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History

Agaciro Development Fund is the Rwanda's sovereign wealth fund that was initiated by Rwandans on 15-16 December 2011 at the 9th Umushyikirano (National Dialogue Council) chaired by His Excellency the President of the Republic of Rwanda Paul Kagame. The Fund was then launched officially by President Kagame on 23 August, 2012.  The name “Agaciro” conveys the idea of “Dignity” which was embraced as Rwanda’s key moral value in its journey towards sustainable socio-economic development.

The Fund 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. The Fund is unique of its kind as it was created basing on voluntary contributions from Rwandans at home and abroad as well as friends of Rwanda while other sovereign wealth funds around the world have traditionally relied on budget surpluses, oil and mineral revenues for their constant growth.

The Agaciro Development Fund was registered with Rwanda Development Board, the Republic of Rwanda as a trust on 01 August, 2013 under code 103050268 and runs its operations in accordance with Law No20/2013 of 25/03/2013 regulating the creation of trusts and trustees. On 11 September, 2013, the Cabinet meeting chaired by President Kagame, approved the proposal for the management of the Fund's proceeds and appointed its Chief Executive Officer. On 28 March 2014, the Cabinet meeting appointed the Fund's Board of Trustees.