Investment levels in Rwanda reached $2 billion since the beginning of this year, according to data recently released by Rwanda Development Board (RDB).
Figures by Rwanda’s Development Board (RDB) show 173 projects worth US$2 billion had been registered in the country by the beginning of 2019, boosted by major manufacturing and mining projects.
This figure is expected to increase in the coming months.
In the last few years, the country become an investor magnet because of its stable political climate and its economic growth.
Rwanda launched initiatives such as Kigali Special Economic Zone, a designated area on the outskirts of the city, which accommodates manufacturing companies. The zones have attracted international companies such as Volkswagen opening factories.
The government gives investors access to plots at a subsidized rate among other incentives.
“About 31 000 jobs were created in the economy related to those investments showing an increase in business activity,” said RDB’s Chief Investment Officer Guy Baron.
Rwanda’s economy is expected to grow by 7.8 percent in 2019 helped by farming, mining and construction.
Over two decades after the 1994 genocide, Rwandan president Paul Kagame has been hailed for the economic recovery but rights groups say he has muzzled independent media and suppressed opponents.