Connect with us

News

PSF Spearheads Establishment of Kigali International Arbitration Centre—KIAC

Published

on

Preparations by Private Sector Federation (PSF) are in high gear and all is set for the official lunch of the first ever international arbitration centre—dubbed Kigali International Arbitration Centre (KIAC) come February 10, 2012.

Spearheaded by PSF, the KIAC project is being supported by Investment Climate Facility for Africa (ICF)-a partnership between governments, private companies and development partners working to improve to doing business on the continent.

Over the recent years, Rwanda has performed extremely well in terms of creating a conducive business environment, featuring among the top reforming nations, only beaten by Botswana in the whole of Sub Saharan Africa. Clearly, Rwanda is open for business and now attracting a lot of Foreign Direct Investments (FDIs). More so, the country has integrated with various economic blocs. The FDIs trend is projected to go even higher. As part of investor confidence building and facilitation, efforts are being made to establish an efficient and effective commercial arbitration system.

The Rwanda Government through PSF commissioned a reputable local consultancy to conduct a comprehensive study on establishing the centre. Now, all detailed structural and operational frameworks of the Kigali International Arbitration Centre have been clearly defined. The PSF Acting CEO Mrs. Yvette Mukarwema confirmed that the Centre will soon open doors to serve both local and foreign investors operating in Rwanda.

The key partner institutions in the project are; PSF, ministry of justice, ministry of trade, the judiciary, local authority and ICF.

The Centre aims to promote arbitration and other alternative modes of commercial dispute Resolution as viable options to state- run national courts. Globally, majority of business people prefer to settle disputes outside courts—through arbitration for obvious reasons, such as; reduced costs and time, confidentiality and preservation of relationship of the disputants.

In Rwanda today, (some) business contracts provide for arbitration as an option in case of dispute in the course of contract execution but parties unnecessarily still find their way in national courts because of lack of an efficient and effective arbitration system.  Back in 1999, an arbitration centre called CAER (Centre d`arbitrage et d`Expertise du Rwanda) was created with objectives of resolving commercial disputes. However, CAER wasn’t so efficient in handling commercial cases—a situation that led to backlog of commercial cases in courts that would otherwise be solved through arbitration.

Learning from this experience, and drawing best practices from advanced economies like Singapore and Mauritius Mr Kizito Safari, a lead consultant on the project says KIAC will stimulate FDIs. “It is inevitable that the many contractual relationships between various players that arise in the course of domestic and international commercial transactions will become sources of dispute. With KIAC investors will soon find an independent centre to go to in case of a dispute”, he remarked.

LEGAL ASPECTS
In February 2011, the Rwanda Parliament enacted Law No.51/2010 of 10/01/2010 establishing the Kigali International Arbitration Centre and determining its organization, functions and jurisdiction. When it opens, it will be legally providing dispute resolution services to domestic as well as foreign parties in the fields of finance, trade, investment, insurance, construction, real estates, among other commercial related disputes, as stipulated by the law. In addition, Rwanda ratified the New York convention on recognition end enforcement of foreign arbitral award in 2008 and became the 143rd State party to the convention.

The NY convention which is one of the key instruments in international arbitration provides for a simpler and effective method of enforcement of obtaining recognition and enforcement of foreign award. Rwanda has the adequate infrastructure and legal framework for the efficient and effective conduct of both arbitration and other alternative dispute resolution processes. Once the centre is up and running, cooperation agreements will be signed with peer (arbitration centres) in the region, Africa and beyond.

KEY ACCOMPLISHMENTS
In a bid to establish an efficient and effective centre (KIAC), a number of key accomplishments have been made— some of which are responding to likely operational issues. A total of  34 arbitrators were trained in July 2011 by the Nigerian Chartered Institute of Arbitrators. They will all be eligible to apply to be on the panel of Arbitrators of the KIAC since they have all been certified by a recognized Chartered Institute. For the strategic management of the centre, an influential Board of Directors has been instituted, representative of private sector federation, Kigali Bar Association, and a principal state attorney.

PSF has provided office space and a few necessary equipment to get the centre started. A complete KIAC Governance Procedures manual has also been produced. An aggressive awareness campaign is ongoing as build up to the centre official launch on January 30, 2011 and will continue even afterwards through a well studied communication strategy.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Amethyst Streams
App4 weeks ago

5 Reasons Why Amethyst Streams is the Ultimate Destination for Relaxation and Healing

Casting Room Backstage
Entertainment4 weeks ago

5 Essential Elements for a Successful Casting Room Backstage

Ibomma UK
Entertainment4 weeks ago

5 Must-Watch Movies on Ibomma UK for Telugu Movie Lovers

Piperine
Health & Fitness4 weeks ago

10 Surprising Health Benefits of Piperine You Didn’t Know About

Phone Number
Tech4 weeks ago

5 Reasons Why You Should Save This Phone Number Now

Beliktal
Travel4 weeks ago

Uncovering the Mysteries of Beliktal: 10 Hidden Gems to Explore

James Joyce
Life Style4 weeks ago

5 Fascinating Facts About James Joyce and His Literary Style “Joyciano”

Literotica
Life Style4 weeks ago

The Top 10 Literotica Tags to Spice Up Your Reading List

Emergency Hotline
App4 weeks ago

10 Tips to Remember When Calling the Emergency Hotline (02045996818)

Red and White Magazine
Life Style4 weeks ago

The Ultimate Guide to Red and White Magazine: Everything You Need to Know

Mangatoto
Entertainment4 weeks ago

Exploring the World of Manga: A Guide to Mangatoto

HQFlix
App4 weeks ago

HQFlix: Your Gateway to Premium Streaming Content

Chaleturi
Home and Garden4 weeks ago

Chaleturi: The Ultimate Mountain Retreat Experience

Live Sports
App1 month ago

Discover the Benefits of Watching Live Sports with Streameast

Martie Allen
Celebrity1 month ago

The Untold Story of Martie Allen: From Personal Life to Career Success

Villains
Entertainment1 month ago

The Shocking Truth Revealed in Chapter 36: I’m Being Raised by Villains

Unsuccessful Draft Pick
Sports1 month ago

The Highs and Lows of Sports: Reflecting on an Unsuccessful Draft Pick

Pata Seca
Food1 month ago

Discover the Delicious Tradition of Pata Seca: A Guide to This Mexican Delicacy

TOTK Techniques
Gaming1 month ago

Level Up Your Gaming Skills with TOTK Techniques for PC Players

Utsunomiya
Travel1 month ago

Shipn Utsunomiya: Unraveling the Hidden Gems of this Charming City

Trending