The tranche, which was oversubscribed, follows the successful listing of the first tranche valued at Frw 3 billion, bringing the company’s total raised funds under the program to the full Frw 5 billion.
Speaking at the listing ceremony, RSE Chief Executive Officer Pierre Celestin Rwabukumba said the development reflects investor confidence in Rwanda’s capital market and the agricultural sector.
“This achievement highlights the vitality of our market as a preferred platform for capital raising. The funds raised through this bond will be directly channeled into projects that ensure the benefits of agriculture extend far beyond the field,” he stated.
Echoing the sentiment, Capital Market Authority CEO Thapelo Tsheole noted that Mahwi’s success demonstrates the steady evolution of Rwanda’s capital market.
“The new tranche increases the diversity of fixed-income instruments and signals a market that shows steady maturation, broader opportunities, and stronger collaboration across issuers, intermediaries, and investors,” Tsheole said.
For Mahwi Grain Millers, the listing signifies market trust, moving beyond a simple financing transaction. Company Chairperson Chantal Habiyakare explained that issuing the bond in two tranches was a deliberate confidence-building strategy.
“We issued the bond in two tranches because we wanted to build confidence in the market, and today’s listing proves that we have succeeded. As a company, we have experienced tremendous growth since the listing of the first tranche,” she said.
Founded in 2018, Mahwi Grain Millers specialises in processing grains into food and animal feed at an industrial scale. The company currently produces 150 metric tons of refined maize flour per day, supplying both domestic and regional markets.
The latest listing further strengthens the RSE’s corporate bond board, which now counts five corporate bonds alongside 85 treasury bonds and 10 listed companies. Since its incorporation in 2005, the RSE has been a central player in mobilising long-term domestic and international capital for Rwanda’s economic transformation.
Afreximbank, a Pan-African multilateral financial institution established in 1993, is dedicated to promoting intra- and extra-African trade across its 53 African and 13 Caribbean member states.
The high-level workshop and launch event held at the Kigali Marriott Hotel brought together key stakeholders, including policymakers, financial institutions, trade promotion agencies, private sector associations, and exporters and importers, to explore how digital platforms can accelerate trade growth and regional integration in Rwanda and beyond.
Themed “Boosting Trade in Rwanda through the Africa Trade Gateway (ATG),” the launch marked the introduction of the ATG platform in Rwanda, a digital ecosystem designed to simplify cross-border trade, lower costs, and improve transparency.
The event also showcased Afreximbank’s commitment to supporting Rwanda’s National Export Strategy II, Digital Transformation Strategy, and the country’s broader ambition to become a regional hub for innovation, logistics, and trade under the African Continental Free Trade Area (AfCFTA).
{{A step toward digital trade integration
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The ATG platform was inaugurated by the Afreximbank in June 2023, in collaboration with the AfCFTA Secretariat. It offers integrated access to essential trade services such as trade finance, payment systems, due diligence services, and market intelligence—all of which align with Rwanda’s priorities to enhance SME competitiveness, digital inclusion, and export diversification.
In his remarks, Emeka Onyia, Director of Digital Banking at Afreximbank, emphasised that the Africa Trade Gateway (ATG) is crucial to transforming how African businesses interact. He noted that 90 banks across 35 countries and 9,000 verified companies are already trading on the platform.
“But I tell you this is not a vision anymore, this is a reality. ATG is live, and across Africa, right now, we have 90 banks accounting across 35 countries that have joined the ATG ecosystem. We have 9,000 verified companies that are trading…And to date, we have computed bills in excess of $200 million this year alone,” Onyia said.
At the same time, Onyia noted that Rwanda’s strategic location and commitment to digital solutions position it as a leader in driving this transformation across the continent.
{{Rwanda’s strategic role in the AfCFTA
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The workshop also served as a platform to discuss how Rwanda’s active participation in the AfCFTA can be supported by digital trade tools like the ATG. Dr. Alexis Kabayiza, Chief Technical Advisor to Rwanda’s Ministry of Trade and Industry, highlighted Rwanda’s role in regional trade integration.
He remarked that the government’s digital transformation efforts, including the Rwanda Electronic Single Window and Umucyo e-procurement platform, have already streamlined trade processes within the country. With the introduction of the ATG, he noted that Rwanda aims to further enhance its digital infrastructure, making it a competitive trade hub in the region.
