Angaza Capital together with Abu Dhabi Global Market will create an innovation bridge supporting local entrepreneurs to become global: “our mission is to help them at home and beyond while they shape a more sustainable future for all of us”
The Rwanda Innovation Fund (RIF), the ICT Chamber of Rwanda and Abu Dhabi Global Market (ADGM) signed a Memorandum of Understanding (MoU) for collaboration and the establishment of the new fund. Following a commitment of funding of $30 million by the African Development Bank Group and the Government of Rwanda, the MoU provides a framework for the collaboration, co-operation and consultation regarding the development of an innovation ecosystem.
RIF, managed by Angaza Capital, aims to deploy US $100 million focusing on solving Africa’s critical sustainable challenges and needs through innovation and technology-based companies, mainly in the fields of finance (Fin-tech) and agriculture (Agri-tech). The fund will focus on entrepreneurs looking for support and capital needed to grow on a different scale, beyond their local markets. It will support those entrepreneurs change their country and change the way of doing things beyond borders by achieving their vision at scale.
The MoU will enable the parties to collaborate on joint initiatives for the development of the innovation ecosystems in their respective jurisdictions, with the field of FinTech leading the way. As part of this relationship, areas of collaboration will include the involvement of the Rwanda Innovation Fund and Private Sector ICT Chamber of Rwanda in October’s FinTech Abu Dhabi Festival (FinTechAD – 21-23 October). Other collaborations will include roadshows in Africa and the Middle-East, and the participation of Africa-focused FinTech start-ups in FinTechAD.
All parties are seeking opportunities to collaborate and consult on initiatives for the mutual promotion and development of the FinTech ecosystems in East Africa and Abu Dhabi, and to support the shared vision of promoting financial inclusion in Africa, the Middle-East and beyond. This brings together two powerful networks towards building the next stage of sustainable development in fastest growing parts of the world.
“The local entrepreneurs are amazing, their visions are bold and unobstructed by an existing outdated infrastructure and incumbent system – and so, they can dream a more efficient and inclusive system, and turn this dream to reality thanks to technology and innovation”, says Angela Homsi, Angaza Capital’s CEO. “Until now, those entrepreneurs lacked the capital and support needed for scale; our mission is to support them at home and beyond while they shape a more sustainable future for all of us”.
Wai Lum Kwok, Senior Executive Director at Abu Dhabi Capital Markets, Financial Services Regulatory Authority, added: “We are excited by the opportunities this MOU brings about in strengthening economic cooperation between Abu Dhabi and Rwanda. As the leading IFC and innovation hub in the Middle East, ADGM offers a business friendly environment and robust regulatory regime for investment funds to anchor in ADGM as a gateway to the Eastern African markets. We welcome investment funds such as the Rwanda Innovation Fund to domicile their operations in ADGM to attract global investors to invest into the innovation ecosystem of Rwanda and drive economic growth. The Fund can also scale up its portfolio companies through leveraging the innovation ecosystem and financing platforms in ADGM.”
Rwanda ICT Chamber of Commerce CEO, Alex Ntale said: “"We are excited to host Abu Dhabi Global Markets delegation to Rwanda and the MoU signed with the Rwanda Innovation Fund to build presence in the UAE. This initiative is part of the government of Rwanda and the Chamber efforts to promote the entrepreneurship in Rwanda with global competitiveness, and to make our economy more knowledge and innovation-based. We are thrilled by the possibilities of using the Rwanda Innovation Fund as a bridge between MENA and Africa for startups and investors wishing to scale over the continent and impacting millions”.