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.
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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.
At the heart of this transformation is the Rwanda Development Board (RDB), which oversees national economic development and ensures that tourism functions as a strategic pillar rather than a peripheral industry. The “Visit Rwanda” initiative is tasked with promoting the country’s natural and cultural assets while ensuring that tourism benefits local communities and preserves critical wildlife ecosystems.
Tourism contributed a record Frw 1.9 trillion (9.8% of GDP) in 2024, a 17.7% increase over pre-pandemic levels. Central to this success is Rwanda’s high-value, low-volume model, which prioritises conservation and attracts affluent travellers seeking luxury eco-tourism experiences, such as gorilla trekking in Volcanoes National Park.
By linking tourism revenue to wildlife preservation and community benefit, Rwanda has transformed its natural capital into a premium, sustainable offering that ensures long-term economic resilience.
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Beyond traditional marketing, Rwanda has leveraged elite sports partnerships to enhance its international recognition. Collaborations with European football clubs such as Arsenal, Paris Saint-Germain (PSG), Bayern Munich, and Atlético de Madrid, along with more recent partnerships with U.S. sports franchises including the LA Clippers and LA Rams, have placed the country firmly on the global stage.
The Arsenal partnership, launched in 2018, alone reaches millions of fans worldwide through stadium branding and broadcast coverage, with a reported annual value exceeding $12 million. PSG’s partnership, renewed through 2028, extends Rwanda’s influence into youth development, education, and cultural exchange, including initiatives like the PSG Academy Rwanda.
Additionally, Bayern Munich and Atlético de Madrid further consolidate visibility across Germany, Spain, and Latin America, while U.S. sports deals connect Rwanda with high-net-worth American audiences.
These partnerships serve dual purposes: generating extensive international media coverage and showcasing Rwanda’s economic strength and stability to the global investment community. By partnering with world-renowned, financially robust institutions, Rwanda reinforces its image as a modern, trustworthy economy and a prime destination for foreign direct investment (FDI).
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The branding strategy has produced measurable results. Tourism revenues surpassed $620 million in 2023 and grew to $647 million in 2024, driven by a 27% increase in gorilla tourism revenue and an 11% rise in air travel. The sector directly supported nearly 386,000 jobs, benefiting hospitality, service, and rural communities.
FDI has similarly surged, with total inflows reaching $716.5 million in 2023, a 44.3% increase from the previous year.
Strategic visibility through sports partnerships has also helped attract investment for major infrastructure projects, including the greenfield Bugesera International Airport, designed to handle 14 million passengers annually by 2028. This airport, alongside roads, hotels, and logistics projects, is set to catalyse further tourism and business development.
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The initiative’s benefits extend beyond financial metrics. Partnerships with PSG and Bayern Munich have facilitated skills transfer, mentorship, and youth development, creating a pipeline of talent that elevates Rwanda’s human capital. The PSG Academy Rwanda, for instance, produced the country’s U13 team that won the PSG Academy World Cup in 2022, showcasing Rwanda’s rising youth potential on an international stage.
Domestic buy-in is also crucial. By channelling investments into local communities and job creation, Rwanda ensures that high-profile campaigns garner public support and link global visibility to tangible national development.
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The high-profile partnerships have often attracted scrutiny, with critics citing the costs and alleging “sportswashing” aimed at “polishing” Rwanda’s image abroad. Officials have consistently dismissed these claims, defending the strategy as a long-term investment in national branding, economic growth, and youth development.
Tensions with the Democratic Republic of Congo over alleged funding sources have added a geopolitical dimension. Despite calls for termination from the DRC, Rwanda has maintained its agreements, highlighting the strategic resilience and enduring value of the partnerships.
Looking ahead, Rwanda’s future growth will hinge on diversifying tourism offerings, including luxury resorts, golf courses, and experiential centres, while leveraging sports partnerships to expand the Meetings, Incentives, Conferences, and Exhibitions (MICE) sector. Strategic infrastructure projects like Bugesera Airport will further enable high-yield tourism and business travel, translating global recognition into sustainable economic development.
The “Visit Rwanda” initiative exemplifies how developing economies can leverage strategic global partnerships to amplify their voice, attract investment, and drive comprehensive national growth. By aligning tourism, conservation, youth development, and infrastructure, Rwanda has positioned itself as a model of how destination branding can intersect with economic diplomacy to deliver tangible and intangible returns.
The company’s stock fell 4.3% in less than two days, sliding to $1,140.50 by Thursday afternoon in New York. The decline pulled its market capitalisation down to $482.9 billion from around $498 billion on Wednesday, according to figures from stockanalysis.com.
The controversy erupted earlier in the week after conservative social media account Libs of TikTok revived the hashtag #CancelNetflix, citing corporate diversity policies and the inclusion of LGBTQ+ characters in animated series such as Dead End: Paranormal Park. The campaign quickly gathered momentum, with critics alleging that Netflix was exposing children to inappropriate narratives.
