The MoU was signed last week by Yousuf Mohamed al-Jaida, chief executive, QFC, and Nick Barigye, chief executive, RFL. Photo Gulf Times

The Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, has signed a memorandum of understanding (MoU) with Rwanda Finance (RFL) to facilitate initiatives that will promote the international development of both the QFC and Kigali International Financial Centre.

The pact would also enable the creation of a community between the fintech ecosystems of Qatar and Rwanda and initiate sharing of best practices for the development of Islamic finance in both markets.

The MoU was signed last week by Yousuf Mohamed al-Jaida, chief executive, QFC, and Nick Barigye, chief executive, RFL. Under the agreement, both parties intend to encourage their respective regulatory authorities to enter mutual recognition agreements to open new business opportunities in both markets.

"This MoU marks the long-term cooperation between QFC and RFL to support businesses in Rwanda and Qatar through joint initiatives that open doors for skills development, knowledge exchange and investment and partnership opportunities," al-Jaida said.

The agreement takes QFC a step further in its efforts to forging durable partnerships with international markets that help support Qatar’s economic diversification and capacity building drive, according to him.

The agreement would also help promote capacity building and skills development through training programmes, knowledge transfer, and fostering a culture of continuous improvement within the financial landscape.

To support the development of both markets, QFC and RFL will work closely on developing joint initiatives, such as roundtables, conferences, seminars, and other events, to engage members of both Rwanda and Qatar’s business communities, further strengthening the economic ties between the two countries.

"This partnership between our financial centres builds on the excellent existing relations between Rwanda and Qatar. RFL and QFC will collaborate on international promotion, mutual recognition, and the creation of a strong fintech community for the benefit of both our jurisdictions, further enhancing the Kigali International Financial Centre’s attractiveness as a destination for investors and financial actors who want to effectively manage their wealth and structure their investments across Africa," Barigye said. - Gulf Times

The East Africa Tea Trade Association (EATTA) expects tea exports to Afghanistan to continue so long as Afghanistan’s financial services remain operational./Getty Images

Kenya's tea exports to Afghanistan have remained steady despite the recent Taliban takeover of the country.

Tea accounts for 30 percent of the East African country's exports to Afghanistan, with statistics indicating that Kabul purchased about $18 million worth of Kenyan tea in 2020.

Edward Mudibo, the Managing Director of the East Africa Tea Trade Association (EATTA), told CGTN he expects the exports to continue so long as Afghanistan's financial services remain operational.

"If the financial services continue to operate, we don't see any decline for tea, that's the situation right now and even in a situation of turmoil still the citizens continue taking tea, that's the consolation we have," he said.

The Taliban made a fast takeover of Kabul last month as the U.S. and allied forces evacuated their troops to end a 20-year presence in the country.

The group on Tuesday announced the formation of an interim government for Afghanistan.

The developments raised fears of possible disruptions of most aspects, including trade.

Speaking to CGTN earlier however, a Taliban spokesperson, Mohammad Suhail Shaheen, said he expected the new administration to maintain cooperation with interested nations and regions, including Africa.

"We need (the cooperation) in all sectors. It is in the education sector, infrastructure, agriculture, industries, especially natural resources. We have huge (reserves) of natural resources in Afghanistan. There is a need for investment in those resources," said Shaheen.

The formation of the new government now shifts focus to rebuilding the country and ensuring a return to complete calm and order, as well as building relations with foreign nations.

As normalcy returns, Kenya will be among many countries globally that will be looking to strengthen trade relations. - CGTN

President Kersti Kaljulaid's state visit to Kenya. (Photo: Raigo Pajula / presidendi kantselei)