KIGALI - The visiting vice president of the World Bank’s Africa Region, Obiageli Ezekwesili, has hailed Rwanda for its efforts to improve business regulations and creating a conducive environment for investors.
In the past year, Rwanda made processing construction permits easier by passing new building regulations and implementing new time limits for the issuance of various permits.
Subsequently, the country moved up 12 places to 58 out of 183 economies in the Doing Business 2011 report.
“We congratulate the Government of Rwanda for demonstrating that concrete results can be achieved through sustained commitment to reforms,” said Ezekwesili.
The World Bank official was in the country where she participated in the several forums, among them; an agri-business investment forum and the Development Partners’ Meeting.
It is said that since 2005, Rwanda has implemented 22 business regulatory reforms in the areas measured by Doing Business.
It took 9 procedures to start a business at a cost of 223 percent of income per capita while today it only takes 3 days and the fees amount to 8.9% of income per capita.
“Rwanda is transforming itself into a preferred destination for investment and also setting the scene for unleashing the entrepreneurial and creative potentials of its citizens,” Ezekwesili added.
Currently, borrowers have the right to inspect their own credit report, and loans of all sizes are required to be reported to the central bank’s public credit registry, enhancing access to credit.
The trade logistics improved with a reduction of the number of trade documents required in an effort to enhance joint border management procedures with Uganda and other neighbours.