Abu Dhabi Global Market (ADGM) and Kigali International Financial Center (KIFC) have embarked on a transformative journey through a strategic collaboration aimed at positioning Rwanda and the UAE’s capital as leading financial destinations. The Memorandum of Understanding (MoU) between the two financial centers signifies a key step towards fostering cooperation in various sectors.
Framework for collaboration
The MoU establishes a comprehensive framework for collaboration between KIFC and ADGM, encompassing areas such as promotion and international development, mutual recognition, capacity building and skills development, sustainable finance, and Islamic finance.
Furthermore, the regulatory authorities of both ADGM and KIFC will explore mutual recognition agreements for regulated entities based in either country with a view to opening opportunities in both markets. This also extends to sharing best practices and experiences in the development of financial centers. Moreover, the agreement extends to fostering a culture of continuous improvement within the financial landscape through knowledge exchange and customized training programs.
Sustainable finance
Sustainability takes center stage in the collaboration between KIFC and ADGM, with a focus on green and sustainable finance. The agreement encompasses Environmental, Social, and Governance (ESG) principles and green bonds. Moreover, it focuses on Corporate Social Responsibility (CSR) and Sustainable and Responsible Investments (SRI).
“This MoU marks a positive step forward as we strive to deepen our collaboration in promoting both KIFC and ADGM, which will foster joint capacity-building initiatives and the exchange of expertise across key domains, including sustainable finance,” stated Nick Barigye, CEO of Rwanda Finance Limited, the agency mandated to develop the Kigali International Financial Center.
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Commitment to innovation
For his part, Salem Mohammed Al Darei, CEO of ADGM Authority, said: “ADGM and KIFC coming together through this MoU mark a pivotal moment in ADGM’s ongoing efforts to develop robust partnerships with IFCs worldwide and particularly in the African continent.”
Al Darei emphasized ADGM’s endeavor to strengthen cooperation in advancing the interests of both centers, facilitating collaborative efforts in various areas and knowledge exchange. “This partnership not only strengthens our commitment to innovation and inclusivity but also paves the way for unprecedented opportunities for substantial economic advancement, prosperity, and new avenues for business expansion, within our respective financial ecosystems in both markets,” added Al Darei.
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