“To achieve the promise of AfCFTA, we must strengthen the enablers of trade, such as efficient payments, interoperable digital platforms, and harmonised regulatory frameworks. The Africa Trade Gateway is one of those innovations. It translates the AfCFTA vision into practical solutions and empowers businesses to connect, transact, and grow with confidence,” Dr. Kabayiza, who represented the Minister for Trade Prudence Sebahizi at the event, stated.
{{Boosting SME competitiveness
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A key focus of the ATG platform is supporting small and medium enterprises (SMEs), which are the backbone of Africa’s economy. The workshop included dedicated sessions where SMEs could learn how to leverage the ATG to access financing, markets, and partnerships across the continent.
Afreximbank’s initiative is in line with Rwanda’s goal of fostering an environment that supports SMEs through digital solutions and increased access to trade finance.
Businesswoman Brigette Harrington, CEO of Igire Coffee, shared her experience with the audience, noting that the Africa Trade Gateway plays a critical role in helping businesses like hers navigate the complexities of cross-border trade.
“The world duty on this is 20%. Under AfCFTA, my customer will pay 2.5%… It’s about levelling the playing field so that when you ship your products from here to another African country, you can at least compete… ATG provides a platform, like an e-commerce platform, where you can list your products and also show how a person can make a purchase,” Harrington said.
{{Collaborative effort for future trade success
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Afreximbank’s collaboration with local institutions such as the Rwanda Development Board (RDB), the National Bank of Rwanda (BNR), and the Rwanda Revenue Authority (RRA) was emphasised throughout the event.
The partnerships are integral to embedding the ATG platform within Rwanda’s broader trade facilitation and investment promotion ecosystem.
Panel discussions focused on the importance of creating a harmonised regulatory framework and developing secure digital identities to further enhance the ease of doing business within the region.
The Africa Trade Gateway initiative builds on successful workshops held in Kenya and Ethiopia, where participants emphasised the central role of digital trade infrastructure in realising the AfCFTA’s potential.
Rwanda’s proactive approach to innovation and trade facilitation, combined with its strong commitment to digital inclusion, positions it as an ideal partner in Afreximbank’s mission to deepen continental integration through digital transformation and inclusive trade.
As the workshop concluded, stakeholders voiced their optimism about the future of African trade, with the ATG providing the tools and infrastructure necessary to bridge the gap between Africa’s potential and its trading realities.
The week-long initiative, which began on Monday, was officially opened at the bank’s CHIC headquarters in Kigali under the leadership of the new Managing Director, Serge Atikossie.
Speaking at the launch, Atikossie described the week as an opportunity to deepen ties with customers, stressing that they remain at the centre of all the bank’s activities.
“For us at BOA, we are proud to have you as our clients. We are here for you, which is why these seven days are so important. You are the reason we exist, and we value sharing this time with you,” he said.
As part of the program, bank staff will meet customers directly to present available services, gather feedback, and understand client needs. Gahizi Bienvenue, Manager of the CHIC Branch, noted that the approach focuses on reaching out to customers rather than waiting for them to come to the bank.
Customers attending the launch praised BOA’s service delivery, highlighting the bank’s support for business growth and satisfaction with its operations.
Bank of Africa, an international commercial bank with over 40 years of experience, operates in more than 18 African countries. In Rwanda, the bank has branches across all provinces and in Kigali, ensuring broad accessibility for clients nationwide.
At a recent investor presentation in Washington, D.C., officials showcased the country’s strong economic trajectory, crediting disciplined reforms, sound governance, and a sustained push in infrastructure development.
Despite being landlocked, Rwanda has leveraged its strategic location, progressive policies, and long-term Vision 2050 plan to position itself as a regional hub of stability and growth.
With a growing business ecosystem, the country is opening opportunities across sectors ranging from green energy to infrastructure, making it an increasingly compelling choice for investors looking to tap into Africa’s emerging markets.
Here are the ten key factors that continue to define Rwanda’s investor appeal.
{{1. Political stability and strong governance
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Rwanda’s reputation for order and predictability continues to anchor investor confidence. The World Justice Project ranks it first in Africa and 27th globally for order and security, while governance indicators show strong control of corruption (73.1 percentile) and effective institutions (61.5 percentile).
This combination of transparency and accountability creates a low-risk environment, one where long-term investments can thrive without fear of sudden policy shifts or instability.
{{2. Rapid and resilient economic growth
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Few African economies have maintained Rwanda’s momentum. Between 2021 and 2024, GDP grew by an average of 9.1%, powered by a balanced mix of services (48%), industry (21%), and agriculture (25%).
