Investment projects worth Rwf9.9b recorded in March

Statistics from the Rwanda Development Board (RDB) indicate that 10 investments worth $17 million (Rwf9.9 billion) were registered in March. These were recorded across eight sectors of Rwanda’s economy.
Behind the country’s increase in investments, Clare Akamanzi.
Behind the country’s increase in investments, Clare Akamanzi.

Statistics from the Rwanda Development Board (RDB) indicate that 10 investments worth $17 million (Rwf9.9 billion) were registered in March. These were recorded across eight sectors of Rwanda’s economy.

The statement signed by the RDB Deputy Chief Executive Officer (CEO) for Business Operations and Services, Clare Akamanzi, reads that the investment projects were also awarded certificates.

The investment certificate guarantees that investors have met the requirements of doing business in Rwanda.

A statement from the RDB reads that the hotel and tourism industry attracted four projects worth ($7.9 million) Rwf4.5 billion, construction $1 million (Rwf657 million), food processing sector $1million (Rwf570 million).

Other sectors also include the service industry with $0.5 million (Rwf219 million), petroleum $1.5 million (Rwf855 million), general manufacturing $0.42 million (Rwf239 million, and energy $4.9 million (Rwf239 million).

The 10 investment projects will provide 378 jobs when operational, though they have varying implementation schedules.

These are 4,626 jobs less compared those expected from investments registered in February. Last month’s jobs are just 7.5 percent of the previous month, which recorded 14 investments worth $125 million (Rwf70.6 billion).

These were from eight sectors of the economy. Despite the declines in investments last month, RDB recorded further achievements. For example, a single application form for business registration was introduced.

“This has limited the multiple transactions with various agencies when registering companies,” the statement reads.

Preparations are also ongoing to modernise business registration for electronic registration by end of the year. Additionally, the company law was adopted by parliament.

RDB was instituted to steer economic development. It comprises of eight agencies such as Rwanda Investment and Export Promotion Agency (RIEPA), Rwanda Information Technology Authority (RITA), and the Centre for Support to Small and Medium Enterprises in Rwanda (CAPMER).

This follows government’s commitment to undertake priority business reforms to improve the doing business environment and achieve a double digit ranking in next year’s World Bank Doing Business Reforms Report.

Rwanda was ranked 139th position out of 151 countries, gaining 11 places compared to 2008.

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