Rwanda Development Board (RDB) has said that it registered investments worth US$3.7 billion in 2021, up from US$1.3 billion in 2020, representing an increase of nearly 185 percent.
The growth, RDB added, was recorded in key sectors that include investment registration, tourism, exports and skills development compared to the year 2020, which was largely characterized by the global economic slowdown due to Covid-19 impact.
“This is the highest investment registration to date, and was driven by strategic investment projects,” RDB said in a statement on Tuesday.
The new investments are also expected to create 48,669 jobs – representing a 97% increase from the previous year.
Rwanda aims to create 214,000 new jobs from investments and other employment sources every year, as part of its ambition to create 1.5 million jobs by 2024.
“The 2021 performance demonstrates the gains of our economic recovery efforts. In investment registration, not only have we surpassed our pre-pandemic figures, but we also registered the highest investment registration to date,” noted Clare Akamanzi, RDB Chief Executive.
Sectors that attracted the most investments in 2021 include construction, real estate, and manufacturing (including agro-processing), which accounted for 72% of all investments registered.
Construction accounted for 31%, real estate 26%, and manufacturing (including agro-processing) 15%. Other sectors that attracted significant investment are financial and insurance services, agriculture, accommodation and food services, energy, health and ICT.
This growth, RDB pointed out, is attributed to the Manufacture and Build to Recover program, a policy response unleashed last year to provide tax incentives to investors in these sectors.
Latest statistics from RDB indicate that the policy, rolled out to spur economic recovery has so far attracted 78 investor applications.