The growth has been inclusive: child mortality has dropped by two-thirds, and nearly every Rwandan child now completes primary school. The country’s economic progress tells a broader story of resilience, human development, and an expanding middle class.
{{3. Vision 2050: A clear roadmap for prosperity
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Rwanda’s long-term blueprint, Vision 2050, lays out a bold ambition to become a high-income, service- and industry-led economy.
The National Strategy for Transformation (NST2), covering 2024–2029, sets a target of 10%+ annual GDP growth, coupled with higher savings and export growth. For investors, this clarity of purpose and policy continuity signals reliability, a rare asset in many emerging markets.
{{4. Ambitious infrastructure investments
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Infrastructure development remains central to Rwanda’s transformation. The flagship Bugesera International Airport, a $840 million project co-developed with Qatar, is designed to handle 8.2 million passengers annually by 2028 and up to 14 million by 2032.
The Nyabarongo II hydropower plant, currently halfway complete, is expected to add 43.5 MW of clean energy and support irrigation across 20,000 hectares of farmland. New roads, upgraded water systems, and modern training centres are also connecting communities and reducing business costs, making Rwanda a logistics-friendly hub in East Africa.
{{5. Rising aviation and logistics hub
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With its strategic location and modernising infrastructure, Kigali is positioning itself as a continental gateway.
RwandAir’s expanding fleet and the upcoming airport are part of a wider ambition to integrate with Africa’s Single African Air Transport Market (SAATM). As intra-African air travel is projected to hit 80 million passengers by 2030, Rwanda’s connectivity will underpin growth in tourism, trade, and regional corporate investment.
{{6. Leading Africa’s green transformation
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Rwanda is also emerging as a continental leader in sustainable growth. It was the first African country to update its Nationally Determined Contributions (NDCs) and has pledged to reach carbon neutrality by 2050.
Its Green Fund (FONERWA) has mobilised $200 million, created 140,000 green jobs, and attracted international partnerships, including $319 million from the IMF’s Resilience and Sustainability Trust. With a national green taxonomy now in place, Rwanda is showing that climate responsibility can be an engine of innovation and investment.
{{7. Inclusive growth and gender equality
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Rwanda’s social transformation is one of its strongest calling cards. Women make up 63.75% of Parliament and 51.9% of Cabinet, the highest representation in the world.
Access to electricity jumped from 22% in 2014 to 72% in 2024, and 92% of adults now use formal financial services. These social gains are not just moral victories; they create a stable, skilled workforce and a consumer market primed for responsible, inclusive growth.
{{8. Tourism and global branding power
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Tourism continues to drive Rwanda’s service economy, growing 4% in 2024 despite global challenges. The country’s appeal lies in its mix of natural beauty and high-end experiences, from mountain gorilla trekking to world-class events.
“The “Visit Rwanda” brand, supported by partnerships with Arsenal, Paris Saint-Germain, and Bayern Munich, has elevated the country’s profile on the global stage by blending tourism with soft power and international business visibility.
More recently, Rwanda signed long-term agreements with the Los Angeles Clippers (NBA) and the Los Angeles Rams (NFL) in September 2025, marking the first time an African tourism brand has partnered with both an NBA and an NFL team.”
{{9. Financial and macroeconomic stability
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Rwanda’s fiscal discipline and sound monetary management have helped the country maintain investor confidence.
Foreign reserves cover 5.4 months of imports, inflation eased to 4.8% in 2024, and public debt remains within IMF sustainability thresholds. The banking sector is healthy, with capital adequacy ratios above 20% and non-performing loans declining. This macroeconomic stability offers investors the predictability they need to plan long-term.
{{10. Investor-friendly reforms and capital access
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Rwanda has consistently ranked among the world’s easiest places to do business. It now sits 5th globally for business environment and 3rd in Africa as a financial centre.
Recent reforms include modernised tax laws, simplified investment codes, and a maturing capital market offering bonds of up to 20 years. These measures have strengthened investor confidence and made Rwanda an emerging hub for African finance and innovation.
As outlined in the Washington presentation, Rwanda’s development model blends vision, accountability, and innovation.
From sound governance to green ambition, the country continues to attract investors seeking sustainable opportunities in Africa’s new growth frontier.
For global partners, Rwanda represents more than an emerging market. Observers increasingly view it as a blueprint for transformation rooted in discipline, inclusivity, and long-term vision.
The company received subscriptions worth Frw 2.9 billion against its Frw 2 billion issuance, making this the second bond under its Frw 6.5 billion long-term programme listed on the Rwanda Stock Exchange (RSE) in August 2021.
