Rwanda registered new investments worth US$1.6 billion in 2022

On 16 January 2023 at 09:27

The year 2022 was promising for Rwanda’s economic recovery from effects of COVID-19 where the country registered new investments worth US$1.6 billion.

However, the figures dropped from US$3.7 billion of 2021 considered to be the highest investments registered in Rwanda in one year.

In 2020, Rwanda Development Board (RDB) had registered US$1.3 billion that was a decrease by 47.1% from US$2.46 of the previous year.

The economic recovery efforts are reinforced through attracting new investments in various sectors including technology, manufacturing, mining, real estate and health among others.

The latest figures from RDB show that the country registered US$1.6 billion worth of investments from January to December 2022.

The construction of Gaz Methane extraction plant in Karongi District at a tune of US$530 is among more than 103 projects registered under the Manufacture and Build to Recover Program last year.

Other registered investments include ARISE Integrated Industrial Platforms (ARISE IIP) to develop and manage Bugesera Industrial Park; KOKO Networks, a project aimed at developing the world’s first nation-wide renewable cooking fuel utility.

The US$25 million project is expected to help Rwanda achieve universal access to clean cooking by 2030, in order to solve the deforestation, carbon emissions and indoor air pollution deaths caused by the use of charcoal and wood for cooking, which is still prevalent in Rwandan homes today.

Among others, Rwanda registered a new investment from Kasada, a hospitality company which acquired the Umubano Hotel located in Kacyiru, Kigali, Rwanda.

Kasada is the leading independent investment platform dedicated to hospitality investments in Sub- Saharan Africa.

The new acquisition will see Kasada investing US$30 million to upgrade Umubano to a five-star hotel.

Doğuş Group from Turkey also entered Rwanda’s market where it is set to develop three luxury hotels.

In the same year, Bloomberg Media also announced plans to set up studio in Kigali to expand its TV presence in Africa.

In November 2022, RDB says that the country had registered US$425.5 million in tourism revenues.

Of the revenues, US$19.7 million were from sales of Gorilla Trekking Permits.

Rwanda registered new investments worth US$1.6 billion in 2022.