The eight-year amortising bond marks IFC’s return to Rwanda’s onshore market for the first time in 11 years. It’s also its second “Umuganda bond” denominated in Rwandan francs.
The bond, listed on the Rwanda Stock Exchange, was 1.75 times oversubscribed and carries a fixed coupon of 10.50%, about 0.55% below the interpolated government yield.
Proceeds from the bond will be used to finance a local digital infrastructure project, allowing the client to avoid currency risk associated with borrowing in U.S. dollars or other foreign currencies.
Mary Porter Peschka, IFC’s Director for Eastern Africa, said the bond aligns with IFC’s long-term goal of strengthening capital markets while supporting critical infrastructure.
“The bond offers investors exposure to IFC’s triple-A rating, while also enabling IFC to provide local currency financing to an important project that will enhance digital connectivity,” she said.
IFC coined the term “Umuganda bond” in 2014 when it became the first non-resident issuer to place a Rwandan franc bond in the domestic market. The success of the current issuance is seen as a vote of confidence in Rwanda’s capital market framework and regulatory environment.
The bond attracted a wide range of investors, including pension funds, insurance companies, banks, and asset managers. BK Capital and Rand Merchant Bank served as joint lead managers on the transaction.
Finance Minister Yusuf Murangwa welcomed the issuance as a positive step for local market development.
“IFC’s second Umuganda bond will support our work to deepen domestic capital markets in Rwanda,” he said. “Bond issuances by international borrowers such as IFC create new investable opportunities for domestic investors while raising much-needed Rwanda franc financing for local businesses.”
Beyond bond issuance, IFC continues to support capital market reforms in Rwanda through the Rwanda Capital Market Development Project—a joint initiative with the World Bank. The project focuses on improving government bond market liquidity, increasing non-government bond issuance, and building a more diversified and professional investor base.
In 2024, IFC also issued two offshore Rwanda franc-denominated bonds listed on the London and Luxembourg Stock Exchanges.
The Frw 5 billion Medium-Term Senior Unsecured Bond marks a major milestone not only for AMS but also for Rwanda’s healthcare and capital markets.
The approval paves the way for AMS to offer the bond to the public and subsequently list it on the Rwanda Stock Exchange (RSE), where trading is expected to commence on August 22.
The five-year bond, which carries a fixed annual interest rate of 13.25%, will be issued in a single tranche. It features an amortising structure with semi-annual interest payments and principal repayments starting 18 months after settlement. The bond’s weighted average life is approximately 3.25 years. The minimum subscription is set at Frw 1 million.
Public subscription opens on July 24 and will run until August 7.
Founded in 2008, AMS supplies life-saving medical equipment, pharmaceuticals, laboratory reagents, diagnostic kits, and hospital furniture to over 400 clients, including public and private hospitals, NGOs, United Nations agencies, and government health programs across Rwanda and the Democratic Republic of the Congo (DRC).
Speaking on the development, Yves Sangano, Chairman of AMS, said the CMA approval is a significant step forward for both the company and the healthcare sector.
“Today marks a pivotal moment not just for AMS, but also for the healthcare sector because access to life-saving medical services remains out of reach for many,” said Sangano.
“Securing approval for the first-ever corporate bond any company in the healthcare sector in the country has issued is a conviction that the sector remains key in Rwanda’s transformation journey.”
According to AMS, proceeds from the bond will be used to refinance USD-denominated debt and support growth plans aimed at increasing the company’s capacity to fulfil contracts and expand into new markets. Frw 3.1 billion will go toward debt refinancing, while Frw 1.9 billion will fund working capital for growth.
Fabrice Shema Ngoga, the company’s Chief Executive Officer and founder, said the bond is not just a financial instrument, but a statement of intent.
“This bond issuance will be a significant financial achievement for AMS, showcasing the strength of our business model and our commitment to responsible growth,” said Ngoga.
“Furthermore, this kind of financing allows us to directly connect with investors who share our vision for a future where every Rwandan has access to affordable healthcare.”
AMS has engaged BK Capital as the financial arranger and sponsoring broker for the issuance. RR Associates & Co. Advocates and BDO Rwanda are serving as legal and accounting advisors, respectively.
In 2024, AMS posted revenues of Frw 18.5 billion, with a net profit of Frw 681 million.
The firm holds a BBB- (RW) long-term rating and an A3 (RW) short-term rating from GCR Ratings, a Moody’s subsidiary.
The company operates across Rwanda and the Democratic Republic of the Congo (DRC), with other target regions including Guinea-Conakry and the Central African Republic.
