The decision to admit Rwanda was announced yesterday, bringing the global network of sovereign wealth funds (SWFs) membership to 32, including 6 SWFs from Africa; Angola, Nigeria, Botswana and Libya, Morocco and Rwanda.
Being Rwanda’s first sovereign wealth fund, AGDF was initiated by Rwandans in 2011 at the 9th National Dialogue Council. It was set up to build up public savings to achieve self-reliance, maintain stability in times of shocks to the national economy and accelerate Rwanda’s socio-economic development goals, among others.
The membership will bring forth potential benefits such as collaborating with peers for knowledge and best practices in SWFs investment and management, participating in collaborative research on SWFs investments, management and peer assistance.
Agaciro’s entrance in the forum will see the implementation of the Santiago Principles which consists of 24 generally accepted principles and practices voluntarily adopted by IFSWF members. The Principles endorse transparency, good governance, accountability and prudent investment practices.
AGDF’s present investment portfolio is worth Rwf51.5 billion. The Government of Rwanda recently bestowed to AGDF its shares held in different companies- a move that is expected to enlarge the Fund’s current portfolio size and diversify its investments. AGDF invests locally and internationally.
The International Forum of Sovereign Wealth Funds (IFSWF) is a global network of sovereign wealth funds (SWFs) established in 2009 to enhance collaboration, promote a deeper understanding of SWF activity and raise the industry standard for best practice and governance.
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