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13 Sep 2021 – 10:15
QFC Chief Executive Officer, Yousuf Mohamed Al Jaida, and RFL Chief Executive Officer, Nick Barigye, signing the agreement.
Doha: Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, signed a Memorandum of Understanding (MoU) with Rwanda Finance Limited (RFL) to facilitate initiatives that will promote the international development of both QFC and Kigali International Financial Centre.
The MoU was signed last week by Yousuf Mohamed Al Jaida, Chief Executive Officer, QFC, and Nick Barigye, Chief Executive Officer, 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.
The agreement will also help promote capacity building and skills development through training programmes, knowledge transfer, and fostering a culture of continuous improvement within the financial landscape. It will also facilitate 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.
Yousuf Mohamed Al Jaida, said: “This MoU marks the long-term cooperation between Qatar Financial Centre and Rwanda Finance Limited to support businesses in Rwanda and Qatar through joint initiatives that open doors for skills development, knowledge exchange and investment and partnership opportunities. The agreement also 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.”
Nick Barigye, Chief Executive Officer, Rwanda Finance Limited, said: “This partnership between our financial centres builds on the excellent existing relations between Rwanda and Qatar. Rwanda Finance Limited and the Qatar Financial Centre Authority 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.”
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.
QFC is an onshore jurisdiction that allows registered companies to enjoy competitive benefits, such as up to 100 percent foreign ownership, 100 percent repatriation of profits, 10 percent corporate tax on locally sourced profits, and an extensive double taxation treaty network with over 80 countries, a legal environment based on English common law and the right to trade in any currency.