A staff-level agreement was reached between IMF officials and the Government of Rwanda on Friday after a mission held in Kigali from September 29 to October 10, 2025.
The program, launched in 2022, was designed to help Rwanda safeguard macroeconomic stability, strengthen policy credibility, and advance structural reforms without involving direct financial assistance.
According to the IMF mission, Rwanda has met all quantitative targets under the PCI despite facing consecutive global and domestic shocks. According to the IMF, the revised economic growth averaged 7.2 percent in both 2024 and the first half of 2025, supported by strong performance in services, construction, and coffee exports.
Additionally, inflation remained within the National Bank of Rwanda’s (NBR) target range of 2 to 8 percent, while international reserves provided coverage for 4.8 months of imports.
Albert Touna Mama, IMF Mission Chief, commended Rwanda’s achievements, affirming continued partnership with Rwanda.
“Rwanda’s economy has proven to be remarkably strong, even in the face of global challenges. The government’s consistent and well-planned policies have been key to this success. This partnership has helped lay a solid foundation for continued stability and growth, and the IMF remains a committed partner to Rwanda.”
The final review highlighted continued progress in fiscal and monetary policy reforms. A newly adopted tax package is expected to place the tax-to-GDP ratio on an upward trajectory, enhancing domestic revenue mobilisation and reinforcing debt sustainability.
While borrowing for the construction of the New Kigali International Airport in Bugesera is projected to raise debt levels in the near term, the project is considered a strategic investment with long-term benefits.
Minister of State for National Treasury Godfrey Kabera emphasised the importance of the program, noting that the partnership has provided a valuable roadmap for Rwanda’s economic policy.
“By focusing on raising our own revenues, spending wisely, and strengthening our institutions, we have built a more resilient economy. As we complete this program, our focus remains on ensuring that our growth is strong and inclusive,” Kabera stated.
The IMF also emphasised the importance of continued fiscal consolidation, prudent expenditure management, and proactive, data-driven monetary policy to maintain stability. Draft amendments to strengthen the NBR’s mandate are expected to be submitted to Cabinet as part of ongoing institutional reforms.
The IMF Executive Board is scheduled to consider the review in December 2025, marking the official completion of Rwanda’s three-year PCI.
Dr. Gasore made the remarks on Thursday, 9 October 2025, following a meeting with senators from the Committee on Foreign Affairs, Cooperation and Security, where strategies to reduce road accidents were also discussed.
“The construction is progressing well. Our target is to complete the airport by 2027 and have it operational by mid-2028,” Dr. Gasore said.
He added that once operational, the new airport will serve all major domestic and international flights, while Kanombe airport will be repurposed for other uses.
“Large passenger and cargo aircraft will no longer use the Kanombe facility. We will explore alternative ways to utilise it productively,” he said.
{{Road network to support Bugesera airport to start in 2026}}
Dr. Gasore also highlighted plans to build roads connecting the new airport to Kigali and other parts of the country, noting that at least three main routes are envisaged.
“These include a road linking Masaka to the airport, another connecting the southern part of Bugesera, and a major route from the Kicukiro bridge to the airport,” he said. While feasibility studies are complete, the minister did not disclose the construction budget, though he confirmed works are expected to begin in early 2026.
The new airport being constructed in a partnership with Qatar Airways, is designed to handle seven million passengers per year, with plans for a second phase to expand this to 14 million passengers annually by 2032.
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.
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.
The announcement was made in Kigali on Tuesday during a meeting convened by the Ministry of Finance and Economic Planning (MINECOFIN), in partnership with the World Bank and the World Food Programme, to review strategies for disaster preparedness and response.
Speaking at the event, Ngoga Aristarque, Permanent Secretary in the Ministry of Emergency Management (MINEMA), said Rwanda continues to face challenges in responding to severe disasters, often requiring funds to be diverted from other planned activities. He noted that the new support will help the country bridge critical gaps.
“While the national budget allocates resources for disaster response, unpredictable and large-scale disasters can quickly strain available funds. In the past, we had to reallocate resources from other programs, which affected implementation. This new mechanism will allow Rwanda to access emergency funding more quickly,” Ngoga said.
He added that the 2023 disasters highlighted the need for stronger resilience, as the country still requires an estimated $451 million to fully support affected communities two years later.
According to Ngoga, the new World Bank financing will reduce the shortfall between available and required resources, as Rwanda currently has less than half of the funding needed to address the impact of major disasters.
Kabera Godfrey, Minister of State for the National Treasury at MINECOFIN, said disasters such as floods, landslides, and earthquakes cost the country about $145 million each year. Between 2013 and 2023, disasters and droughts alone reduced Rwanda’s GDP by 1.75 percent, with projections showing losses could rise to 3.25 percent without intervention.
“To address these risks, Rwanda has introduced mechanisms including the National Disaster Risk Fund, quick-access credit facilities, and insurance solutions to help mitigate losses. These measures ensure that funds for other national priorities are not diverted to disaster response,” Kabera said.
The latest Index of Industrial Production (IIP) shows that the upturn was powered by mining and manufacturing, which together contributed most of the gains. Mining and quarrying output surged 27.9 percent, while manufacturing grew 11.2 percent year-on-year.
The performance lifted the sector’s annual average growth rate to 6.8 percent, signalling renewed momentum in Rwanda’s industrial economy.
Within manufacturing, non-metallic mineral products, which include cement and construction materials, jumped nearly 50 percent, adding 2.4 percentage points to the overall index.
Metal products, machinery and equipment climbed 18.2 percent, and furniture and other manufacturing rose 46.9 percent. However, the data showed a slowdown in some consumer goods: food processing fell by 6.2 percent, while beverages and tobacco slipped 1.6 percent.
Energy output also supported growth, with electricity generation up 7.0 percent, while water supply and waste management saw a modest 1.7 percent increase.
The IIP has recently been rebased to 2024, a technical change that updates the weights assigned to each subsector to better reflect today’s economy. NISR explained that rebasing helps keep the index accurate as new industries emerge and the structure of production shifts.
“Over time, the economic structure changes (new industries emerge, some decline, relative sizes shift), keeping an old base year can make the index less relevant, less reflective of the current structure, and harder to interpret,” NISR explained its decision to review the previous 2017 base year.
The industrial sector remains a key driver of Rwanda’s economic transformation agenda, with the government targeting stronger local production to reduce import dependence and support exports. As of 2024, manufacturing represented 68.1 percent of the country’s formal industrial base by gross value added, while mining accounted for 15.8 percent
The Index of Industrial Production is a key economic indicator used to measure short-term industrial trends in Rwanda’s formal sector, excluding construction activities. It complements the country’s quarterly Gross Value Added statistics and provides policymakers, investors, and analysts with timely insights into the health of Rwanda’s industrial economy.
