Franz Fayot, minister for cooperation and humanitarian action, speaking at the podium of the African microfinance week (SAM) in Kigali, Rwanda. MAEE

Franz Fayot, minister for cooperation and humanitarian action, speaking at the podium of the African microfinance week (SAM) in Kigali, Rwanda. MAEE

Franz Fayot (LSAP) took part in the fifth edition of the African microfinance week, a bi-annual event on the development of financial inclusion in Africa held in Kigali, Rwanda, where he signed off on an MOU together with Rwanda’s minister of finance and economic planning.

The five-day conference, which was launched in 2013, held its fifth edition at the Kigali Convention Center in Kigali. The event kicked off on 19 October with the signing of a memorandum of understanding (MOU) by Luxembourg’s minister for cooperation and humanitarian action, Franz Fayot, who is on a working visit in the country until 20 October, and Uzziel Ndagijimana, Rwanda’s economic planning and finance minister. 

The memorandum of understanding aims to support Rwanda’s aspiration to become a financial hub for international investments in the region. An ambition that is highlighted in its policy document “Vision 2050”, the country’s long-term strategy to drive economic growth and a better quality of life for its citizens. 

More specifically, the MOU underlines four potential areas of cooperation such as “capacity building to foster employability in the financial sector, development of sustainable finance, and the establishment of a fintech ecosystem and an impact investment market,” according to a press release by the directorate for development cooperation and humanitarian affairs.

Fayot also met with other ministers to discuss bilateral relations between Rwanda and Luxembourg, and will pay a visit to the Oasis of Peace community centre offering psychosocial and educational support to vulnerable children.

The Kigali International Financial Centre (KIFC), which is at the forefront of the transformation agenda in the financial space in Rwanda, is managed by the Rwanda Finance Limited agency.

The African Microfinance Week 2021

The conference is organised by the inclusive finance non-governmental organisation ADA, with the support of the Luxembourg directorate for development cooperation and humanitarian affairs, and the Rwandan government.

The fifth edition of the conference will focus on resilience from different angles, especially in the context of climate change and the pandemic. At the recently concluded G-20 Compact with Africa meeting held in Berlin, the Rwandan president, Paul Kagame met with BioNtech representatives, who aim to set up vaccine production facilities in the region to reduce vaccine inequity, including in Rwanda and Senegal.

Plenary sessions and workshops are expected to cover diverse topics ranging from structural transformation, digital innovation, gender, financial innovation and others.