Rwandan Capital Market Authority study visit to Luxembourg

The Rwanda Capital Market Authority (CMA) conducted a study visit to Luxembourg to support the development of a proportionate, coherent and credible regulatory framework for impact funds in Rwanda. Carried out as part of the Support to the development of Kigali International Financial Centre project, the visit offered an opportunity for CMA to draw practical lessons from Luxembourg’s and Europe’s extensive experience in investment fund regulation, sustainable finance best practices, market development and capacity building. The delegation included senior leaders and technical staff from CMA, as well as representatives from the Kigali International Financial Centre (KIFC) and LuxDev.

During the visit, the delegation engaged with a broad range of public and private institutions that play complementary roles in Luxembourg’s investment fund and sustainable finance ecosystem:

• Commission de surveillance du secteur financier;
• Luxembourg Sustainable Finance Initiative;
• Association of the Luxembourg Fund Industry;
• Luxembourg Finance Labelling Agency;
• House of Training;
• The Luxembourg House of Financial Technology;
• Arendt & Medernach;
• Luxembourg Stock Exchange;
• Accelerating Impact;
• European Investment Bank;
• LuxDev;
• Ministry of Foreign and European Affairs, Defence, Development Cooperation and Foreign Trade.

The discussions covered key aspects of impact fund regulation, sustainability disclosure, impact measurement and reporting, market labelling and professional capacity building.

As part of the mission, the delegation took part in the Luxembourg Sustainable Finance Initiative Summit, held under the theme “Finance for a Sustainable Future”. The masterclasses explored the EU sustainable finance regulatory landscape, artificial intelligence for sustainable finance, and climate mitigation, adaptation and resilience.

The mission highlighted a key lesson for Rwanda: impact fund regulation should protect market integrity and investor confidence while remaining proportionate to the country’s market and investor needs. Insights from Luxembourg and European practice will inform CMA’s work on a framework tailored to Rwanda, while supporting KIFC’s efforts to develop the impact fund industry and position Rwanda as a credible and competitive destination for sustainable and impact-oriented investment.

Just as importantly, the mission strengthened links between Rwandan and Luxembourg institutions, opening opportunities for continued knowledge exchange, capacity building and collaboration in the areas of impact funds and sustainable finance.

This study visit was carried out as part of the Support to the development of Kigali International Financial Centre project, financed by the Grand Duchy of Luxembourg and implemented by LuxDev, the Luxembourg Development Cooperation Agency.