Rwanda Investment Projects Decline 30%, Development Board Says

The total value of investments in Rwanda declined 30 percent in the first quarter, the Rwanda Development Board said.

Investments declined to 52 billion Rwandan francs ($86.6 million) in the three months through March, from 75 billion francs a year earlier, John Gara, the chief executive officer of the Kigali-based board, told reporters yesterday in the city. The number of projects more than doubled to 30, he said.

The total doesn’t include a $65 million pharmaceutical- manufacturing facility planned by CSM GlobalPharma, a partnership between India’s Cadila Pharmaceuticals Ltd. and the U.S.-based Holtzman Group, Gara said.