The Agaciro Development Fund is dwarf.

By David Himbara

Rwandan Newspapers, KT Press And New Times Were Right – Agaciro Fund Total Assets Amounted To US$207 Million In 2019, And US$196.7 Million In 2018

Financial statements indicating the Agaciro Development Fund’s total equity and liabilities for 2018 and 2019

Wherever I taught in higher education, my students called me “Professor Evidence.” And wherever I worked in development agencies, government or the private sector, my colleagues called me “Dr Evidence.” I earned these names because they describe who I am. I always stand for evidence-based research and analysis – as opposed to writings based on mere opinions. To convince me, one must use hard data to validate his/her conclusions.

So, when the New Times and KT Press published articles on how the Agaciro Development Fund had reached the US$200 million mark, I was not convinced. They cited no evidence – the papers simply announced that they were reporting what they were told.

That is when I started digging for evidence, which I found. I am pleased to report that I found the financial statements indicating the Agaciro Development Fund’s total equity and liabilities for 2018 and 2019. The statements were approved by the Board of Trustees of the Agaciro Development Fund, and signed by CEO Jack Kayonga and Audit Committee Chairperson Francoise Kagoyire, on December 6, 2019.

According to the statements, the Agaciro Development Fund’s total assets and liabilities stood at the equivalent of US$207 million in 2019 and US$196.7 million in 2018.

One last question: is US$207 million equity and liabilities something to boast about? That is what the Agaciro Development Fund acquired during the 7 years of its operation from 2012 when it was established to 2019. That means the Agaciro Development Fund averaged US$29.5 million a year. By comparison, the amount of money sent to Rwandan families by the Rwandan diaspora stands at US$260.5 million per year according to the World Bank data. In other words, the Agaciro Development Fund is dwarf. Let us hope the Agaciro Development Fund will do better in future, and not mysteriously disappear.