The annual awards, organised by African Banker Magazine and supported by the African Development Bank and the African Guarantee Fund, recognise excellence and innovation in Africa’s banking industry.
This year marked the 19th edition of the ceremony, drawing top financial institutions and leaders from across the continent.
Equity Bank, headquartered in Kenya, earned the accolade for its significant contribution to financial inclusion, digital banking innovation, and regional economic development.
The bank operates across six countries, including Kenya, Uganda, Tanzania, Rwanda, South Sudan, and the Democratic Republic of Congo and maintains a representative office in Ethiopia. It serves over 22 million customers and manages assets exceeding $13.9 billion.
Accepting the award, Dr. James Mwangi, Managing Director and CEO of Equity Group Holdings, noted that the award reflects the bank’s commitment to transform the financial sector.
“It is a testament to our commitment to delivering transformative financial services that empower individuals, businesses, and communities across East Africa,” he said.
According to the regional lender, the success has been driven by its Africa Recovery and Resilience Plan, a strategic blueprint focused on accelerating economic recovery and sustainable growth post-pandemic.
The plan targets key sectors such as agriculture, manufacturing, MSMEs, health, education, clean energy, and social protection, with the goal of transforming Africa’s economic landscape.
The bank has also been recognised for its leadership in digital banking, with nearly 86% of transactions now conducted through digital platforms. This digital shift has expanded financial access for underserved communities, contributing significantly to financial inclusion across the region.
Omar Ben Yedder, Chair of the African Banker Awards Committee, praised Equity Bank for its pivotal role in fostering regional integration and economic resilience, saying: “Equity Bank exemplifies how African-owned banks can drive development, support entrepreneurship, and help build robust economies.”
Golfers from Kabale, Mbarara, Kampala, Entebbe, and Tooro clubs joined their Rwandan counterparts in Kigali for a full day of competition and fellowship, marking a new chapter in the growing tradition of regional golf.
The event, proudly sponsored by BPR Bank, was created to foster stronger bonds between clubs, elevate the sport, and celebrate the values of sportsmanship while bridging communities.
Speaking at the event, Albert Akimanzi, BPR Bank Head of Marketing, Corporate Affairs and Citizenship, highlighted the significance of the regional tournament:
“Golf has always been a central component of our community enrichment strategy. We believe that this particular event has fostered connections across clubs, borders, and cultures. We are a regional entity that is actively engaged in creating opportunities for social and economic connections. The BPR Captains Mug is our attempt to make the game even more inclusive, more competitive, and more meaningful for the East African region.”
Vice-Captain of Kigali Golf Club, Jenny Linda Kalisa, expressed her pride in seeing a successful and colorful gathering:
“This tournament has demonstrated the power of community. We are honored to be able to host local golfers and our visitors from Uganda who added flair, energy, and incredible sportsmanship. We are truly appreciative of every golfer who participated, as well as our partner sponsors who contributed to the undeniable success of this tournament. I would like to extend a special recognition to BPR Bank, our lead sponsor who once again showed their leadership in the game of golf.”
The day concluded with a lively awards ceremony that recognised winners in various categories; Roshni Shah won the Ladies 19-36 with 44 points, while Akanigi Melissa scored 37 points to win the Ladies 0-18 group. Rutamu Innocent took the Seniors category, leading his counterparts with a score of 40 points.
In the Men’s 19-28 group, Mathias Pian held strong to win with 44 points; similarly, Rwitare Derrick registered 41 points to win the Men’s 10-18 category. Rwanyonga Mathias led the Men’s 0-9 group with 40 points. Visiting golfers Musanabera Berna and Maniraguha Bernard posted 34 and 41 points, respectively, to take the visitors category.
In the overall team scores, Kigali Golf Club emerged victorious with 410 points, followed by Entebbe Golf Club with 331 points, Mbarara Golf Club with 330 and finally Uganda Golf Club with a tally of 318 points.
With growing enthusiasm from players and clubs alike, plans are already in motion for the next edition of the BPR Captain’s Mug, which is scheduled for September this year.
Crystal Ventures Ltd (CVL) is a leading investment company and the largest private sector employer in Rwanda, with a diverse portfolio of subsidiaries including Inyange Industries, NPD Ltd, ISCO Security, Real Contractors, and East African Granite Industries.
In a statement released on Tuesday, July 15, the company’s Board of Directors and Management expressed confidence in Barigye’s leadership, citing his extensive cross-sector experience and strong track record in delivering operational excellence, innovation, and sustainable growth.
