The Development Bank of Rwanda (BRD Plc.) has successfully issued its third Sustainability-Linked Bond (SLB) under the Rwf150 billion medium term note programme approved by the Capital Market Authority in 2023. This third issuance attracted subscriptions worth Rwf29.05 billion from a wide range of investors against an initial target of Rwf23 billion. BRD exercised the over allotment option to increase the issuance amount and absorb the full applied amount. This milestone reflects robust investor confidence in BRD’s vision and its proven ability to channel capital into transformative sectors critical to Rwanda’s socio-economic development. Proceeds from the capital raised will be deployed across key sectors including affordable housing and women-led business financing. ALSO READ: Why your next money move may not be land The success of the third SLB issuance was driven by a targeted outreach campaign, proactive investor engagement, and an innovative digital subscription platform that streamlined the application process. Notably, retail participation spanned both domestic and international investors, including Rwandans from Kigali and across various districts, as well as diaspora investors from the United States, Luxembourg, Denmark, Kenya, and Israel. The bond also received strong backing from institutional investors, including pension funds, commercial banks, insurance companies, unit trusts, and asset managers, further demonstrating broad-based market confidence. Stella Rusine Nteziryayo, CEO of BRD, expressed the bank's deep appreciation, stating: Having the third SLB oversubscribed, at 126.2% is a sign of confidence from investors in BRD’s ability to drive Rwanda’s development goals while developing the local capital market simultaneously. We do not take this trust for granted and are committed to ensuring the development goals of this SLB are delivered. ALSO READ: BRD launches third sustainability-linked bond The third SLB will be listed and traded on the Rwanda Stock Exchange starting Monday, April 27, 2026, offering an opportunity for investors who may have missed the primary offer to participate through the secondary market via the licensed brokers. ------- About BRD Established in 1967, the Development Bank of Rwanda (BRD) is the country’s sole national development bank. BRD supports sustainable development by offering affordable, long-term, and tailored finance. Over the past 59 years, BRD has financed projects in key sectors such as infrastructure, agriculture, affordable housing, education, green finance, exports, and manufacturing. These investments are critical for achieving Rwanda’s national development agenda, aligned with the Second National Strategy for Transformation (NST2), Vision 2050, and the Sustainable Development Goals (SDGs). BRD has a “AAA” long term domestic credit rating with a stable outlook by Global Credit Rating Co. (GCR), reflecting BRD’s financial stability, strong support from shareholders and pivotal role in advancing Rwanda’s development.
