The Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, has signed a memorandum of understanding (MoU) with Rwanda Finance (RFL) to facilitate initiatives that will promote the international development of both the QFC and Kigali International Financial Centre.
The pact would also enable the creation of a community between the fintech ecosystems of Qatar and Rwanda and initiate sharing of best practices for the development of Islamic finance in both markets.
The MoU was signed last week by Yousuf Mohamed al-Jaida, chief executive, QFC, and Nick Barigye, chief executive, RFL. Under the agreement, both parties intend to encourage their respective regulatory authorities to enter mutual recognition agreements to open new business opportunities in both markets.
"This MoU marks the long-term cooperation between QFC and RFL to support businesses in Rwanda and Qatar through joint initiatives that open doors for skills development, knowledge exchange and investment and partnership opportunities," al-Jaida said.
The agreement takes QFC a step further in its efforts to forging durable partnerships with international markets that help support Qatar’s economic diversification and capacity building drive, according to him.
The agreement would also help promote capacity building and skills development through training programmes, knowledge transfer, and fostering a culture of continuous improvement within the financial landscape.
To support the development of both markets, QFC and RFL will work closely on developing joint initiatives, such as roundtables, conferences, seminars, and other events, to engage members of both Rwanda and Qatar’s business communities, further strengthening the economic ties between the two countries.
"This partnership between our financial centres builds on the excellent existing relations between Rwanda and Qatar. RFL and QFC will collaborate on international promotion, mutual recognition, and the creation of a strong fintech community for the benefit of both our jurisdictions, further enhancing the Kigali International Financial Centre’s attractiveness as a destination for investors and financial actors who want to effectively manage their wealth and structure their investments across Africa," Barigye said.