The agreement was signed by RDB Chief Executive Officer Jean-Guy K. Afrika, Ecofleet Solutions Ltd. CEO Aubin Rukera and Chery Holding Rwanda Ltd. CEO Mohammed Hady N. Tabriz on October 30.

According to RDB, the agreement marks a significant milestone in advancing Rwanda’s green mobility agenda, supporting efforts to reduce carbon emissions and strengthening domestic manufacturing capabilities.

The signing follows a Cabinet meeting held on September 18, 2026, which approved a strategic investment agreement between the Government of Rwanda and Chery Holding Rwanda Ltd.

In April 2026, President Paul Kagame also met Xu Hui, Vice President of Chery Holding Group and Chief Executive Officer of Rich Resource International Investment. Their discussions focused on investment opportunities in Rwanda, including the proposed electric vehicle assembly plant.

The latest agreement brings Ecofleet Solutions Ltd. into the investment arrangement alongside Chery Holding Rwanda Ltd., although RDB's announcement did not specify the respective responsibilities of the two companies or their financial contributions to the project.

Founded in 1997, Chery is headquartered in Wuhu, Anhui Province, China. The company has expanded its vehicle manufacturing and export operations into international markets.

Its automotive brands include Chery, Jetour, Exeed and iCar, marketed as iCaur in some international markets.

Its vehicle range includes petrol-powered models, hybrids and fully electric vehicles.

Establishing an assembly plant in Rwanda would expand Chery's operations beyond vehicle sales to include local assembly, contributing to the country's ambitions to attract investment in manufacturing and electric mobility.

Details on the investment value, plant location, production capacity and construction timeline have not yet been disclosed.