12 September 2012

Rwanda: Contributions at U.S. $16 Million

Kigali — Voluntary efforts by Rwandans to contribute money to their national budget have now hit the $16m mark, in less than four weeks.

The revelation was made Wednesday by Finance Minister John Rwangombwa. Three weeks ago, Rwandans launched a people's initiative dubbed 'Agaciro Development Fund' (AgDF) to which individuals, corporate firms and Government agencies have been contributing.

Last week, Rwanda's Ministry of Finance and Economic Planning (MINECOFIN) also made a contribution to the fund that it will be managing, raising one billion francs in the process.

However, the RWF1billion was a combined effort involving several Government agencies operating under the Finance Ministry.

These include the finance Ministry which contributed Rwf 88million, National Institute of statistics (NISR) with Rwf 120 M, Rwanda Social Security Board (RSSB) with Rwf 350M, Rwanda Revenue Authority (RRA) Rwf 387 M while the Capital Market (CMA) raised Rwf 13.2million.

The contributions were further boosted by news last week that confirmed the United Kingdom had unfrozen budgetary aid promising to release around $ 12 million of the $25 million it had blocked over allegations that Rwanda is backing M23 rebels in Eastern Congo.

The week also saw Rwanda move up seven places to 63rd position compared to last year in the World Economic Forum Global Competitiveness Index but third on the continent while it tops the East African Community.

Ads by Google

Copyright © 2012 East African Business Week. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.