October 11, 2022

Rwanda’s Sovereign Fund Buys into COMESA Bank

Trustworthy and indepth news stories are more important now than ever.
Support our newsroom by MAKING A CONTRIBUTION HERE

Rwanda’s sovereign wealth fund the Agaciro Development Fund (AgDF) has invested over USD 8 million in the capital stock of the Eastern and Southern African Trade and Development Bank (TDB), becoming its latest institutional shareholder.

TDB is formerly PTA bank, which is the financial arm of the regional grouping COMESA. It is headquartered in Burundi.

In 2013, TDB introduced Class B shares to mobilize capital from institutional investors. This asset class has drawn a lot of interest from investors because of the Bank’s consistent capital growth, impact, and solid profit base.

TDB’s net asset value has grown to USD 13,846 as of 2021, at a 5-year compound annual growth rate (CAGR) of about 7%, and its dividend yield has averaged about 3% over the past 5 years. Since its inception, close to 258 million has been invested in the Class B shares by institutional investors.

The Bank’s shareholding comprises 23 member states, two non-regional members countries, and with Agaciro Development Fund,19 institutional shareholders.

TDB Group President Emeritus and Managing Director Admassu Tadesse said “We salute Agaciro Development Fund as the first sovereign wealth fund to invest in TDB Group equity capital. This investment illustrates the growing interest and confidence of institutional investors in TDB’s opportunities. We are proud to be able to continue attracting and making African capital work for Africa’s development, while delivering competitive returns.”

Agaciro Development Fund Chief Executive Officer Gilbert Nyatanyi, “Since its inception, Agaciro has principally been reliant on receiving voluntary contributions from Rwandans and friends of Rwanda. With the recent phasing out of the contributions Agaciro is rebalancing and diversifying its investments be it in terms of asset classes as geographically in order to further grow the fund with return on investments. Investing in TDB fits perfectly into this approach.” 

Agaciro joins a group of 18 other institutional investors from Africa and the rest of the world, mainly Europe and Asia, which include pension funds, insurance companies, development finance institutions, special funds and now, a sovereign wealth fund. With an estimate of over USD 600 billion in pension fund assets in Africa, organizations like RSSB and Agaciro Development Fund have the opportunity to diversify their portfolios by investing in Class B shares. As TDB expands its geographic footprint, it remains committed to providing innovative financing solutions, crowding in institutional capital and promoting integrated sustainable development for the region.

By the end of 2021, Agaciro has grown to ~ USD 250,000,000, including fixed income investments (Treasury Bonds, corporate bonds, commercials papers, term deposits, …) and equity investments in 30 companies.

TDB bank has been instrumental in growth of RwandAir, the national carrier, financing the acquisition of two aircraft.

We can't do quality journalism without your support

Perhaps it goes without saying — but producing quality journalism isn't cheap. At a time when newsroom resources and revenue are declining, The Chronicles remains committed to "Serving Your Right To Know The Truth". Stand with us as we document Rwanda's remarkable journey for you and the future generation. Do you value our journalism? We can't do it without you. Show us with your support by CONTRIBUTING HERE.
Email your news TIPS to info@chronicles.rw or WhatsApp +250788351327.
You can also find us on Signal


  1. Hello to every , for the reason that I am actually eager of reading this website’s post to be updated regularly.
    It carries nice material.

  2. Good post. I learn something totally new and challenging on blogs I stumbleupon every day.
    It’s always exciting to read articles from
    other authors and practice something from their web sites.

  3. This is a very good tip especially to those new to the blogosphere. Brief but very precise information… Thank you for sharing this one. A must read article!

  4. Great weblog right here! Also your web site a lot up fast!
    What host are you the usage of? Can I am getting your affiliate link in your host?

    I wish my site loaded up as fast as yours

  5. Have you ever thought about including a little bit more than just your articles?
    I mean, what you say is important and all. Nevertheless imagine if you added some great graphics or videos to give your posts more, “pop”!
    Your content is excellent but with images and clips, this site could undeniably be one of the most beneficial in its field.
    Wonderful blog!

  6. Questa versione di Book of Ra è una delle versioni più discusse ed amate della serie di Book of Ra. La versione Jackpot di questo gioco offre un montepremi oltre al gioco classico, includendo tutte le funzioni bonus (come il gioco bonus dei libri) e la classica funzione gamble. Questa tipologia di gioco è sicuramente una di quelle che ha ottenuto il maggior successo nel corso degli ultimi anni grazie a diversi punti di forza. Se non sai di cosa si tratta, non c’è da preoccuparsi. Con questa modalità di gioco, infatti, potrai comunque a casa a giocare dal PC di casa o mentre sei in fila al supermercato con tablet e smartphone, ma con la differenza che non punterai su un tavolo virtuale e con un gioco gestito da un software, ma ci sarà un dealer connesso in diretta streaming che si troverà in uno studio con un vero tavolo da gioco. E sarà lui a gestire le puntate e le fasi del gioco, proprio come accadrebbe in un vero casinò terrestre.
    Per quanto riguarda gli importi dei bonus, questi possono variare a seconda del sito e della promozione disponibile. Ad esempio, Betway offre un bonus di 5 euro su una scommessa multipla di 25 euro, mentre Bwin offre un bonus di 10 euro sulla prima scommessa. Apri il file immagine a tutto schermo usando il software di elaborazione delle immagini.Liberatorie: bwin è una delle piattaforme per il gioco online più interessanti e famose in Italia. In questa recensione su bwin abbiamo verificato in dettaglio come questa società sia in possesso di una regolare licenza rilasciata dall’Agenzia delle Dogane e dei Monopoli, necessaria per offrire i servizi di gaming online sul territorio italiano. La nostra analisi farà luce sulle capacità professionali ed operative di questa piattaforma di gioco.

  7. No deposit free spins bonuses are an already generous offer by online casinos because they give you free funds to play your favourite slots just on registration. Because they need to control the impact of these bonuses on their finances, they set up restrictions on how much you can win with free spins. Also referred to as “maximum bonus conversion”, this will tell you how much you can cash out with the free spins bonus. T&Cs apply. New UK customers only. 100 free spins on Big Bass Bonanza (£0.10 per spin) credited after successful £10 deposit and £10 stake on Casino, Vegas or Live. No wagering requirements on free spin winnings. Debit Card deposit only (exclusions apply). This offer is valid 7 days from the new account being registered. 18+ BeGambleAware.org. Bet the Responsible Way. Full terms apply.
    A no-deposit free spin is exactly what it says on the tin. You don’t have to spend or deposit any money to be awarded these free spins. These are usually free spins on the site’s more popular slot games. On the downside, you will often get fewer spins than the other types of free spins, but they are definitely still worth the effort. Book of Ra may suit high-rollers for its potential for big wins, but it carries higher risk. Other slots may offer consistent entertainment but need more thrill than a Book of Ra jackpot. Nevertheless, Book of Ra Deluxe 6 is proof that a slot’s success doesn’t hinge on its visual quality, but on the gaming engine underneath the hood. Despite its dated looks, fans from all over the world still flock to Book of Ra gaming machines and its online versions to play.

Leave a Reply

Your email address will not be published. Required fields are marked *