Rwanda - Rwanda Innovation Fund


Project Summary

Approval Date 07 Mar 2018
Signature Date 22 Mar 2018
Planned Completion Date 31 Dec 2022
Sovereign / Non-Sovereign Sovereign
Sector Communications
DAC Sector Code 22013
Commitment U.A 20,845,348.36
Status Implementation

Project General Description

The project will, facilitate the establishment by providing an initial investment in Rwanda Innovation Fund (RIF). The project, aims to address the financing gap that tech-enabled companies face at different growth stages in Rwanda and in the wider East African region. In order to address the financing gap, the project will establish affordable funding mechanisms for growth companies. To achieve this, the project will provide equity financing for Tech Enabled Small and Medium-size Enterprises (SME’s), train techoriented entrepreneurs in business planning and management, and increase awareness and sensitization with respect to intellectual property rights. It will also provide TA to support capacity building for business development expert and provide finance for the development of a deal pipeline, which will involve working with entrepreneurs to develop their businesses to a point where the Innovation Fund might support them. The total estimated cost of the project is USD 68.6 million (UA 48.65 million).

Project Objectives

The main objective of the RIF project is to contribute to the innovation economy in Rwanda and the East African Community (EAC) region. The specific objective is to establish an investment vehicle focused on funding Tech-Enabled SME’s and to develop the country’s entrepreneurial/innovation ecosystem capacity.

Beneficiaries

The Fund is expected to support one hundred and fifty (150) companies at various stages of growth, invest in about twenty (20) early growth stage opportunities, and create roughly two thousand (2000) direct jobs and an estimated six thousand (6,000) indirect jobs throughout its lifecycle (ten (10) years + two (2) years). The Technical Assistance Pool (entrepreneurial ecosystem capacity) will provide capacity building to a range of seven (7) to ten (10) incubators and accelerators, facilitate three (3) – five (5) additional angel networks, and train approximately thirty thousand (30,000) entrepreneurs across the region.

Participating Organization

Funding
African Development Bank
Extending
Government Of Rwanda
Implementing
MINISTERE DES FINANCES ET DE L'ECONOMIE-MINECOFIN

Information

IATI identifier 46002-P-RW-G00-001
Last Update 16 Jan 2022

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Contact Details

Name EDOSIO Uyoyo
Email u.edosio@afdb.org

Geographic Location

Country Rwanda