Rwanda records decline of investment in 2020 due to COVID-19 pandemic

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A mobile phone credit seller counts his Rwandan franc currency notes on a street in Kigali, Rwanda, on Wednesday, Sept. 18, 2013. Coffee-producing Rwanda's economy has doubled in size in the nine years through 2010, according to the World Bank. Photographer: Will Boase/Bloomberg via Getty Images

Rwanda recorded a decline of 47.1 percent of investments in 2020, from 2.46 billion U.S. dollars in 2019 to 1.3 billion dollars, the Rwanda Development Board (RDB) said in a statement on Thursday.

A mobile phone credit seller counts his Rwandan franc currency notes on a street in Kigali, Rwanda. (Photographer: Will Boase/Bloomberg via Getty Images)

RDB attributed the decline to the COVID-19 pandemic that affected the global economy. According to the statement, real estate and construction and manufacturing accounted for 48 percent and 20 percent respectively of investments in 2020, and other sectors that attracted significant investments included agriculture, information communication technology (ICT), energy, mining and financial services.

Foreign direct investments contributed 51 percent of the total investments registered in 2020, while joint ventures and local investments contributed 29 percent and 20 percent, respectively, it said.

“The year 2020 was challenging for investment and business in general. Despite the global economic slowdown resulting from the COVID-19 pandemic, Rwanda registered significant investments in key sectors of our economy,” said RDB CEO Claire Akamanzi in the statement.

The government of Rwanda is committed to supporting businesses recover through initiatives like the economic recovery fund.

However, the investment arm of the Rwandan government last week said 24 more companies from China were registered in Rwanda last year, bringing in investments totaling 300 million U.S. dollars.

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