CFC News, Press Releases

Casablanca Finance City (CFC) and Rwanda Finance Limited (RFL) have signed a memorandum of understanding to promote investment opportunities between Rwanda, Morocco and Africa, and reinforce long-term cooperation between the two countries.

The agreement between CFC and RFL will provide a platform for promoting best practices, through which CFC will support the development of Kigali International Financial Center (KIFC).

Since the 2016 state visits between President Paul Kagame and King Mohammed VI, bilateral relations between the two countries have known a major turning point. Numerous strategic partnerships have been concluded in key areas, among which, the agreement to avoid double taxation and prevent tax evasion.

The Kingdom of Morocco benefits from a strategic location at the crossroads of Europe and Africa, solid macroeconomic fundamentals and world-class infrastructure, offering a platform of choice for foreign trade. With free trade agreements covering 55 countries, Morocco provides access to a market of more than one billion consumers worldwide.

Rwanda is strategically located as a gateway between Central and East Africa, serving regional trade markets such as the Common Market for Eastern and Southern Africa (COMESA), the East African Community (EAC), and the Economic Community of Central African States (ECCAS).

The KIFC seeks to emerge as an efficient and effective nexus for cross-border trade and investments in the entire Eastern and Central African region, and beyond.

Mr. Saïd Ibrahimi, CEO of Casablanca Finance City, said: “We are very pleased to sign this partnership between CFC and KIFC, which strengthens cooperation between Rwanda and Morocco. This agreement allows us to expand our network of partnerships with other African financial centers and thus, further consolidate regional cooperation. ”

Leveraging on our already strong relationship with Morocco, this agreement will bring about mutual benefits between us with a focus on enhancing our financial services sectors. This is in line with our goal of transforming Rwanda into a service-oriented and knowledge-based economy.” said Nick Barigye, CEO Rwanda Finance Limited.

About Rwanda Finance Limited (RFL)

Rwanda Finance Limited is a new company owned by the government of Rwanda, that is mandated to promote and develop the Kigali International Finance Center (KIFC), which has a vision to become the preferred inland center of excellence for investments in Africa.

New reforms are being developed to enhance Rwanda’s competitiveness, ensure compliance to international standards, and better leverage regional opportunities and integration into the global economy.

Rwanda offers a pro-business environment, excellent infrastructure, cost-competitiveness and benefits from strong leadership with the Government of Rwanda’s Vision 2035 and 2050, guiding the way forward.

About Casablanca Finance City (CFC)

Casablanca Finance City (CFC) is an African financial and business hub located at the crossroad of continents.

Recognized as the leading financial center in Africa, and partner of the largest financial centers, CFC has built a strong and thriving community of members across four major categories: financial companies, regional headquarters of multinationals, service providers and holdings.

CFC offers its members an attractive value proposition and a premium “Doing Business” support that fosters the deployment of their activities in Africa.

Driven by the ambition to cater to its community, CFC is committed to promoting its members expertise across the continent, while enabling fruitful business and partnership synergies through its networking platform.

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