AfDB, RDB launch project to catalyze sustainable private sector growth in Rwanda

On 30 November 2023 at 07:10

The African Development Bank Group (AfDB), in partnership with the Rwanda Development Board (RDB), launched the support for the Sustainable and Inclusive Private Sector Development (SSISPD) project.

The project is a three-year institutional support of US$ 880,000 as a grant by AfDB under the Fund for African Private Sector Assistance (FAPA) to the government of Rwanda. The project will be designed and implemented by RDB in close collaboration with the Private Sector Federation, Small and Medium Enterprises (MSMEs) team and other key public institutions by building in-house capabilities.

The project development objective is to support reforms in the policy environment to enable Private sector-led growth and strengthen the capacity of Rwanda’s private sector, especially MSMEs to generate quality jobs and adopt responsible and green business practices.

Specifically, the project will conduct an investment policy review to strengthen policy formulation and the regulatory environment for private sector development and expansion of the Business Development Advisors (BDA) Scheme and build the capacity of MSMEs to access both domestic and international markets.

The project’s activities will also strengthen the capacities of staff of beneficiary government institutions to design, monitor and implement more effective and green private-sector support programs and policies. SSIPSD will also support strengthening public-private dialogue and collaboration through a participatory process of the Investment Policy Review and targeted workshop sessions.

Commenting on the project, AfDB Country Manager Aissa Touré said: “African Development Bank, in line with the Country Strategy for Rwanda, remains committed to working with the Government of Rwanda and her partners to support Rwanda in fostering the development of productive capacities to unlock private sector potential, enhance competitiveness and, in turn, accelerate structural transformation.”

RDB Chief Executive Officer Francis Gatare said that the project aligns with the Government of Rwanda’s focus on creating a favorable environment for private sector-led growth.

"We hope the key policy and capacity development interventions will further boost private sector contribution to Rwanda’s sustainable growth and development," he noted.

About AfDB

Established in 1964, the African Development Bank is the premier pan-African development institution, promoting economic growth and social progress across the continent.

There are 81 member states, including 54 in Africa (Regional Member Countries). The Bank’s development agenda is delivering financial and technical support for transformative projects that will significantly reduce poverty through inclusive and sustainable economic growth.

About RDB

The Rwanda Development Board (RDB) is a government agency in Rwanda with a vision to transform Rwanda into a dynamic global hub for business, investment, and innovation.

Its mission is to fast-track economic development in Rwanda by enabling private sector growth.

Representatives from concerned parties at the launch of the project.