Rwanda's sovereign wealth fund, Agaciro Development Fund, Kigali, has become a full member of the International Forum of Sovereign Wealth Funds.
The fund, which has 51 billion Rwandan francs ($58 million) in assets, launched in 2012 with the objective of enhancing the country's public savings, helping to maintain stability in times of economic shocks and accelerating Rwanda's socioeconomic development goals. The fund had been an associate member of the forum since 2016.
Admittance to full membership means the fund voluntarily agrees to uphold the IFSWF's Santiago Principles, which cover good practice in governance, investment processes and risk management.
"AGDF has been an active associate member over the past two years, and it is heartening that we are able to take our relationship further," said Majed Al Romaithi, chairman of the IFSWF, in a news release announcing the membership. "We are delighted to add to our roster of members from Africa, a vibrant region where more and more sovereign wealth funds are being established."
Jack Kayonga, CEO of the Agaciro Development Fund, said in the same news release that the membership comes as the fund continues to "diversify our portfolio domestically and offshore."
The name Agaciro conveys the idea of dignity, "which was embraced as Rwanda's key moral value in its journey toward sustainable socioeconomic development," according to the fund's website.
The IFSWF is a voluntary organization of global SWFs committed to promoting good governance and investment management practices.
