Rwanda’s cement producer CIMERWA, has donates Rwf20 million to Agaciro Development Fund.
CIMERWA handed over the donation on Monday.
The fund was established in order to empower Rwandans to support government programs.
CIMERWA’s CEO, Bheki Mthembu, said the donation is a contribution to the country’s development plans.
“When the idea of giving support emerged, our staff combined their efforts and gave what they had. In partnership as an industry, we want Agaciro Development Fund to meet its goals. For that reason, we are pleased to cooperate with it,” he said.
Agaciro Development Fund CEO, Jack Kayonga, said that last year, the fund’s assets amounted to Rwf7 billion, and the money in the fund is directed into different investments.
“We have already used it in various ways, including lending to banks and government institutions, and we have invested in different companies in order to gain returns” he said.
Agaciro Development Fund has already earned Rwf53 billion from Rwf18.5 billion in 2012.
Of the Rwf53 billion, more than Rwf10.5 billion come from the fund’s investments.
Since 2014, Agaciro Development Fund has been investing in government bonds and long-term savings in commercial banks.
Towards the end of last year, the government decided to entrust all the shares it had in more than 20 different commercial companies to Agaciro Development Fund to start managing and leveraging them.