The African Academy of Science (The ASS) and the Rwanda Standards Board (RSB) signed on this Friday, 24 August, the Memorandum of Understanding (MoU) strengthening cooperation in implementing the Good Financial Grant Practice (GFGP) standard.
Prof Nelson Torto and Raymond Murenzi signing the MoU
The signed MoU is expected to enhance transparency, accountability and efficiency in Grant provision and reporting process through an already designed online platform.
Prof Nelson Torto, the AAS Executive Director said: "We are pleased to sign this landmark MoU with the RSB. The collaboration is mutually beneficial, allowing the parties to harness their capability to promote the development and implementation of quality standards for the efficient, transparent and accountable delivery of products and services".
Prof Nelson Torto, the AAS Executive Director speaking at the signing ceremony
Raymond Murenzi, the Director General of Rwanda Standards Board reminded the contribution of Rwanda in this Standard. "This agreement is very strategic for Rwanda in our long journey for transformation, I want to emphasize that Rwanda was very much involved in development of this standard, I’m saying this because Rwanda submitted more than 400 comments on this standard and more than 300 comment were technical", he said.
"Therefore, I believe that this standard will support our financial sector to improve and to ensure that the transparent, accountability and the efficiency are upgraded [...] Rwandan cooperatives, SMEs and institutions of any size will hugely benefit from use of this standard as it promotes transparency in the use of funding and mitigates the risk of fraud and corruption", he added.
Rwanda adopts the GFGP standard as part of a new 3-year cooperative agreement signed today as to foster interaction, knowledge sharing and development and implementation of financial grant standards to promote the social economic growth of Rwanda and Africa.
Key partners of RSB attended the ceremony
After signing this agreement, the next step is a pilot phase whereby RSB will identify key partners to undergo training and coaching on this standard with the technical support by AAS.
Prof Nelson Torto and Raymond Murenzi after signing the MoU in Kigali, Rwanda