Officials say that the overall objective of the financial sector development program is to facilitate the mobilisation of savings by establishing direct links to productive investments required to sustain economic growth
Studies are underway to establish a financial institution which will be responsible to train professionals in the financial sector.
Francois Xavier Ngarambe, Executive Secretary of Financial Sector Development Program in the Ministry of Finance and Economic Planning told The New Times that studies are expected to end in three months and by end of March 2009 the institution will have a full package to commence bussiness.
According to Ngarambe the process of hiring a consultant and having the bids opened is likely take about two to three months from now.
Officials said that studies have been conducted by the government of Rwanda through the Financial Sector Development Program in collaboration with a World Bank team.
“We are going into regional integration and financial sector demand and services become more and more sophisticated which calls for capable professionals to be able to compete on the market,” said Ngarambe.
The institution will take up students from the School of Finance and banking with an aim to developing professional management and sustainability of a stable financial sector.
According to Ngarambe, the main challenge of the Rwandan financial sector is inadequate institutional, organisational, and human resources capacity.
The institution is expected to help the country achieve its target to become a regional financial hub, build capacity in all dimensions by producing professionals.
The overall objective of the financial sector development program is to facilitate the mobilisation of savings by establishing direct links to productive public and private investments required to recover and sustain strong real economic growth.
The program is also mandated to create new financial institutions, and restructuring or transforming the existing ones.