The CEO of the newly launched Mkoba Private Equity Fund, Frannie Leautier, who is also former Executive Secretary of the African Capacity Building Foundation (ACBF) visited President Paul Kagame to discuss ways of boosting SME’s in Rwanda.
The fund will support SMEs targeting equity investments ranging from $1.0 to $15 million Ethiopia, Tanzania, Rwanda, Mozambique, DRC, South Africa, Cote d’Ivoire, Liberia and Sierra Leone.
“I briefed the President on what I have been doing since I finished my term at the African Capacity Building Foundation and thanked him because Rwanda has been one of the countries that worked closely and supported the ACBF along the years,” said Leautier.
He observed that Rwanda has also been one of the most successful countries to use support from the fund to advance its own priorities.
“I presented to the President what I am doing now and where we have just launched the Mkoba Equity Private Equity Fund to support Small and Medium Enterprises to make them global and regional champions.”
Frannie Léautier said discussions with the President also focused on how best to introduce the fund in the Rwandan context in terms of investments:
“I am very happy to say I have received very strong support in terms of launching these activities in Rwanda.
Adding on that experiencing the successes of Rwanda where one can launch a business in a matter of days and should be a signal to the rest of the world.
Rwanda’s Vision2020 identifies six priority pillars and three cross-cutting areas, the development of which is crucial for making the necessary long-term transformations in the Rwandan society.
Among the pillars is the development of an efficient private sector spearheaded by competitiveness and entrepreneurship.
SMEs comprise 98% of all the establishments; micro-sized establishments – those employing between 1 and 3 people – account for 92.6% of all establishments while enterprises with only one worker account for 72% of all establishments.
The Minister of Finance and Economic Planning, Claver Gatete said the equity fund would be very significant raising the portfolios of Rwanda’s Small and Medium enterprises which are the key providers of employment.
“This is a great initiative for Rwanda because it provides solutions that are in line with our vision which aims to grow small business into big industries that can contribute to national development,” he explained.
“The fund will introduce capacities and capital which are the main recipes for growth of businesses and we are hopeful that this will boost overall development of our country.”