The listing of the third tranche follows a highly successful primary issuance which recorded an oversubscription of 126.2 percent, against the initial target of Rwf 23 billion. This reflects continued market confidence in the bank’s financial health and its commitment to environmental, social, and governance (ESG) targets.
“The success of this issuance demonstrates strong investor appetite for sustainable investments in Rwanda. The oversubscription and interest from a wide range of investors from Rwanda and beyond highlight that an ESG-driven approach is both impactful and commercially viable,” said Stella Rusine Nteziryayo, CEO of BRD.
The transaction was supported by the World Bank Group, which provided a credit enhancement to strengthen the bond’s attractiveness. Through this partnership, BRD has effectively mobilized private capital at three times the level of concessional financing provided.
“This transaction demonstrates how well-structured financial instruments can mobilize private capital at scale to support Rwanda’s development priorities. By linking financing to sustainability outcomes, BRD is helping to channel investment into sectors that create jobs, strengthen resilience, and drive inclusive growth. The World Bank Group is pleased to support efforts that deepen local capital markets while delivering tangible development impact,” said Sahr Kpundeh, the World Bank Country Manager for Rwanda.
SLB picks international investor’s interest
In a landmark development for the country’s capital markets, the BRD is also in advanced discussions with an international investor expected to invest in the reopening of the second SLB. This would mark the first time an international investor participates in a domestic issuance on the local bourse.
Proceeds from the bonds will finance projects that drive sustainable development and job creation, including exports and manufacturing, affordable housing, and support for women-led enterprises. By linking financial performance to measurable sustainability targets, BRD ensures that its growth remains aligned with Rwanda’s national development priorities.
About BRD
Established in 1967, the Development Bank of Rwanda (BRD) is the country’s sole national development bank. BRD supports sustainable development by offering affordable, long-term, and tailored finance. Over the past 58 years, BRD has financed projects in key sectors such as infrastructure, agriculture, affordable housing, education, green finance, exports, and manufacturing. These investments are critical for achieving Rwanda’s national development agenda, aligned with the Second National Strategy for Transformation (NST2), Vision 2050, and the Sustainable Development Goals (SDGs).
In 2025, Global Credit Rating Co. (GCR) reaffirmed BRD’s “AAA” rating on long-term domestic credit with a stable outlook that reflects BRD’s financial stability, strong support from shareholders and pivotal role in advancing Rwanda’s development.
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