Rwanda Development Board (RDB) has announced that Portugal was the overall biggest investor in the country – accounting for 23.8% of the top ten foreign countries in 2017.
A report released today by Rwanda Development Board (RDB) indicates that investments from Europe accounted for a total $713.4 million representing 42.6% of the total $ 1.67 billion registered from 137 investment commitments.
According to the report, Europe was followed by Rwanda which registered $545.3m representing 32.6%, Asia ($186.7m), Africa ($100.8M); Middle East (82.4m) and North America which registered $44.5 million worth investments representing 2.7% of the overall investment commitments to Rwanda.
Singling out a country, the RDB report says Portugal from Europe was the overall biggest foreign investor to Rwanda – injecting $398.7 million followed by UK ($203.1M).
Portuguese firm Mota Engil Engenharia e Construcao Africa has invested $400m for construction of Bugesera International Airport whose first phase is set to be completed next year.
In 2017, other biggest investment commitments made, says RDB report, include Dubai Ports World Logistics which invested $35m in a dry port in Kigali.
Safari Company Singita also invested $52m in the country where it has Nyungwe House and Gorillas Nest Lodge as its flagship investments into Rwanda’s high-end tourism sector.
Oshen Group, an Angolan firm through its Oshen Healthcare Ltd Rwanda invested $25m in upgrading King Faisal Hospital infrastructure, equipment and management.
Unilever Tea Rwanda also committed to invest $23m in a commercial tea estate and factory in the next 5 years.
Also PRG Plc is establishing the first tantalum refinery in Rwanda, investing over $12m in the first phase.
With the investment deal signed in November last year, the plant will enable Rwanda to start exporting refined tantalum products to the global market.
Meanwhile, the report says that most transformative investments were in logistics, tourism, agroprocessing, health and mining.
The further points out that the overall exports grew by 36% compared to 2016, with merchandise exports driving growth.
In 2017, according to the report, 100 export market destinations were served through 81 different products, while Tourism revenues amounted to $438 million in 2017, constituting almost 50% of all services exports
Tourism revenues were hugely triggered by the influx of visitors to the country. According to the report, Rwanda registered 94,000 visits to national parks which generated $18.7 million in revenue – with Volcanoes National Park taking the Lion’s share of 90%.