The African Trade and Investment Development Insurance (ATIDI) has approved a US$84 million counter-guarantee to support the issuance of over US$322 million in bonds and guarantees by three local Rwandan banks and one regional lender.
The financing will support a consortium of contractors building the New Bugesera International Airport, a landmark project that aims to position Rwanda as a strategic trade and logistics hub in Africa.
Jointly developed by the Governments of Rwanda and Qatar, the airport project is valued at over US$2 billion and is scheduled for completion by mid-2028. It is central to Rwanda’s Vision 2050, a national strategy to achieve upper-middle-income status by 2035 and high-income status by 2050.
The airport is also aligned with the African Continental Free Trade Area (AfCFTA) goals, enhancing the continent’s connectivity and economic integration.
ATIDI’s counter-guarantee enables three Rwandan banks—BPR Bank Rwanda Plc, Bank of Kigali (BK), and the Development Bank of Rwanda (BRD)—to issue guarantees beyond their regulatory single obligor limits.
This mechanism allows banks to extend credit with reduced capital risk while supporting the execution of large infrastructure projects. KCB Bank Kenya, a regional lender, also participated in the financing syndicate, without relying on ATIDI’s coverage.
Patience Mutesi, Managing Director of BPR Bank Rwanda Plc, which acted as Mandated Lead Arranger and Facility Agent, highlighted the national importance of the transaction.
“We are honored to lead this transformational financing effort,” Mutesi said.
“As Mandated Lead Arranger, BPR Bank Rwanda Plc is proud to play a pivotal role in unlocking capital for a project that will reshape Rwanda’s connectivity and competitiveness.”
She emphasized the value of collaboration, saying, “This collaboration with ATIDI and our partner banks reflects our firm commitment to financing national development priorities.”
“It also demonstrates our belief in enabling long-term value through strategic infrastructure.”
ATIDI Chief Executive Officer Manuel Moses stressed the broader developmental and strategic implications of the project.
“ATIDI is proud to partner in Rwanda’s transformation and continental ambitions through this catalytic project,” Moses stated.
“The new airport is not just about infrastructure, it’s about unlocking regional value chains and ensuring Africa trades more with itself.”
He also noted the importance of financial innovation in enabling these ambitions.
“Our support demonstrates the value addition of ATIDI’s de-risking solutions in scaling up lending capacity,” he said, “and unlocking financing by banks to Rwanda’s development priorities.”
Rwanda, a founding member of ATIDI, has been a consistent user of its risk mitigation tools to unlock capital and support key sectors.
To date, ATIDI has issued policies covering more than US$1.45 billion in transaction value and holds a gross exposure of over US$611.9 million in Rwanda.
These transactions span critical sectors such as agriculture, construction, energy, finance, ICT, manufacturing, transportation, and trade.
The New Bugesera International Airport is not only expected to expand Rwanda’s air transport capacity but also act as a catalyst for trade, tourism, and regional industrial growth.
The deal underlines the strength of Rwanda’s banking sector and the critical role of de-risking institutions in mobilizing resources for Africa’s development.
