{Agaciro Development Fund has so far made a profit of Rwf2.1 billion in the last fourteen months through lending to banks, the Minister of Finance and Economic Planning Amb. Gatete Claver has revealed. }
He revealed this while receiving a donation of Rwf10 million from MTN Rwanda, a mobile telecommunications company, to Agaciro Development Fund(AgDF), Rwanda’s first sovereignty fund, based on voluntary donations to attain national development and self reliance.
He said that AgDF has collected Rwf 28.6 billion from Rwandans and institutions some of which has been lent out to banks. “We are grateful to MTN for this noble contribution. This show of commitment to extend this type of support should as well be emulated by other corporate institutions. We have lent out some of the money to banks and have made a profit,” he said as he clarified that even the Rwf2.1 billion profit has also been lent to other banks for accumulation of more interest.
The MTN Rwanda Chief Executive Officer (CEO) Gunter Engling, while handing over the donation, pledged commitment towards involvement in community development activities as part of the company’s corporate social responsibility.
Minister Gatete commended MTN’s contribution not only to the AgDF but overall national development through providing jobs and paying taxes revealing that the Fund will continue partnering and investing in and with credible institutions.
Gatete said that the government plans to increase its contribution to AgDF, revealing that 5% of earned income from public institutions sold to private investors as well as 5% revenue from natural resource extraction is remitted AgDF.
Gunter Engling noted that MTN existence in Rwanda for 16 years has seen a total of 70,000 Rwandans make a living out of selling MTN services every day; ranked among the top tax payers and the only telecommunication company listed on Rwanda Stock Exchange.
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