By David Himbara
Kagame Launched 10 Years Ago Agaciro Sovereign Fund to Lessen and Eventually End Rwanda’s Dependence on Foreign Aid. The Results Are Dismal. General Paul Kagame announced Agaciro Development Fund, Rwanda’s sovereign wealth fund at the 9th National Dialogue Council in December 2011, and officially launched the fund in 2012. Agaciro” is a Kinyarwanda word that means “dignity.” As applied by Kagame, the term ”Agaciro” is a rejection of foreign aid dependency and a self-reliance agenda for building a prosperous Rwanda.
In Kagame’s own words, ”assistance by other people is like anesthesia; both offer temporary relief.” So, what is the status of Kagame’s Agaciro Fund, 10 years later? The total assets of the Agaciro Development Fund stand at US$196 million versus foreign aid to Rwanda at US$1.1 billion. The percentage of foreign aid in Rwanda’s central government expense is 59.5 percent. Kagame’s dignity fund is dismal, 10 years on. Stay tuned.