Rwanda’s Kigali International Finance Centre (KIFC) has signed a financial agreement with French public investment bank Bpifrance that sets the path for the two public institutions to support and promote business exchange and economic cooperation between both nations.

The agreement is particularly a major milestone for the Kigali International Finance Centre as it aims to realize its ambitions of positioning Rwanda as a business and financial hub in Africa,

Both institutions agreed to partner to enhance competitiveness of the business sector in both countries, while outlining areas of cooperation will include promoting the business development of French SMEs and midcaps operating or interested in Africa by structuring through the Kigali International Finance Centre.

The agreement was signed by Pascal Lagarde, Bpifrance’s Executive Director in charge of International, Strategy, Studies and Development and Nick Barigye, Chief Executive Officer of Rwanda Finance Limited.

Bpifrance, is France’s largest public investment bank, and it’s involved in direct and indirect investments, partnership with sovereign funds and major international institutional investors. The bank has experience in carrying out support operations with countries and foreign institutions in Africa, Europe and Eurasia region.

The bank is one of the main French investors with more than €2.5 billion invested directly or directly in the French ecosystem.

Speaking at the signing ceremony, Pascal Lagarde, Executive Director of Bpifrance said that it paves the way for productive exchange between the two entities.

“We welcome this agreement which paves the way for fruitful exchanges between our two institutions with the aim of developing opportunities for our companies on both sides in terms of innovation, exports and investment.

“Bpifrance has long been strongly involved in the development of a robust entrepreneurial ecosystem on the African continent.”

Nick Barigye, Chief Executive of Rwanda Finance Limited said that from the partnership they seek to gain technical assistance to attract financial services.

“This partnership is an important step for our emerging international financial ecosystem. We are pleased to partner with BPI France who will provide technical assistance to attract financial services dealing with Africa, to structure their transactions through KIFC.”

This is one of several pacts KIFC has entered with global institutions in recent months.

In May, KIFC inked a partnership agreement with Morocco’s Casablanca Finance City (CFC) aimed at promoting investment and cooperation between Morocco and Rwanda in financial services.

In June KIFC signed a partnership agreement with CDC Group, the UK’s development finance institution and impact investor, which will enable them acquire expertise in shaping a strong legal and regulatory framework.

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