French investments worth Rwf200 billion registered in Rwanda in ten years

On 8 December 2022 at 03:06

Rwanda eyes more investments from France after registering investments worth over Rwf197 billion from the European country in the past ten years.

The figures were disclosed in Paris, the capital of France on 5th December 2022 at the launch of a business forum aimed at promoting Rwanda as an investment destination.

The forum which ran from 5th to 6th December 2022, was organized by Rwanda Development Board (RDB) through its investment promotion division in collaboration with Rwanda’s embassy in France and the country’s Private Sector Federation (MEDEF).

The forum was an opportunity for Rwanda to interact with French companies and other members of the private sector based in France.

France is among European countries with growing investments in Africa, particularly in Rwanda after the normalization of ties between the two countries.

RDB indicated that Rwanda registered French investments worth US$197,503 164 (over Rwf200 billion) between 2011 and 2021.

Some of these investments were registered in the areas of real estate, technology and telecommunication, tourism and the financial sector among others.

Rwanda’s Ambassador to France, François Nkulikiyimfura has told IGIHE that the forum is expected to increase the number of French investors in Rwanda.

“It will create job opportunities for Rwandans and lure French companies to invest in Rwanda. French investors spoke highly of Rwanda and took colleagues through Rwanda’s conducive business environment. Besides, they will serve as good ambassadors helping us to attract more investors in Rwanda,” he said.

Amb. Nkulikiyimfura further disclosed that these investors were taken through investment opportunities in various sectors in Rwanda including infrastructure.

French investors have been considering Rwanda as a potential investment destination owing to cordial relations between the two countries strengthened by the visit of French President, Emmanuel Macron to Kigali in May 2021.

It was the first visit of a French President to Rwanda over the past ten years. The visit left various agreements signed between both countries.

Stéphane Lelux, the CEO of TACTIS Innopolis, a tech company which has a subsidiary in Rwanda, said that the forum that brought together French and Rwandan investors is of critical significance, given that it was held 18 months after the visit of President Emmanuel Macron to Rwanda.

As he said, eliminating double taxation to facilitate traders from Rwanda and France would be much welcomed and expressed optimism that it will be considered in the near future.

Rwanda has been registering French investments including ‘Girinzu’, a real estate project aimed at building affordable homes in Gahanga Sector of Kicukiro District.

The latter is a French investment by Chevrillon Group and Stéphane Monceaux in association with Rwandan Jacqueline Wibabara.

Girinzu seeks to build at least 200 housing units every year to bridge affordable housing gap in Kigali.

Among others, Duval Great Lakes Ltd, a subsidiary of French company dubbed Groupe Duval is developing a multibillion environmental-friendly complex known as ‘Inzovu mall’ at premises that used to house the Ministry of Justice and Supreme Court in Kimihurura, near Kigali Convention Centre.

The complex mall will be home to ‘Odalys City Business Apart Hotel’ with 140 service apartment rooms, conference rooms, offices, entertainment and exhibition areas.

It will also have Cinema rooms, markets, shops, bars and restaurants, Forex Bureaus, natural areas, children areas, playgrounds, pharmacies, clinics and others.

Once completed, the mall will be a complementary project besides Kigali Convention Centre.

Participants of the forum in a group photo. They agreed on collaboration for mutual benefits.
Philip Lucky, a representative from RDB delivering a talk.
Rwanda's Ambassador to France, François Nkurikiyimfura presented available investment opportunities.
Stephane Lelux, the Chairman of MEDEF speaking at the launch of the forum.