“Mr. Barigye is a seasoned leader with broad experience across multiple sectors, and a strong track record of driving operational excellence, innovation and sustainable growth,” the statement read.
Barigye steps into the new role after more than five years at the helm of the Kigali International Financial Centre (KIFC), where he successfully led efforts to position Rwanda as a Pan-African financial hub.
Under his stewardship, KIFC gained global recognition and attracted strategic international partnerships and investments that bolstered Rwanda’s financial ecosystem.
Barigye’s appointment also marks a notable return to familiar ground, having previously served as a Senior Executive at Crystal Ventures Ltd from 2008 to 2014. The board expressed pride in welcoming him back into the fold.
“We’re especially proud to welcome him back as an alumnus of CVL and are confident that under his leadership, with valuable global and local perspective, CVL will continue to thrive and advance its strategic goals,” the statement added.
Founded in 1995 as Tri-Star Investments Limited and rebranded to Crystal Ventures Ltd in 2009, CVL has grown into a leading investment firm in Rwanda. Its diversified portfolio spans key sectors such as engineering and infrastructure, construction materials, fast-moving consumer goods, hospitality, security services, agriculture, and mining, with operations expanding across several African countries.
Beyond profitability, CVL is known for its commitment to national development, having played a pivotal role in Rwanda’s post-1994 Genocide against the Tutsi economic recovery by investing in ventures that create wealth and improve lives.
The initiative, led by the Climate High-Level Champions, aims to mobilise capital for climate ventures in developing countries and emerging markets.
Spiro’s inclusion in the RPCP Pipeline recognises its role as a key climate leader, delivering innovative, high-impact solutions that accelerate Africa’s shift to a low-carbon, sustainable future in line with the United Nations Sustainable Development Goals (SDGs).
Founded in 2022, Spiro operates a vertically integrated platform that scales electric two-wheel mobility across eight African countries, including Rwanda, Benin, Togo, Nigeria, Kenya, Uganda, Cameroon, and Tanzania.
Its business model includes electric bike sales via distribution partners and financiers, battery-as-a-service subscriptions through an expanding swap station network, after-sales maintenance and spare parts services, and data monetisation via licensing and analytics.
To date, Spiro has deployed more than 35,000 electric motorbikes and facilitated over 20 million battery swaps, enabling upwards of 500 million kilometres of CO₂-free travel and reducing approximately 30,000 tons of carbon emissions.
Beyond environmental benefits, the company has created over 1,000 direct and indirect jobs in Kenya, Uganda, Rwanda, and Nigeria, with women making up more than 40% of its workforce.
Spiro’s Academy also plays a crucial role in training local talent and supporting their transition into medium- and high-skilled employment.
Financially, Spiro generated USD 23 million in revenue in 2024 and projects a tenfold increase to USD 200 million in 2025. To fuel its expansion, the company is raising USD 50 million in Series A funding, complementing the USD 120 million in equity and USD 23 million in debt financing already secured.
Participation in the RPCP Pipeline will provide Spiro with increased visibility at key climate-focused events, opportunities to be featured in curated publications by the Climate Champions Team and partners, and access to a global network of climate stakeholders to foster collaboration and amplify impact.
Spiro, with over half a billion kilometres of CO₂-free travel achieved, aims to transform African economies by replacing costly fossil fuel-based transportation with affordable, locally manufactured electric mobility solutions.
The financing package is backed by an $84 million counter-guarantee from the African Trade & Investment Development Insurance (ATIDI), enabling the banks to provide larger guarantees beyond their usual limits.
BPR Bank Rwanda PLC led the financing effort as the Mandated Lead Arranger and Facility Agent on behalf of the consortium of banks, which also includes Bank of Kigali (BK), the Development Bank of Rwanda (BRD), and KCB Bank Kenya.
The project, jointly developed by the Governments of Rwanda and Qatar, is a flagship component of Rwanda’s Vision 2050, which aims to propel the country into upper-middle-income status by 2035 and high-income status by 2050.
The airport is expected to significantly enhance regional connectivity and logistics, aligning with the African Continental Free Trade Area (AfCFTA) goals of boosting intra-African trade.
Valued at over $2 billion, the airport is scheduled for completion by mid-2028. The guarantees issued by Rwandan banks, made possible through ATIDI’s de-risking solutions, will cover performance and advance payment obligations of the contractors, ensuring smooth project execution.
