Investments in Rwanda increase by over $500m

Rwanda’s total registered investments rose by over $500 million in 2017 to $1.675 billion up from $1.16 billion in 2016.

Rwanda’s total registered investments rose by over $500 million in 2017 to $1.675 billion up from $1.16 billion in 2016.

Data from the Rwanda Development Board indicates that sectors that generated most investments include; construction and real estate, mining and infrastructure.

The performance surpassed RDB’s projection for last year as they had announced that they were expecting investments worth about $1.5 billion.

Construction and real estate generated about $638million, with mining raking in investments worth $267.4 million, and infrastructure over $200 million.

Bugesera Airport Company was the largest investment, at $369 million, followed by off-grid energy solution provider Ignite Power Rwanda, at $113.8 million, and Gasabo Investment Company, at $89 million.

Other significant investments were African Panther Resources, at $54 million, and Kigali View Hotel and Apartments ($53.2 million).

The statistics show that foreign direct investments continue to dominate, standing at 1.04 billion (about 62 per cent.)  

In 2016, foreign investment was valued at 650.4 million while local investment was valued at close to $480 million.

Joint investments between local and foreign investors were valued at $160.5 million (about 9.6 per cent of all investments.)

RDB chief executive Clare Akamanzi said that the growth in investment is proof of an improving business environment.

“Rwanda’s ambition is to create 150,000 off-farm jobs annually. I am confident that these investments will have immediate impact on the employment prospects of young Rwandans. Last year, 38261 jobs were registered by RDB in infrastructure, services, manufacturing, tourism, construction, real estate, agriculture and mining sectors,” she said.

In 2016, the eight sectors generated about 13, 477 jobs.

To scale up investments, the government is in the process of rolling out 15 doing business reforms across various areas by May this year.

Among the key aspects to be improved include; getting electricity, paying taxes, accessing construction permits and property registration.

The implementation of the new reforms could see Rwanda rise in the World Bank Doing Business Report, which ranked Rwanda 41 globally and second in Africa.

editorial@newtimes.co.rw

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