Rwanda: Launch of $ 30 Million Fund to Boost ICT Sector

Jun 28, 2018 | FinancialAfrik

The Rwandan State has launched a new $ 30 million National Research and Innovation Fund to boost the ICT sector in the country.

The Fund, which will come into effect next fiscal year, is part of the National Transformation Strategy 2017-2024. “The Government of Rwanda has allocated seed money to the National Research and Innovation Fund. Year after year, we have committed to increase our budget allocation to this innovation fund. We will continue to support research and technology by focusing on the link between our young innovators and the job market, “said Rwandan Prime Minister Edouard Ngirente. According to the prime minister, the Rwandan government had signed a $ 30 million loan for this purpose with the African Development Bank (AfDB) to manage the Fund. In detail, the Fund will provide equity financing to small and medium-sized technology companies, train technology-based entrepreneurs in business planning and management, and increase awareness of intellectual property rights. In addition, the Fund will also invest and develop world-class innovative companies in Rwanda and throughout the East Africa region by providing institutional growth capital for patients and significant business support. Source: FinancialAfrik