“ATIDI is proud to partner in Rwanda’s transformation and continental ambitions through this catalytic project,” said Manuel Moses, Chief Executive Officer of ATIDI. “The new airport is not just about infrastructure; it’s about unlocking regional value chains and ensuring Africa trades more with itself.”
Patience Mutesi, Managing Director of BPR Bank Rwanda Plc, said the bank is honoured to lead such a transformational financing effort.
“This collaboration with ATIDI and our partner banks reflects our firm commitment to financing national development priorities and enabling long-term value through strategic infrastructure.”
Rwanda, a founding member of ATIDI, continues to leverage the institution’s risk mitigation tools to unlock capital for critical sectors. ATIDI currently has a gross exposure of over $611 million in Rwanda, spanning agriculture, energy, construction, communication, and transport.
The New Bugesera International Airport is poised to become a major aviation hub in the region, expanding Rwanda’s capacity to handle growing passenger and cargo volumes while reinforcing its position as a gateway for trade and investment in Africa. Its first phase is designed to accommodate 7 million passengers annually, with a long-term vision to expand to 14 million passengers annually.
Shares of the California-based firm rose 2.5% in early trading on Wednesday morning, briefly pushing its stock price above $164 and securing its place at the top of global equity markets.
The milestone comes just over a year after Nvidia first breached the $1 trillion mark in May 2023 and highlights its meteoric rise amid the artificial intelligence boom.
Nvidia’s valuation has surged eightfold since 2021, when it was valued at just $500 billion. The company crossed the $2 trillion threshold in February 2024 and hit $3 trillion in June before this week’s record-breaking leap. It now carries the most weight on the S&P 500, with its performance acting as a bellwether for global tech stocks.
Founded in 1993 and long known for its graphics processing units (GPUs) popular among gamers, Nvidia has become the dominant force behind the AI revolution. Its high-powered chips are essential to the data centres powering large language models, cloud computing, and generative AI platforms operated by tech giants including Microsoft, Amazon, Meta, and Alphabet.
In its most recent earnings report, Nvidia posted a 69% year-over-year revenue increase to $44.1 billion, with profits soaring to $18.8 billion despite challenges from tariffs and export restrictions. The company is set to report second-quarter results next month, with analysts predicting another record-setting quarter.
Nvidia’s rapid ascent reflects a broader shift in investor priorities, with artificial intelligence now seen as the most transformative economic force of the decade. According to IDC, global spending on AI infrastructure is projected to exceed $200 billion by 2028.
CEO Jensen Huang has become one of the world’s richest individuals, with Bloomberg pegging his net worth at $140 billion. Huang has also gained political visibility, recently joining President Donald Trump on a high-profile trip to Saudi Arabia to promote Project Stargate, a $500 billion AI infrastructure initiative backed by Nvidia.
Despite its dominance, Nvidia faces competition and geopolitical challenges. Chinese startup DeepSeek rattled markets earlier this year with a rival AI model that raised questions about the long-term need for expensive hardware. The U.S. government’s export restrictions on Nvidia’s H20 chips to China have also weighed on performance, costing the company an estimated $2.5 billion in revenue last quarter.
Nevertheless, the company has rebounded strongly—its stock is up nearly 74% since April—thanks to robust demand and continued AI adoption across industries.
Over the past ten years, the firm has generated more than $16 million in revenue, including about $4 million from international service delivery, according to the company’s Managing Director, Habineza Emmanuel.
Habiza disclosed this during the anniversary celebration held on Monday, July 7, 2025.
“We started with very few employees, but now, if we count everyone who has worked with us, it’s over 500 people. We’ve also made significant revenue, with nearly $4 million coming from services offered abroad,” he said.
Sandeep Khapre, CEO of BDO East Africa, recalled that when they launched operations in Rwanda, there was a shortage of professional financial auditors. The firm was determined to employ Rwandans rather than bringing in foreign professionals.
He added that they decided to invest in training local auditors to build a capable workforce.
“At the time, many firms in Rwanda relied on foreign professionals for these services. We made a deliberate decision to train and employ Rwandans — and even have them lead the firm. That’s how we identified leaders like Emmanuel and others who now run the company,” he remarked.
Trond Morten, Chief Strategy and Operations Officer at BDO Global, highlighted the firm’s mission to support Africa in achieving financial and economic progress and to assist both private and public institutions in meeting their goals.
“We serve more than a million clients worldwide, but our main priority is helping them achieve their goals, guiding them on how to grow, how to improve governance in their operations.”
Jean Claude Uwizeyemungu, CEO of Mahwi Grain Millers, who has worked with BDO East Africa (Rwanda) Ltd for the past eight years, praised the firm as a trusted advisor. He credited BDO with helping his company access financial and capital markets.
