Minister of Finance John Rwangombwa
The Minister of Finance and Economic Planning John Rwangombwa has announced that the newly established "Agaciro Development Fund " will be officially launched next week August 23.
Rwangombwa made the announcement on Thursday during a press conference called to explain the fund's establishment.
The Agaciro Development Fund is a solidarity fund that has been initiated by Rwandans to deal with the increasingly unpredictable levels of financing received by donors.
Rwangombwa says that the fund is not coming to substitute the existing funds but rather to supplement.
"The uniqueness of the fund is that it is Rwandans themselves that will finance it. It will join other existing funds meant to finance Rwanda's development programmes," said Rwangombwa.
"The Agaciro Development Fund will likely not be able to raise the levels of funding needed to cover budgetary support, but it sets the tone that Rwandans will work together to drive their own development; giving the entire Rwandan population a level of direct ownership in the nation's projects."
The establishment of the fund was first mooted in last year's Umushyikirano meeting where it was agreed that a mutual fund be put in place specifically to finance rural development as a way of fast tracking Vision 2020.
Minister Rwangombwa says that plans to have it were still being fine tuned, but the recent threats from donor countries led to many Rwandans to call for the immediate establishment of the fund giving it the 'Agaciro' name loosely translated as self value.
Last week, members of the cabinet led the way by putting over Rwf30 million into the fund. More campaigns are expected to be carried out to call upon people to voluntarily support the fund.
The Ministry of Finance has opened accounts in Bank of Kigali (BK), National Bank of Rwanda (BNR), and Banque Populaire under Agaciro Development Fund.
More accounts will also be opened in Imirenge SACCOS to give chance to all Rwandans to contribute. Telecom companies have also agreed to give a special number for the fund on which people can send SMS and the money charged on the SMS is given to the fund.
The Agaciro Development Fund is expected to become autonomous and will help build national solidarity.
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