The African Development Bank (AfDB) has called on Rwanda to improve how it mobilises and uses its financial, human, natural and business capital to accelerate inclusive economic growth. The call was made on Friday, September 4, during the launch of the 2025 Rwanda Country Focus Report in Kigali, which examines how the country can better deploy available capital to finance its development priorities. ALSO READ: Africa doesn’t lack capital for its development, says AfDB President Titled Making Rwanda’s Capital Work Better for its Development, the report assesses Rwanda’s economic performance and outlook while identifying areas where the country can unlock greater value from its existing resources. The report recognises Rwanda’s socio-economic progress, attributing it to sound macroeconomic management, institutional reforms and sustained investment. However, it says more can be done to strengthen domestic resource mobilisation and ensure capital is used more effectively to support development. Among the priorities identified is the need to broaden the tax base and improve tax compliance, while deepening financial markets and financial inclusion. The AfDB also recommends expanding innovative financing and public-private partnerships, as well as attracting more long-term investment through the Kigali International Financial Centre. ALSO READ: Financing Africa: Unlocking sustainable growth The report further calls for increased investment in education and health, stronger support for small and medium-sized enterprises and greater value addition across productive sectors. It also highlights the need for better management of Rwanda’s natural capital, arguing that the country’s resources can contribute more to sustainable economic development if they are managed effectively. Aissa Touré Sarr, AfDB Country Manager for Rwanda, said the report would provide insights for policy discussions and investment decisions. “Rwanda has demonstrated its capacity to translate sound policies, strong institutions and strategic investment into meaningful development progress,” she said. “The next phase will require us to mobilize more capital and ensure that it works harder and more effectively for Rwanda’s transformation.” ALSO READ: ALSO READ: Rwanda: Cherishing the value of its human capital Hortense Mudenge, Chief Executive Officer of the Kigali International Financial Centre, said the country's development ambitions require new approaches to mobilising and deploying capital. “Strengthening financial markets, attracting long-term investment and deepening public-private partnerships will be critical to financing the next phase of Rwanda’s transformation,” she said. The report’s recommendations were discussed by government officials, development partners, private-sector representatives, financial institutions, academia and civil society. The AfDB is a longstanding development partner of Rwanda, supporting projects and policy reforms in areas including energy, water and sanitation, transport, agriculture, human capital, finance and private-sector development. The bank said its support will continue to focus on Rwanda’s National Strategy for Transformation (NST2) and Vision 2050. In its 2025 Country Portfolio Performance Review Report released on August 20, the bank said it plans to invest more than $400 million (approx. Rwf588 billion) in Rwanda’s agriculture sector over the next three years.
