The Rwanda Stock Exchange (RSE) has marked a major milestone with the official listing of the International Finance Corporation’s (IFC) Rwandan Franc-denominated “Umuganda” bond—an Rwf 24 billion issuance with an eight-year maturity aimed at strengthening local capital markets and supporting private sector growth.
The listing was published on Friday last week.
Speaking on the RSE trading floor, yesterday, while hosting the IFC team to celebrate the successful completion of a transaction, CEO of the Rwanda Stock Exchange, Celestin Rwabukumba, described the bond issuance as a vote of confidence in Rwanda’s financial system and economic fundamentals.
“This is more than a financial transaction. It is a statement of confidence in Rwanda’s economic fundamentals, and in the vitality and growing strength of our capital markets,” Rwabukumba said.
“By issuing this bond in Rwandan francs, IFC is not only raising funds to support private sector investment in Rwanda but also helping to build a robust financial ecosystem that benefits local businesses, investors, and the broader economy.”
The “Umuganda” bond is IFC’s second local currency issuance in Rwanda, following its inaugural bond 11 years ago. It brings the number of listed instruments on the Rwanda Stock Exchange to over 100, including 10 listed equities and a wide variety of fixed income instruments—among them, vanilla corporate bonds, sustainability-linked bonds, and green bonds.
Rwabukumba also emphasized the importance of local currency financing in insulating businesses from exchange rate volatility and in expanding the domestic investor base.
“For this year alone, our capital markets have mobilised around Rwf 155 billion for the economy,” he noted.
In her remarks, Jiyeon Janice Ryu, IFC Country Representative for Rwanda and Uganda, underscored the significance of the transaction in supporting Rwanda’s financial sector development.
“Partnering with the Rwanda Stock Exchange to list this local currency bond marks a meaningful step in our efforts to deepen capital markets and strengthen private sector financing in Rwanda,” Ryu said.
The listing was facilitated by a team of transaction advisors led by BK Capital.
Rwabukumba took time to recognize their efforts, as well as the collaborative role of regulatory and government bodies including the Capital Market Authority, the National Bank of Rwanda, and the Ministry of Finance and Economic Planning.
“Today’s listing represents more than just a financial event. It symbolizes IFC’s long-term cooperation with Rwanda, a partnership adding value to our mission and complementing our vision,” Rwabukumba added.
As Rwanda positions Kigali as a competitive financial center on the continent, yesterday’s listing reinforces international confidence in the country’s maturing capital markets and signals renewed momentum in unlocking long-term investment through local instruments.
