A consortium of leading local banks including BPR Bank Rwanda, Bank of Kigali, and the Development Bank of Rwanda (BRD), are set to issue bonds and guarantees totaling over $322 million to support the ongoing construction of the New Kigali International Airport in Bugesera District, Eastern Province. These guarantees have been extended to a joint venture of three contractors undertaking the construction of the New Kigali International Airport. ALSO READ: PHOTOS: Rwanda’s new international airport ground-level works 85% complete The three banks are backed by ATIDI, a trade and investment bank that supports African countries. This week, ATIDI approved $84 million credit risk guarantee for the project. The lending consortium led by BPR Bank Rwanda Plc, acting as Mandated Lead Arranger and Facility Agent on behalf of the contractors, also includes KCB Bank Kenya. ALSO READ: Gov’t to spend Rwf700bn on airport in Bugesera, RwandAir KCB Bank Kenya, however, is taking on the risk directly without relying on ATIDI’s protection. “As Mandated Lead Arranger, BPR Bank Rwanda Plc is proud to play a pivotal role in unlocking capital for a project that will reshape Rwanda’s connectivity and competitiveness,” Patience Mutesi, the Managing Director of BPR Bank Rwanda Plc, said in a press statement. “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.” The syndicated loan will be extended to a joint venture of three contractors undertaking the construction of the new international airport poised to elevate Rwanda as a strategic hub for trade and logistics in Africa. The project, jointly developed by Rwanda and Qatar is expected to accelerate Rwanda’s Vision 2050, the national strategy to become an upper-middle-income country by 2035 and a high-income economy by 2050. The airport, which is valued over USD2 billion, is scheduled for completion by mid-2028. ATIDI’s cover supports the three local banks benefitted directly from ATIDI’s risk mitigation, enabling them to issue guarantees beyond their Single Obligor Limits (SOL). The de-risking provided by ATIDI offers banks capital relief while ensuring smoother execution of infrastructure projects. “The new airport is not just about infrastructure, it’s about unlocking regional value chains and ensuring Africa trades more with itself,” according to Manuel Moses, ATIDI’s Chief Executive Officer. “Our support demonstrates the value addition of ATIDI’s de-risking solutions in scaling up lending capacity and unlocking financing by banks to Rwanda’s development priorities,” he added. According to Moses, this transaction is aligned with ATIDI’s focus on empowering its member states to deliver impactful, transformative investments that spur growth, sustainability, and regional integration. Rwanda, a founding member of ATIDI, has been a consistent partner in leveraging risk mitigation to unlock capital and de-risk essential sectors.
