Agaciro Development Fund’s kitty is slated for a hefty shot in the arm as the government seeks to transfer all its share holdings in over 20 commercial institutions into the sovereign wealth fund.
It is yet another smart move as the government offloads its investments in the private sector without necessarily privatising. The first major institution to go on board is BK Group Plc, the parent company of Bank of Kigali, BK General Insurance and BK TecHouse.
At stake is 29.5 holdings in BK which is bound to contribute hugely to the fund that has now grown to an estimated Rwf47 billion.
Rwandans have proven time and again that they are firmly behind their government’s policies and are ready to sacrifice for the sake of their country.
When the idea of setting up the fund was mulled, it was regarded as a defiant gesture to fill in the gap left by donors threatening to withhold funding. The reaction from the public was an indication that Rwandans hold their dignity very highly and are ready to defend it.
People from all walks of life dug deep into their pockets and contributed generously and now the godsend from the government’s coffers have taken over the watch.
Agaciro’s money has mostly been invested in treasury bond and bills, but as it now consolidates all the government’s commercial investments, it might be time to think of spreading its wings, even beyond our borders.
This might be yet the beginning of another amazing journey of testing new investment waters that the government never seems to shy from. Why should it now when all odds are in its favour.