Turkey and Rwanda ‘keen’ on financial cooperation

Turkish Minister for Foreign Affairs Mevlut Cavusoglu (L) and Rwandan Minister for Foreign Affairs Louise Mushikiwabo (R) shake hands as they exchange folders after the signing of different Memorandum of understanding (MOU) in Kigali on 31 May 2016. [CYRIL NDEGEYA/AFP via Getty Images]

Turkey and Rwanda are apparently keen to explore cooperation opportunities in the financial sector, Anadolu has reported. The vehicle for this would be Rwanda’s major initiative, the Kigali International Financial Centre (KIFC).

According to the report, the KIFC seeks to position Rwanda as a preferred financial hub for investments on the African continent and to create alternatives for mobilising capital. Rwanda has the fastest growing economy in East Africa, with 8 per cent annual growth in GDP.

“Turkey’s Aktif Bank is opening a Representation Office in this financial hub to cover East Africa pending the final clearance from the Rwanda National Bank,” explained Burcu Cevik, Turkey’s Ambassador to Rwanda. Turkey opened its embassy in the capital Kigali in 2014.

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