President Paul Kagame will formally officiate the opening ceremony of the Kigali office of Afreximbank’s Fund For Export Development in Africa (FEDA) on Wednesday, 20 March 2024.
FEDA will officially open its Kigali office on Wednesday at the Grand Ballroom, Radisson Blu Hotel and Convention Centre.
Speakers at the event include President Paul Kagame, the president and chairman of the Boards of Afreximbank and FEDA Prof. Benedict Oramah, and CEO of FEDA Marlene Ngoyi.
FEDA is the development impact investment platform of Afreximbank, and its new office in Kigali is set to become a cornerstone in advancing investments, promoting industrialisation and driving intra-Africa trade.
Rwanda has played a key supporting role in being the first of the 12 African countries to accede and ratify the FEDA Establishment Agreement and in hosting FEDA and the AfCFTA Adjustment Fund Corporation.
By attending the official opening of FEDA Kigali office, participants will get the opportunity to learn about the role of FEDA as the Impact Investment Fund for Africa’s export transformation.
They will learn how it seeks to fill the US$110 billion gap in equity financing on the continent, brings investment partners and financial institutions together, and attracts vital investment into the continent and developing businesses.
They will also get the opportunity to speak with FEDA and Afreximbank representatives on what this means for the future of Africa’s trade and exports.
In November 22, 2020, Rwanda and Afreximbank signed an agreement for the establishment of FEDA and a MoU on the hosting of the permanent headquarters of FEDA in Kigali.
The agreements were formalized in a signing ceremony at Rwanda’s Embassy in Cairo with representatives from Rwanda’s Embassy in Egypt and Afreximbank.
FEDA, a subsidiary of Afreximbank, is an equity investment fund designed to provide seed capital to companies operating in Africa, with an emphasis on activities that promote and facilitate intra-African trade, trade-related infrastructure and value added exports in form of both goods and services.
It will invest across all market segments but with greater focus on SMEs which have substantial funding shortages and represent about 90% of businesses in Africa.
It will also invest in mature companies and start-up businesses where there is a gap in the marketplace and where investments have a high level of value additionality and development impact in Africa.
The fund will have an initial US$350 million commitment from Afreximbank and is expected to grow to over US$1 billion within a few years of operation.
The Government of Rwanda, through the Rwanda Development Board (RDB), initiated discussions with Afreximbank in August 2020 to establish the fund’s headquarters in Kigali. (End)