The new bond carries a seven-year tenor, maturing on September 27, 2032, with a fixed coupon rate of 13.75% payable semi-annually. Its amortising structure ensures both principal and interest will be repaid in instalments, lowering default risks and reinvestment exposure for investors.
Proceeds from the issuance will support general corporate purposes and repayment of existing obligations. The bond is set to list on the RSE on October 10, 2025, offering liquidity to investors and further deepening Rwanda’s capital markets.
Eng. Carine Mukashyaka, Managing Director of Energicotel, described the oversubscription as a vote of confidence in the firm’s strategy and governance.
“The oversubscription of our bond is a strong endorsement of our creditworthiness and growth strategy. This milestone not only strengthens our capital base but also reinforces our commitment to delivering sustainable returns for investors,” she said.
The issuance attracted a broad base of retail, institutional, and corporate investors, reflecting a growing appetite for sustainable investments in Rwanda. BK Capital, the investment services arm of BK Group, acted as the sponsoring broker for the transaction.
Ivy Hesse, Acting Managing Director of BK Capital, said the deal signals confidence in Rwanda’s financial markets.
“The strong investor subscription reflects the trust in Rwanda’s capital markets. At BK Capital, we remain committed to creating avenues for corporates and investors to access financing and investment opportunities that build Rwanda’s future,” she said.
Founded in 2014 under the EPC Africa Group, Energicotel operates three micro-hydroelectric plants across Rwanda and has provided engineering services for major regional energy infrastructure, including the 80 MW Rusumo Falls project.
As it enters its second decade, the company is expanding into new energy businesses, including gas trading and solar power projects in Rwanda and Kenya, set to commence in 2026.
With a track record of delivering beyond targets, Energicotel says the bond proceeds and its diversification strategy will position it to play a greater role in meeting Africa’s growing energy demand while strengthening Rwanda’s capital market.
The fighting began early in the morning in Luke, where residents reported hearing mortar fire as M23 attempted to retake positions it had abandoned a month earlier.
“We have nowhere to go. This morning we heard the sound of mortars, that’s how it started. It’s M23 and Wazalendo fighting,” a resident told reporters.
After being forced out of Luke, Wazalendo fighters retreated south to Ngululu but also lost Mulema. Both areas fall within Nyamaboko 1 groupement.
Clashes the same day were also reported in Kazinga, near the border between Masisi and Walikale territories, and in Kibandamangobo forest in Shabunda territory, South Kivu. In Shabunda, M23 fought Wazalendo forces backed by the Congolese army (FARDC). Observers say the towns of Shabunda and Mwenga could be affected by the ongoing fighting.
The escalation comes as Qatar pushes to mediate between the Congolese government and the AFC/M23 coalition, under peace principles signed on July 29, 2025. Negotiations are expected this week in Doha, with delegations set to discuss measures including prisoner releases.
On a month-to-month basis, output climbed 53.4 percent from July 2025, according to the National Institute of Statistics of Rwanda (NISR). The figures highlight rising demand from infrastructure and real estate projects.
Although construction activity itself is not directly measured in the Industrial Production Index (IIP), its impact is evident. Strong building demand is lifting production of materials.
The subsector’s gross value added (GVA) grew from Frw 22.4 billion in 2017 to Frw 68.1 billion in 2024, an increase of 204 percent. In 2024, non-metallic minerals accounted for about 6 percent of total industrial GVA and nearly 9 percent within manufacturing.
Electricity generation, a critical input for cement kilns and ceramics, rose 7 percent year-on-year in August 2025. This growth supported the expansion in mineral products output.
{{Key manufacturers
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CIMERWA Plc, based in Rusizi District, operates Rwanda’s largest integrated cement plant, with a capacity of about 600,000 tonnes per year. It exports cement to neighbouring markets such as the Democratic Republic of Congo and Burundi.
In July 2024, CIMERWA acquired Prime Cement Ltd’s operational assets in an off-market deal while the government kept Prime Cement’s outstanding liabilities.
Prime Cement had been operating a modern plant in Musanze District, making product lines such as Ramba 42.5N and Rutare 32.5N. After the acquisition, these assets fall under CIMERWA’s control.
ANJIA Prefabricated Construction Rwanda, inaugurated in August 2023 in Muhanga District, represents a new generation of producers. The company combines prefabricated systems with cement-based components to serve the fast-growing infrastructure sector.
Together, these firms illustrate Rwanda’s strategy of promoting import substitution and value addition in building materials.
