KIGALI (November 2018) CIMERWA PPC, Rwandas leading and only local manufacturing cement brand has today contributed to the Agaciro Development Fund with a 20 million francs cheque.
“In a bid to stay true to our brand vision of “Strengthening Rwanda” – contributing to the Agaciro Development Fund comes naturally to us at CIMERWA” Said Bheki Mthembu while giving his opening remarks.
“When the idea came to make the contribution, our staff rallied along to give the best we had. By joining hands, we as a company, we have made it a reality to see that Agaciro Development Fund continues its journey of creating the Rwanda we all want. To that, we are pleased to share and contribute to Fund’s objective” said Mr. Mthembu.
As Rwanda’s leading cement producer, CIMERWA and Rwanda are destined for the same place. A place that will see all Rwandans succeed and prosper for a better tomorrow. This fund makes this aspiration a reality.
“As a corporate player, CIMERWA is a partner in the growth of this great nation that is setting new precedents for Africa as a whole. CIMERWA is proud to do business in Rwanda and even more proud to give back.”
According to Jovith Maridadi, the Sales and Distribution Manager at CIMERWA, “This was a decision made by CIMERWA staff who wanted to contribute to the Agaciro Development Fund as their way of contributing to the growth of our economy and general well-being”
“This fund is key for bringing us together as Rwandans. We thank CIMERWA’s CEO and his staff for showing their commitment to Rwanda’s collective effort for growth. This contribution will go a long way in helping us realize the broad Rwandan vision of growth” said Jack Kayonga, CEO at Agaciro Development Fund.
The handing over was conducted in the presence of the media, representatives from Agaciro Development Fund and a number of CIMERWA staff at the Agaciro Headquarter in Nyarugenge on Monday morning.
CIMERWA staff team up to contribute 20 million francs to Agaciro Development Fund.
CIMERWA is Rwanda’s only integrated cement producer. Established 30 years ago, the firm’s production plant is located in Bugarama, Rusizi district in South Western border of Rwanda. This is the only cement company in Rwanda that mines the raw materials, produces the clinker concentrate, packs and sells cement for general and civil construction. Some of its products are exported to the DRC and Burundi. CIMERWA has invested USD 170 million in a new modern dry process production plant at its head office in Bugarama with a capacity to turn out 600,000 tons of cement per year. The plant was commissioned in August 2015.
CIMERWA is committed to building strong partnerships with leaders and members of the local community. In the process, the firm has helped set up a number of initiatives geared at improving the livelihoods of the people. These include a nursery and primary school, medical clinic, an ambulance and providing them with clean, piped water. The firm has also helped enterprising people set up a carpentry workshop, knitting and tailoring outfits.
ABOUT AGACIRO DEVELOPMENT FUND:
Agaciro Development Fund is the Rwanda's sovereign wealth fund that was initiated by Rwandans on 15-16 December 2011 at the 9th Umushyikirano (National Dialogue Council) chaired by His Excellency the President of the Republic of Rwanda Paul Kagame. The Fund was then launched officially by President Kagame on 23 August, 2012. The name “Agaciro” conveys the idea of “Dignity” which was embraced as Rwanda’s key moral value in its journey towards sustainable socio-economic development.
The Fund was set up to; build up public savings to achieve self-reliance, maintain stability in times of shocks to the national economy and accelerate Rwanda’s socio-economic development goals. The Fund is unique of its kind as it was created basing on voluntary contributions from Rwandans at home and abroad as well as friends of Rwanda while other sovereign wealth funds around the world have traditionally relied on budget surpluses, oil and mineral revenues for their constant growth.
The Agaciro Development Fund was registered with Rwanda Development Board, the Republic of Rwanda as a trust on 01 August, 2013 under code 103050268 and runs its operations in accordance with Law No20/2013 of 25/03/2013 regulating the creation of trusts and trustees. On 11 September, 2013, the Cabinet meeting chaired by President Kagame, approved the proposal for the management of the Fund's proceeds and appointed its Chief Executive Officer. On 28 March 2014, the Cabinet meeting appointed the Fund's Board of Trustees.