Rwanda’s capital markets reached a significant milestone today as the Rwanda Stock Exchange officially listed the third issuance of the Development Bank of Rwanda’s (BRD) Sustainability-Linked Bond (SLB), signaling growing momentum in sustainable finance and investor confidence.
The listing follows an impressive performance on the primary market, where the bond was oversubscribed at 126.2 percent, raising over Frw 29 billion, well above the initial target of Frw 23 billion.
The proceeds are earmarked for high-impact development projects aligned with Rwanda’s sustainability and inclusive growth agenda.
Officials hailed the issuance as more than just a financial success.
Speaking at the event, Godfrey Kabera, Minister of State in Charge of National Treasury at the Ministry of Finance and Economic Planning (MINECOFIN), emphasized the broader significance of the bond.
“The sustainability-linked bonds issued by BRD are more than financial instruments; they are a statement of intent, signaling Rwanda’s determination to mobilize capital toward projects that generate measurable outcomes and drive inclusive development,” he said.
Market leaders echoed this sentiment, noting the transformative role of capital markets in advancing national priorities.
Pierre Célestin Rwabukumba, Chief Executive Officer of the Rwanda Stock Exchange, highlighted the dual impact of such financial instruments.
“The listing of the BRD Sustainability-Linked Bond is a strong reminder that finance can be a force for good. Capital markets can drive not only economic growth, but also sustainable and inclusive progress,” he remarked.
The bond issuance forms part of BRD’s broader Rwf 150 billion Medium-Term Note (MTN) Programme, designed to mobilize long-term capital for development financing.
The strong investor uptake reflects growing trust in BRD’s financial stability and its commitment to delivering measurable development outcomes.
Stella Rusine Nteziryayo, CEO of the Development Bank of Rwanda (BRD), underscored the importance of accountability and impact.
“The 126.2% subscription is a powerful sign of investor confidence in BRD’s ability to drive Rwanda’s development, and we remain committed to ensuring these sustainability targets deliver measurable impact for all Rwandans,” she noted.
Regulators also pointed to the broader implications for Rwanda’s financial ecosystem.
Romeo Ngarambe, CEO of the Capital Market Authority (CMA) Rwanda, said the successful issuance reinforces the role of structured market-based financing.
“This reflects growing confidence in Rwanda’s capital market and affirms the role of market-based financing in raising long-term capital in a transparent, structured, and accountable way, which is essential for Rwanda’s development,” he observed.
The successful listing of the BRD Sustainability-Linked Bond marks a pivotal step in Rwanda’s journey toward sustainable finance leadership in the region, demonstrating how innovative financial instruments can align investor returns with national development goals.
By Andrew shyaka
