Abu Dhabi's Invest AD said it has joined hands with a fund run by Japan's SBI Holdings to buy into the initial public offering of Bank of Kigali, Rwanda's largest bank by assets.

Its entry into the $75 million IPO, which was completed last month and was the second listing on Rwanda's nascent bourse, is the first deployment from the $75 million Invest AD Emerging Africa Fund.

'Because of strong economic growth, Africa has a very interesting IPO pipeline,' David Sanders, Invest AD's chief investment officer, said in a statement.

'Although some listings have been delayed because of the global markets environment, the companies are strong, growing rapidly, and hungry for capital, so we expect some attractive opportunities in coming years.'

In March, Invest AD hired Stephane Bwakira, a former Investec banker, to help run its Africa-focused equities fund.

Rwandan assets have been attracting interest as investors bet the central African nation will offer good returns as it develops its economy and capital markets from scratch.

Bank of Kigali wrapped up the 45 per cent IPO in July and began trading on the Rwanda Stock Exchange on September 1. The shares rose 8 percent on their debut.-Reuters