Experts note that this growth could accelerate further if upcoming large-scale housing programs, industrial parks, and public works proceed as scheduled. For manufacturers, it represents a critical opportunity to invest in cleaner technologies and value addition, ensuring Rwanda’s “cement boom” becomes a sustainable driver of long-term industrialisation.
Ciro Quispe López, 51, the bishop of Juli, stepped down following an investigation that revealed some of his alleged lovers had nearly come to blows upon discovering each other’s involvement.
Paola Ugaz, a Peruvian journalist, described the situation as “a real soap opera” in an interview with The Times.
She explained that a nun who was one of López’s lovers became jealous of a lawyer he was also seeing, sending information about the bishop’s affairs to a third woman, which resulted in a physical confrontation. Ugaz added that many of the 17 women were too frightened to come forward due to fear of López.
The scandal came to light after López reportedly sent photos and videos intended for his mistresses to his cleaning lady, who filed a complaint with the Catholic Church. The Vatican subsequently reviewed voice notes, photos, and videos linked to the bishop.
López has denied the allegations, claiming they are part of a defamation campaign orchestrated by “dark hands.”
In addition to the sexual misconduct allegations, López was reportedly under investigation for embezzling church funds. He is said to have taken chairs from church property to furnish a chicken restaurant chain, Patas Arriba, in which he reportedly held a financial stake.
The Vatican accepted López’s resignation early last month, more than 20 years before the mandatory retirement age of 75 for bishops.
The High Military Court sentenced Kabila to death in absentia on September 30, 2025, after finding him guilty of treason, war crimes, crimes against humanity, and leading an unauthorised armed group.
The court stated that Kabila is the leader of the AFC/M23 rebel coalition, which it claims controls large parts of North Kivu and South Kivu provinces, and that the alleged crimes were committed under his command in those regions.
Monsignor Fulgence Muteba Mugalu, President of the National Episcopal Conference of Congo (CENCO), speaking on behalf of the Catholic bishops on October 6, invoked scripture to remind the country’s leadership that only God has the authority to end a human life.
“We were deeply alarmed by the decision of the High Military Court of Kinshasa following the rushed criminal trial of Joseph Kabila, a former president who has now been sentenced to death,” said Monsignor Muteba.
He argued that the case is politically motivated and urged the DRC government to address the country’s crises through inclusive political dialogue.
“For our part, while our country is in the midst of war and insecurity, we continue to affirm that inclusive dialogue is the best path to resolve the root causes of these challenges and to restore unity, peace, coexistence, and the sovereignty of our nation,” he said.
He added that such dialogue is urgently needed given the seriousness of the situation and its impact on the Congolese people.
The Catholic Church emphasised that for a sustainable solution to the DRC’s long-standing problems, political dialogue must involve all key actors, including those who have taken up arms and those who have not.
Vehicle emissions contribute heavily to air pollution in Rwanda, accounting for about 40% of pollutants, according to the Rwanda Environment Management Authority (REMA). To address this, Auto24, known for promoting eco-friendly vehicles, partnered with Kimu Transport to provide hybrid cars, with payment arranged in instalments.
Ivan Ruzibiza, Country Manager at Auto24, said the partnership was driven by a shared commitment to supporting the government’s policy to reduce polluting vehicles.
“We partnered with Kimu Transport because they share our mission to promote the use of electric and hybrid vehicles in Rwanda, in line with the government’s vision,” Ruzibiza said.
He added that the vehicles delivered are part of the first phase, with plans to supply fully electric vehicles in the next phase. The hybrid models are expected to reduce fuel consumption, saving money for drivers.
“Typically, a passenger car consumes about 10 to 12 litres of petrol, but these Toyota vehicles will use only 4 to 5 litres. This allows drivers to save money, which they can reinvest in improving their livelihoods and supporting their families,” Ruzibiza explained.
Jean Pierre Nkunziryayo, CEO of Kimu Transport, welcomed the partnership, highlighting both financial and environmental benefits.
“We are delighted to receive these vehicles that align with the government’s push for cleaner transport and will also help us reduce fuel costs,” Nkunziryayo said.
The vehicles provided are Toyota Corolla Levin Plug-in Hybrids. The World Health Organisation (WHO) notes that air pollution poses significant health risks, particularly to pregnant women, children, and people with chronic illnesses, and is linked to lung cancer, heart disease, asthma, and other respiratory conditions.
Kimu Transport drivers expressed enthusiasm about operating the new hybrid vehicles. The handover ceremony also included an exchange of gifts between both parties.
