Rwanda targets hundreds of millions in Asian investment

Rwanda is seeking to attract hundreds of millions of dollars in private investment through a new partnership between the Rwanda Development Board (RDB) and Asian wealth management firm Raffles Family Office (RFO).

The agreement, signed on Thursday, October 22, aims to connect international investors, particularly wealthy individuals and families in Asia and Africa, with investment opportunities in Rwanda.

The partnership will focus on sectors including tourism, aviation, real estate and infrastructure, with opportunities identified in Bugesera, Kigali, Musanze and other parts of the country.

It comes as Rwanda prepares to host a Formula 1 Grand Prix under a 10-year agreement with Formula 1, with the first race expected in the early 2030s at a purpose-built circuit near the planned Bugesera International Airport.

However, the investment drive is not limited to motorsport. The two partners are also looking to attract capital into hospitality, entertainment and services that could benefit from the country's growing tourism and infrastructure development.

Jean-Guy Afrika, Chief Executive Officer of RDB, said private investment would be essential to ensuring that hosting Formula 1 generates economic benefits beyond the race weekend.

“Private sector participation is central to our approach, with opportunities extending well beyond the circuit into aviation, hospitality, tourism, entertainment, real estate and services,” Afrika said.

He added that the partnership would help attract businesses, create jobs and generate lasting economic value.

Raffles Family Office established a representative office in Kigali earlier this year. In September, the firm appointed Jean de Dieu Uwihanganye, Rwanda's former Minister of State for Infrastructure, as its Principal for Emerging Markets and Business Development to strengthen investment links between Africa and Asia.

Chi Man Kwan, Group Chief Executive Officer of Raffles Family Office, said the partnership would provide the firm's clients with a channel to explore investment opportunities in Rwanda.

“By combining RFO’s cross-border investor network with RDB’s institutional support and project pipeline, we aim to channel long-term, patient capital into one of the continent’s most ambitious development stories,” he said.

RFO said it had begun engaging prospective investors and planned to organise visits to Rwanda to allow them to assess opportunities and meet potential project partners.

The partnership is expected to support Rwanda's efforts to attract international private capital and expand investment in sectors linked to tourism, infrastructure and economic development.

By Prince Ruzigana