Addressing the press on Thursday, January 9, 2025, President Kagame revealed that over the last two years, there has been a process to examine and list all government entities that could be privatized and removed from the government’s balance sheet.

He was responding to a journalist’s question about how privatizing public enterprises could boost participation in the country’s stock market and promote investment growth.

This follows the Rwanda Stock Exchange’s (RSE) impressive performance in 2024, when it recorded a turnover surpassing the Rwf100 billion mark for the first time, reaching Rwf129 billion—a 126% increase from the previous year.

“There has been a process of examining and listing all government entities that could be privatized and removed from the government’s balance sheet. This will align well with what we need to see happening on our exchange. This process is ongoing, with a dedicated team following up and working on it,” the President stated, further emphasizing the role of Agaciro Fund in promoting investments and self-reliance.

The ongoing process is in line with a new privatization law that took effect in June of last year. Rwanda’s Law No. 045/2024 governs the sale, lease, or liquidation of state-owned companies and shares by reputable and competent national and international investors.

The law’s goals include reducing the government’s burden by alleviating the financial and administrative responsibilities of managing state property. It also aims to increase efficiency by improving the performance of privatized companies, thereby generating more revenue.

Additionally, the law seeks to create competition by fostering competitive markets for services. Ultimately, it strives to promote economic development by accelerating job creation, encouraging export promotion, and facilitating import substitution.

President Kagame also highlighted the significant progress made in the Qatar-Rwanda partnership, particularly in aviation and infrastructure development.

“The Qatar-Rwanda partnership over the airline and the airport has made very good progress. It has been going well, and many aspects are being concluded,” he stated.

RwandAir and Qatar Airways have a codeshare agreement and are working on a deal to give Qatar Airways a 49% stake in RwandAir. The agreement will strengthen the airlines’ global reach and allow RwandAir to expand its fleet and routes.

In a separate agreement reached in 2019, Qatar Airways agreed to take a 60 percent stake in Bugesera International Airport in Kigali, being built at a cost of $1.3 billion.

RwandAir Chief Executive Officer (CEO) Yvonne Makolo says the new airport, expected to be operational in 2027 and have an initial capacity for eight million passengers, will turn Kigali into “a major transit hub” on the continent.

Addressing the press on Thursday, January 9, 2025, President Kagame revealed that over the last two years, there has been a process to examine and list all government entities that could be privatized and removed from the government’s balance sheet.