Rwanda Launches National Fund to Promote Economy

Rwandan Prime Minister Edouard Ngirente

The government of Rwanda launched the National Research and Innovation Fund to promote the innovation economy in the country and in the East African Community (EAC).

The Rwandan Prime Minister, Edouard Ngirente, explained during the launch in this capital that the fund would serve as an important financing vehicle to support research projects.

Rwanda will continue to support research and technology with a particular emphasis on linking our young innovators with the labor market, he said.

According to the official, the fund is supported by a loan of 30 million dollars from the African Development Bank (AfDB), which has contributions from African governments and private companies, aimed at promoting the integral development of its member countries.

Among the objectives of the program is to establish an investment vehicle that focuses on the financing of small and medium-sized enterprises with technological capacity and to develop Rwanda’s business ecosystem and innovation capacity.

Through the initiative, capital financing will be provided for small and medium enterprises, technology-oriented entrepreneurs will be trained in business planning and management, and awareness of intellectual property rights will be increased.

According to the AfDB, the project should help more than 150 companies in various stages and create more than 2,000 direct jobs and some 6,000 indirect jobs during its 10-year life cycle.