The Agaciro Development Fund raised an average of US$9 million per year against annual receipt of US$1.1 billion in foreign aid. AGDF in other words was a mere 0.8% of foreign aid.
Since 2012, General Paul Kagame imposed an illegal tax on Rwandans to finance his Agaciro Development Fund (AGDF). Kagame fantasized that his AGDF would be the vehicle for self-financing to end Rwanda’s chronic dependency on foreign aid. Kagame’s AGDF fantasy crashed on April 2, 2020 when his government announced it would no longer impose illegal taxation on Rwandans. So how much did AGDF raise since 2012?
According to AGDF’s 2018 Annual Report and Financial Statements, its total equity and liabilities were RWF50 billion or US$54 million. In other words, AGDF raised an average of US$9 million per year in its 6 years of operations against annual receipt of US$1.1 billion in foreign aid. This means Kagame’s AGDF amounted to a mere 0.8% of foreign aid a year.
Good bye to another Kagame’s fantasy.