Musk entered the debate on Wednesday, reposting the hashtag to his 227 million followers on X, the social media platform he owns. “Cancel Netflix for the health of your kids,” he wrote, intensifying calls for a boycott.
His intervention added weight to the backlash, with users posting screenshots of cancelled subscriptions across social media platforms. Shares fell for a third consecutive day as the campaign spread, heightening pressure on the California-based streaming leader.
Hamish Steele, the creator of Dead End: Paranormal Park, rejected the claims in a series of now-deleted posts on Bluesky, describing the accusations as “lies and slander.”
The issue has also revived scrutiny of Musk’s own complicated relationship with gender identity. His eldest daughter, Vivian Jenna Wilson, publicly transitioned in 2022, a move Musk later attributed to what he called the “woke mind virus.”
Netflix has not formally addressed the controversy, but the stock’s slide shows how quickly cultural flashpoints can become financial headaches for global brands.
The launch will mark the brand’s entry into Rwanda’s growing beauty market, featuring a collection made especially for African skin by Africans with German technology.
Bellazuri has already established a presence in several African countries, including Uganda, Kenya, Ghana, Nigeria, Congo, Egypt, Ethiopia, South Africa, Zimbabwe, and Guinea, reflecting the company’s ambition to become a truly pan-African beauty powerhouse. The brand is also available in Colombia and the United States.
A key part of the brand’s strategy is its emphasis on research-driven product development. The company says Rwandan consumers can expect products tailored to their needs, with future lines potentially designed specifically for the local market.
“Our products are not created randomly. Dr. Iman, our lead formulator, develops them in the lab based on real feedback. The Kigali launch will give us insights into what people want, and we have the capacity to refine products accordingly,” said Cynthia Uwineza, the brand’s ambassador in Rwanda.
“Every market we enter, we aim to give them exactly what they want,” she added.
Central to Bellazuri’s identity is its focus on combining natural African resources with advanced German technology. The company uses state-of-the-art manufacturing processes from the IKA Group from Germany, ensuring products that are both safe and effective.
Partnership with Peniel Wholesale Ltd.
In Rwanda, Bellazuri has partnered with Peniel Wholesale Ltd, which will serve as the brand’s sole distributor. The collaboration is expected to make the products widely accessible across the country. Peniel’s established distribution channels will ensure Rwandan consumers can easily find Bellazuri’s skincare, body care, and colour cosmetics in trusted outlets.
The company emphasises that its entry into the Rwandan market will go beyond beauty products. By partnering with local distributors and creating demand for sales and distribution services, Bellazuri expects to contribute to job creation and support Rwanda’s economic growth.
Bellazuri’s product line includes skincare, body care, and colour cosmetics formulated to match diverse African skin tones and needs. The brand’s mission is to make premium beauty accessible, inclusive, and representative of Africa.
The Hakan Power Plant, located in Mamba Sector next to the Akanyaru marshes, was launched in 2021 after four years of construction. Despite its design capacity of 80 megawatts—70 of which were meant to be fed into the grid—the plant currently generates only about 23 megawatts.
According to the project manager, Tonci Tadic, the main challenge has been the unreliable supply of peat. Initial feasibility studies suggested that the Akanyaru River would not disrupt peat extraction, but rising water levels linked to heavier rainfall have washed away significant deposits.
“What we have observed over the past four years is the impact of climate variability on the Akanyaru River,” Tadic said. “The earlier study showed the river’s width at 3.5 meters, but it has since expanded to 4.9 meters, causing floods that sweep away our peat.”
Seasonal rains have compounded the problem, making peat mining nearly impossible for three to four months a year. The company also faces a shortage of specialized equipment to extract and transport peat, further limiting operations.
Calls for new investment
Tadic revealed that so far, about $450 million ( approximately Frw 500 billion) has been invested in the plant, but an additional $25 million is needed to expand capacity and resolve the bottlenecks.
“To deliver the 70 megawatts expected to the grid, we must expand the mining area from the current 300 hectares to 800 hectares,” he said. “We also need at least 40 additional machines to support peat extraction and transportation. With $25 million invested over three years, I believe the plant could finally supply the full 70 megawatts.”
The investor also called for smoother cooperation with the Rwanda Energy Group (REG), which buys the electricity generated by the plant. He noted that while contracts stipulate payment within 45 days, delays have stretched to as long as four months.
“Meanwhile, the Rwanda Revenue Authority still counts penalties for late tax payments, even though REG itself has not paid us on time,” Tadic said.
The Rwandan government has pledged to support the company in addressing these challenges, with discussions underway on how to strengthen collaboration with other agencies.
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Hakan Power Plant is not the only facility using peat in Rwanda. The Gishoma power plant in Rusizi District also produces 15 megawatts from peat.
Studies indicate that Rwanda holds an estimated 155 million tonnes of peat reserves covering about 50,000 hectares. According to REG data, about 77% of the country’s peat resources are concentrated in the Akanyaru and Nyabarongo wetlands, as well as the Rwabusoro valley.
The agreements were formalised on Tuesday, September 23, during President Paul Kagame’s official visit to Egypt, hosted by President Abdel Fattah Al-Sisi.
