Rwanda and Qatar are expected to benefit from mutual recognition agreements for new business opportunities in both markets following a new agreement between the Qatar Financial Center (QFC) and Rwanda Finance Limited (RFL).
The two institutions signed a memorandum of understanding last week to facilitate various initiatives that will promote the international development of the QFC and the Kigali International Financial Center (KIFC).
The Kigali International Financial Center, a government initiative, aims to position Rwanda as a business and financial services hub in Africa as well as to reform financial services.
The MoU was signed by Yousuf Mohamed Al-Jaida, Managing Director of QFC, and Nick Barigye, Managing Director of RFL on September 9 in Doha, Qatar.
Among the areas of cooperation described are the promotion of capacity building and skills development through training programs, knowledge transfer and the promotion of a culture of continuous improvement in the financial landscape.
It will also facilitate the creation of a community between the fintech ecosystems of Qatar and Rwanda and initiate the sharing of best practices for the development of Islamic finance in both markets.
Rwanda has positioned itself as a hub for FinTech investments through various initiatives including improving the talent landscape, ease of business registration, innovation, user-friendly regulatory ecosystem as well as as access to world-class accelerators, investors and venture capital firms.
Nick Barigye, CEO of RFL, said that “this agreement will further enhance the attractiveness of the Kigali International Financial Center as a destination for investors and financial actors who wish to effectively manage their wealth and structure their investments across Africa .
Mohamed Al-Jaida, CEO of QFC, said that this MoU marks the long-term cooperation between Qatar Financial Center and Rwanda Finance Limited to support businesses in Rwanda and Qatar through joint initiatives opening doors for skills development, knowledge exchange and investment and partnership opportunities. . “
Adding that the agreement takes QFC one step further in its efforts to forge lasting partnerships with international markets that help support Qatar’s economic diversification and capacity building.
QFC is an onshore jurisdiction that allows registered companies to enjoy competitive advantages, such as up to 100% foreign ownership, 100% repatriation of profits, 10% corporate tax on locally sourced profits .
It also offers an extensive network of double taxation treaties with over 80 countries, a legal environment based on English common law and the right to trade in any currency.
The KIFC is also involved in the reform of the financial services sector.
The reforms fall under three key pillars; laws and regulations in the financial services sector, fiscal policy with respect to the financial sector, and skills and capacity development with respect to the financial services sector.
The KIFC is made up of institutions such as banks, business service providers such as lawyers and accountants, private investors and family offices, financial sector regulators and the enterprise registrar in Rwanda, among other parties. stakeholders.
The two countries maintain a close collaboration which is reflected in different economic, commercial and technical cooperation.
And also through civil aviation as a commercial pact since 2012, with Qatar Airways, the national Gulf airline, operating direct flights to Rwanda.
Qatar is represented in Rwanda by its embassy in Kigali while Rwanda also has an embassy in Doha.