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Rwanda sees rising investment in 2015

Xinhua, April 9, 2015 Adjust font size:

Rwanda has expressed optimism about increased investment both foreign and domestic following the influx of investments in the country early this year.

The post-Genocide country enjoys strong economic growth, high rankings in the World Bank's Ease of Doing Business which has laid strong for attracting foreign direct investments.

Speaking to reporters on Thursday, Claire Akamanzi, chief operating officer of the Rwanda Development Board (RDB) said that the country was seeing significant volumes of investments interested in investing in the small Central African state.

"Rwanda has set up programs and policies geared towards providing conducive environment for businesses to flourish to propel the kind of society the country aspires to become in the next five years," she noted.

The country has a good business environment that is corruption free and reducing the hours of registering a business from 24 hours to 6 hours hence attracting both local and foreign investors.

Last year Rwanda President Paul Kagame presented 15 projects worth 22.93 billion U.S. dollars to the participants of global Africa Investment Summit held in London.

Rwanda is looking for funds to invest in various infrastructure projects such as energy worth 2.7 billion U.S. dollars, construction of airport (700 million U.S. dollars) and 930.4 million U.S. dollars for expanding roads around the country.

So far, 17 investors from London, led by Lord Valentine Cecil, chairman of Harlow Enterprises Hub (Essex UK), have visited Rwanda and have committed to invest in construction, tourism, finance, logistics and transportation.

According to RDB, various investors already operating in the country include, Korea Telecom, which has invested 130 million U.S. dollars, and C & H Garments Ltd, a Chinese garment factory, with 6 million U.S. dollars.

IHS Rwanda Ltd, a Mauritius firm, has invested 60 million U.S. dollars in telecommunication towers and Howard Buffet, the son to American billionaire, Warren Buffet, donated 500 million U.S. dollars to boost the country's agriculture sector. Former U.S. President, Bill Clinton, is investing 60 million U.S. dollars in factory for fortified foods.

Symbion Power, a U.S. energy firm, has invested 157 million U.S. dollars to extract methane gas in Lake Kivu. Atlas Mara, a financial services holding company involved in acquisition of target banks in Africa.

India has pledged to offer Rwanda a 500 million U.S. dollars concessional loan through two Indian firms, Angelique International and Bharath Heavy Electrical Ltd to construct a 100MW hydroelectric power plant.

The country saw an increase in foreign private investments from 590.5 million U.S. dollars in 2010 to 832.3 million U.S. dollars in 2011.

Rwanda has opened strategic business offices in different countries like Turkey, Canada, UK, U.S., South Africa, Singapore and China, with the aim of promoting investments in those countries.

Last year Rwanda registered investments worth 549 million U.S. dollars out of it, 213 million U.S. dollars was Foreign Direct Investments, while 159 million U.S. dollars through joint ventures with local investors. Endi