Rwanda plans on US$1.2 billion foreign direct investments in 2015 and targets growth of 20% per annum!

(Agence Ecofin) - Rwanda plans on US$1.2 billion in foreign direct investments (FDI) following the adoption of a new motivating investment code, a high ranking civil servant in charge of the dossier announced on 2nd July. "This year, we are aiming to achieve foreign direct investments worth US$1.2 billion, and we subsequently expect a growth of 20% pa", declared Francis Gatare, general director of Rwanda Development Board (RDB), an agency grouping the institutions dedicated to promoting investments in the different economic sectors.

According to the latest ranking Doing Business published by the World Bank, Rwanda is the third African country to offer a good business environment, after Mauritius and South Africa. 

This central African country passed a new Investment Code last May with provisions notably for tax exemptions of seven years for companies investing at least US$50 million, of which 30% will be  geared towards strategic sectors. The latter includes the manufacturing industry, tourism, health and information technologies.

The Rwandan government expects growth of 6.5% in 2015 and in 2016, against 7% in 2014.

Rwandan GDP growth fell to 4.6% in 2013 against an average of 8.2% between 2006 and 2012, partially due to the suspension of aid from many donating countries to this country producer of coffee and tea, after United Nations experts accused Kigali of supporting the rebels of M23 in DRCongo. The Rwandan government always rejected these accusations.