The accords cover priority sectors including investment promotion, water resource management, urban development, and housing. Under the land allocation agreement, Rwanda had previously committed to grant Egypt 10 hectares in Kirehe District, near the Tanzania border, while Egypt committed equivalent land for Rwandan ventures.
In his address, President Kagame said the reciprocal land allocation was a “significant step” that would strengthen economic cooperation and expand market access in Africa.
He underlined that Rwanda and Egypt share a vision of transforming the continent’s natural resources into value-added products to generate sustainable prosperity.
“Rwanda regards Egypt as a strong partner and our cooperation is tangible and steadily growing,” Kagame noted, highlighting ongoing joint projects such as the construction of a state-of-the-art heart treatment center in Kigali.
“We believe there are numerous opportunities our two countries can explore, from food processing to advanced technology.”
The President also praised Egypt for providing advanced training to Rwandan medical professionals and for its support in pharmaceuticals and vaccine production, describing Egyptian firms in the health sector as “excellent partners.”
Earlier on Monday, September 22, the Rwanda Development Board (RDB) had urged Egyptian investors to tap into Rwanda’s diverse opportunities.
Speaking at the inaugural Egypt–Rwanda Business Forum in Cairo, RDB CEO Jean-Guy Afrika invited Egyptian businesses to use Rwanda as a gateway to the wider East African and continental markets.
The forum brought together business leaders, investors, and policymakers from both sides to explore opportunities, foster partnerships, and promote trade and investment. Key areas of interest included energy, agriculture, pharmaceuticals, and infrastructure.
According to officials, the updated framework is designed to balance household affordability with the need to strengthen national production, encourage industrial efficiency, and support investment in green infrastructure.
In a statement released on Wednesday, RURA Director General Evariste Rugigana announced the expansion of the first block of household consumption from 15 kilowatt hours to 20 kilowatt hours per month, while the tariff for this essential band remains unchanged at 89 Frw/kWh.
This measure is intended to protect vulnerable households and promote universal access to electricity. Beyond this, however, significant adjustments are introduced: households consuming between 20 and 50 kWh will now pay 310 Frw/kWh, up from 212 in 2020, while those using more than 50 kWh per month will pay 369 Frw/kWh, compared to 249 under the previous schedule.
For non-residential customers, tariffs have also been reviewed upwards. Those consuming up to 100 kWh will now pay 355 Frw/kWh, while usage above 100 kWh is charged at 376 Frw/kWh, compared to 227 and 255 respectively in 2020.
At the same time, RURA has introduced preferential rates for health facilities, schools and higher learning institutions, setting their tariff at 214 Frw/kWh, significantly below the general non-residential rate to ease operating costs for critical services.
Sector-specific customers will also see changes. Telecom towers will now pay 289 Frw/kWh, up from 201, while broadcasters face an increase from 192 to 276 Frw/kWh. Hotels have been split into two categories: those consuming less than 660,000 kWh annually will pay 239 Frw/kWh, while larger hotels are grouped with small industries and charged at 175 Frw/kWh. Commercial data centres, which paid 179 in 2020, will now also pay 175 Frw/kWh.
Industries face a mix of higher energy charges but also new incentives to shift usage to off-peak hours. Small industries will now be charged 175 Frw/kWh, up from 134, while medium industries rise to 133 Frw/kWh from 103.
Large industries move to 110 Frw/kWh, compared to 94 previously, while steel, mining and cement industries consuming more than one million kWh annually will pay 97 Frw/kWh.
Crucially, while maximum demand charges during peak and shoulder hours remain unchanged—11,017 Frw/kVA for small industries, 10,514 for medium, and 7,184 for large industries during peak hours—off-peak demand charges have been cut to zero.
Previously, industries were required to pay between 886 and 1,691 Frw/kVA for off-peak consumption. This represents a major policy shift designed to encourage night-time production and reduce strain on the grid during peak hours.
For industrial customers without smart meters, prepaid flat rates have also risen. Small industries will pay 175 Frw/kWh, up from 151, medium industries 156 Frw/kWh compared to 123, and large industries 124 Frw/kWh up from 106.
Speaking after the announcement, Minister of Finance and Economic Planning, Yusuf Murangwa, said the new tariff adjustments are intended to boost national production by guaranteeing factories affordable and reliable power. He underscored that the Government of Rwanda remains committed to ensuring that households retain affordable access to electricity despite the increases in higher consumption bands.
Murangwa further noted that the tariff revision is only one element of a broader energy strategy. He pointed to ongoing efforts to expand Rwanda’s electricity grid and highlighted the country’s exploration of nuclear energy development as part of long-term plans to diversify supply, improve reliability, and lower costs.
By combining household protection, targeted social sector support, and industrial incentives, the revised tariff framework is expected to provide a more sustainable foundation for Rwanda’s energy sector. RURA emphasised that the changes also align with the country’s climate and economic goals, particularly by promoting investment in green infrastructure and e-mobility charging stations.