“Recently, we reached a major milestone by listing our company on the financial and capital markets, and we owe that to BDO. It’s been a long journey, and they helped us secure sufficient financing to pursue our vision,” Uwizeyemungu said.
BDO East Africa (Rwanda) Ltd began operations in Rwanda in 2015 with just three employees. Today, it boasts over 100 full-time staff offering services in financial auditing, economic advisory, development consulting, taxation, technology, and business risk management.
The state-run institution currently manages assets worth over Frw 3.5 trillion (approximately $2.5 billion), with a strategic focus on channeling the resources into sectors that drive economic growth, social impact, and long-term returns.
Speaking to the Rwandan diaspora during the Rwanda Convention 2025 held in Texas, USA, on July 5, Louise Kanyonga, Deputy CEO of the RSSB, emphasised the institution’s dual mission, social protection and nation-aligned investments, and highlighted key opportunities available both in Rwanda and abroad.
“RSSB is truly owned by every single Rwandan,” said Kanyonga. “We manage assets of about $2.5 billion across all the different asset classes… we invest towards the transformation of the country.”
A highlight of RSSB’s efforts is Ejo Heza, the national long-term savings scheme now being actively marketed to the diaspora. Designed for both informal sector workers and Rwandans living abroad, Ejo Heza offers an impressive 10–11% annual return, compounded over time.
“If you want to make sure you’re securing a long-term financial future for your loved ones and families back home, I really encourage you to learn more about Ejo Heza,” said Kanyonga.
“It’s a super attractive opportunity for you. You too can save and watch your savings grow over time,” she added.
The scheme not only ensures retirement security, but also reinforces financial inclusion in a country where most of the population works outside the formal economy.
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In real estate, RSSB continues to lead the market as Rwanda’s largest developer. Two major housing projects were spotlighted at the convention:
Vision City II, set to begin construction in September 2025, will be three times larger than the first phase, featuring a diverse range of villas, apartments, and townhouses.
“The residential units you have in Vision City I are almost sold out… We’re starting the second phase in September,” Kanyonga confirmed.
Heza Estate, another upcoming development, will cater to the middle-income segment with approximately 500 units priced from $70,000. The estate will include both apartments and standalone homes, offering options for homeowners and investors alike.
“Please check it out at the stand. Pricing is very competitive and attractive… It’s a really exciting opportunity,” she said.
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Kanyonga also announced the creation of a new $30 million SME fund, aimed at unlocking long-term capital for small and medium-sized enterprises. The fund is expected to grow to $100 million, with regulatory clearance anticipated by August 2025.
“This SME fund is really for you,” she told diaspora entrepreneurs. “We want to be exposed to the real economy and actually finance real businesses.”
Unlike commercial bank loans, which can be expensive and short-term, the RSSB fund will offer patient capital, including equity and flexible financing terms tailored to the realities of local businesses.
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RSSB is already firmly embedded in several of Rwanda’s most strategic and high-impact sectors, according to Kanyonga. In healthcare, the institution manages Mutuelle de Santé, the national health insurance program that now covers advanced medical services such as kidney transplants and cancer treatment, a major step toward reducing the country’s reliance on outbound medical referrals.
In the realm of innovation, RSSB has positioned itself as a forward-thinking investor, having been an early backer of Zipline, the drone delivery company revolutionising medical logistics across Rwanda. It has also directed capital into pharmaceutical manufacturing, further strengthening the country’s healthcare self-sufficiency.
RSSB is also making major contributions to hospitality and tourism, with investments in landmark assets such as the Kigali Convention Centre, the newly upgraded Kigali Golf Club, and hospitality infrastructure around Akagera National Park, bolstering both domestic and international tourism.
Beyond Rwanda’s borders, the institution is participating in pan-African investment through the $250 million Buranga Fund, a joint venture with the Qatar Investment Authority, which is already supporting Rwandan companies and eyeing broader regional opportunities.
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Closing her remarks, Kanyonga urged the diaspora to move beyond remittances and take part in long-term investment.
“Let’s think about moving beyond just remittances to actually investing actively in the economy. There’s so much you can do,” she said. “Every single franc we invest [should] bring in three times the productivity.”
She also encouraged young professionals abroad to consider careers with RSSB, which operates a digital factory employing up to 60 Rwandans and building high-impact tools in-house.
“We’re building amazing products and services… 11 million Rwandans are our clients directly because of a service we offer,” she added.
