Uganda: Investors buying a stake in Rwanda's renaissance
Kampala (HAN) April 30, 2014 . IGAD2020 Weekly Regional economic
update. When mass murder and destruction broke out in Rwanda two
decades ago, 12-year-old Ashish Thakkar and his family were among
millions of refugees who had to run for their lives.
Thakkar and his family took cover at a hotel in Kigali, which was
famously portrayed in the Hollywood film 'Hotel Rwanda', with hundreds
of other displaced families.
Earlier this month Thakkar, now 32, returned to Kigali to announce
that his new investment vehicle Atlas Mara is buying a stake in the
commercial banking subsidiary of the state-owned Development Bank of
Rwanda.
Atlas Mara was founded by Thakkar and former Barclays boss Bob Diamond
with the aim of acquiring stakes in existing African banks and
financial institutions. In December 2013, the company raised US$325
million through an initial public offering on the London Stock
Exchange.
Thakkar and Diamond were in Rwanda on the eve of the 20th anniversary
of the genocide to sign the deal.
"I left Rwanda twenty years ago under the worst possible
circumstances, but now after all these years, we are seeing the
country back on the right path thanks to the incredible work of
President Kagame's government," says Thakkar. "We have a great deal of
confidence in the future of Rwanda... and that is exactly why we've
invested in the Development Bank of Rwanda."
Thakkar's family lost everything in the genocide and eventually fled
to neighbouring Uganda. At age 15 he started selling computers and
founded his own business with a $6,000 loan.
Today he is described as Africa's youngest billionaire. Thakkar runs
the Mara Group, a diversified conglomerate with interests in
technology, manufacturing, real estate and agriculture.
Teaming up with Bob Diamond
Diamond and Thakkar decided to establish Atlas Mara after meeting at
an event last year. The two business moguls started talking about
their philanthropic work and the business opportunities in Africa.
They met in New York a number of times to discuss the idea of an
investment vehicle that would ride on Diamond's banking experience and
Thakkar's understanding of the gaps in the sector in Africa.
A renowned banker, Diamond resigned as Barclays CEO in 2012 after the
bank suffered heavy fines following revelations that some of its
employees had been trying to manipulate inter-bank lending rates.
"Bob Diamond is truly an expert in financial services," says his
business partner Thakkar. "Bob has a tremendous passion for and
understanding of Africa... The Diamond Family Foundation is doing great
work in Africa and so is the Mara Foundation, and this is what brought
us together."
Investing in Rwanda
Thakkar explains that post-genocide Rwanda is an interesting
investment destination because of the steps the country has taken in
creating a regulatory environment that attracts investors.
"I truly believe that Rwanda is about to take off, Bob and I share
that view. And if we didn't believe that, we wouldn't be making this
kind of investment there," he says. "Now with this investment, which
will of course prompt other investors to come to Rwanda, the enormous
entrepreneurial potential of our people will be unlocked and that is
very exciting. So, ten years from now you will be talking about a
different Rwanda; one that is a hive of economic activity and a
financial hub in the region."
He describes the Development Bank of Rwanda as "a great bank with even
greater potential".
The Rwanda deal is not Atlas Mara's first on the continent. The firm
earlier announced it was acquiring Botswana-based financial services
company BancABC for as much as $265m.
"The deals that have been struck in the past few weeks mean that Atlas
Mara now operates in six countries, but that's just the beginning. We
see many opportunities throughout the continent. We don't want to
limit ourselves," says Thakkar.
Ultimately, Diamond and Thakkar hope to build "the leading financial
services organisation in Africa".
"And by leading, we don't mean the biggest, we mean the best. We want
to help unlock Africa's incredible potential, and be a part of the
amazing developments that are happening everywhere on the continent."
By Dinfin Mulupi
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