public and private sector dialogue that has already begun, and how it can be accelerated,” he added.
The official added that IFC will consider making more investments in sectors like agro business and finance services, which he said they have agreed on with the government.
The meeting, Devan added, also dwelt on improvement of trade and the removal of any barriers to trade and generally doing business in Rwanda.
“Rwanda is the most significant reformer and we certainly want to see that continue. We know from our experience that reduction of barriers to doing business is directly related to the Gross Domestic Product (GDP) and economic growth,” the IFC official added.
New Finance Minister, John Rwangombwa, said that the IFC has in the past one year played a big role in promoting capacity building and private sector development in the country.
“Actually, what we have gained in doing business can be partly attributed to working closely with IFC,” the minister said.
IFC has in the past year injected up to $30million in different projects that include; the Methane gas project, Kigali Serena Hotel expansion, Bakhresa millers and Mille Collines Hotel renovation.
The institution also has over $15million investments in the pipeline.