Despite the fall in the number of investment projects registered in the first six months of 2009, investment value rose significantly to $646m (Rwf367.3b) from $414m (Rwf235.4b) as a result of increased investment into energy and telecoms.
Information from the Rwanda Development Board (RDB) shows that the number of individual projects registered in the period under review dropped to 57 from 63 as a fraction of Foreign Direct Investment (FDI), despite the global economic recession, remained above 38 percent. The new projects are expected to create 7,173 jobs.
According to RDB, the biggest project registered was from an American company, Contour Global that is set to venture into the methane gas extraction in Lake Kivu with an investment spend of $300m (Rwf170.6b)
The hotel industry registered the highest number of individual ventures, followed by construction and manufacturing.
The increase in investment value is a big boost to the economy which is struggling to maintain high growth levels due the recent drain of liquidity in the local banking system coupled with global economic downturn.
According to the World Investment Report, Rwanda’s FDI grew by 84 percent to $103m last year, up from $67 million in 2007.