Rwanda Innovation Endowment Fund is set to finalize selection of 10 best business proposals which will be awarded in April 2013.
Twenty (20) candidates are undergoing interviews at the ministry of education headquarters and only 10 candidates will qualify for the award of US$50,000 to implement their projects for a period of 1 to 3 years.
The fund manager, Jean Baptiste Niyibizi told me that the fund received 370 applications between October 15th and November 15th 2012.
50 candidates were short-listed to undergo training on business plan and presentation skills held in Feb 2013.
He said that out of the 50 candidates, 20 were selected for the final interviews from which 10 will be selected for the award that is set before 15th April 2013.
Rutagambwa Theogene, a local consultant for the UN Economic Commission for Africa said the fund was looking for good business that can contribute to socio-economic development of Rwanda.
He reiterated that the preferences were given to projects that have social impact and bring innovation in the area of ICT, Agriculture and manufacturing.
Rwanda Innovation Endowment Fund is an initiative of the government of Rwanda and UN Economic Commission for Africa.
“Rwanda is among few countries in Africa after Ghana, Botswana and South Africa to have such a program”, said Rutagambwa the consultant to RIEF.
The fund will hire a group of local and international experts to monitor projects that will get the US dollars 50,000 early in April 2013.