The Kigali International Arbitration Centre (KIAC), set to open next month, will offer the ideal platform to settle possible disputes arising out of commercial agreements, through arbitration as opposed to litigation which is not only expensive, but time consuming.
Rwanda is classified by the World Bank as one of the top reformers and has created a business friendly environment in sub-Saharan Africa. The setting up of specialized commercial courts helped to reduce the period required to resolve a commercial dispute by nearly 3 months.
While commercial courts have made considerable progress, statistics suggest that as of November 2011, there were 886 pending cases in the commercial high court.
It can take up to 8 months to resolve a case in the commercial courts. However, through arbitration at KIAC, the business community will be able to resolve their disputes much faster, at a lower cost.
One of the country’s key policies is to avail affordable justice to all sectors. And, the creation of an arbitration centre is a step forward in providing this foundation to the private sector.
KIAC will strive to serve, not only as a local, but, a regional and international centre for solving commercial disputes. This will create efficiency in Rwanda’s judicial system and help build investor confidence; thus establishing the country as an ideal investment destination.
Without doubt, the arbitration centre provides a credible alternative to the commercial courts.