Kagame calls for increase in capital flow

President Paul Kagame yesterday said that Rwanda needs access to global capital flow to fuel her development aspirations.

President Paul Kagame yesterday said that Rwanda needs access to global capital flow to fuel her development aspirations.

He was speaking in New York, during a roundtable discussion organised by the Milken Institute, a global think-tank that links the public and private sectors with an aim of raising capital, to help solve urgent socio-economic challenges.

The discussion in New York was held under the theme; ‘Linking international firms and global investors with transparent, effective governments in emerging markets’.

 “As we embark on implementing our five-year economic development strategy, we need to accelerate the flow of capital. That is why the Government of Rwanda has partnered with the Milken Institute in order to access global capital,” the President said.

The Head of State said many African countries have witnessed real progress in socio-economic development, adding that GDP growth averages 5 per cent, while FDIs have grown eight-fold since 2000.

“However, we must acknowledge that  Africa is far below its potential and aspirations, Africans aspire not merely to escape the poverty trap but to be prosperous,” he said.

To achieve this, he said, three main challenges need to be done to attract capital and these are; strengthening political and economic governance, improving infrastructure and bridging skills gaps.

These challenges can only be overcome through embarking on strategic partnerships, citing the one Rwanda had embarked on was with former British Prime Minister Tony Blair.

This partnership, he said, seeks to institutionalise structures and building capacity.

During the discussion, the Milken Institute’s Access to Global Capital Initiative and Tony Blair’s African Governance Initiative announced that they will work together to help identify and implement best practices that accelerate the flow of capital in emerging and developing countries, starting in Rwanda.

It will focus on partnering with governments in those markets that will benefit from the implementation of systems and processes to enhance governance, increase transparency, create more seamless flows of capital and commerce, foster skills transfer and domestic industry and fuel economic growth. 

“This partnership with Tony Blair and his team at the African Governance Initiative has tremendous potential to foster growth by connecting the public and private sectors,” said Mindy Silverstein, Managing Director of the Milken Institute.

President Kagame said Milken institute’s Access to Global Capital Initiative is crucial and timely, adding that it was equally an opportunity for global investors to tap into the opportunities available in Rwanda and on the African continent in general.

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