RDB CEO speaks on driving Rwanda’s transformation strategy

Rwanda is on a path to driving its transformation strategy with a focus on economic growth, climate resilience, and social inclusion, according to Jean-Guy Afrika, the Chief Executive Officer of the Rwanda Development Board (RDB). In an exclusive interview with CNBC Africa's Flora Limukii, Afrika discussed the country's ambitious Vision 2050 and the National Strategy for Transformation NST2, which aims to propel Rwanda into a competitive global fintech hub. Afrika outlined the strategic roadmap for Rwanda's development between 2024 and 2029, emphasizing the importance of sector strategies in agriculture, trade, manufacturing, and more to achieve targeted goals. The RDB's approach involves structuring outreach efforts and providing incentives to drive investments that support the growth of agriculture by 6% annually and industry by 10%. Afrika's mission is to ensure the effective implementation of NST2 and take necessary actions to advance Rwanda's economic agenda. The focus is on executing the playbook with the resources available within RDB. One of the key initiatives to enhance Rwanda's business environment is the consolidation of services under RDB's one-stop center concept. By bringing together 24 agencies and offering nearly 400 services, the aim is to streamline processes and improve the customer experience through digitalization and automation. Afrika highlighted the goal of digitizing services to create a seamless experience for investors and entrepreneurs, emphasizing the need to simplify procedures and reduce the cost of doing business. In addressing the needs of small and medium enterprises (SMEs), Afrika stressed the importance of supporting these businesses as economic drivers. RDB is focused on providing services to help SMEs overcome challenges related to access to finance, knowledge gaps, and business management skills. Collaborating with the Ministry of Finance, efforts are underway to tackle the issue of affordable finance and equip SMEs with the necessary tools to scale and thrive in Rwanda's evolving business landscape. Partnerships with financial institutions such as the African Development Bank (AfDB), the World Bank, and the International Monetary Fund (IMF) play a critical role in driving growth across different sectors in Rwanda. These institutions provide concessional finance and support both sovereign and non-sovereign operations, enabling investments in infrastructure projects that benefit the wider population. Afrika highlighted the importance of multilateral development banks in financing key sectors like energy, water, and transport, contributing to Rwanda's overall development agenda. Looking ahead, Afrika emphasized the shift towards attracting private investments to Rwanda, with a focus on leveraging instruments from development finance institutions (DFIs) to de-risk investments and attract capital. DFIs offer a range of financial tools such as political risk insurance and credit guarantees to encourage private sector participation in Rwanda's economic growth journey. As Rwanda charts its path towards economic prosperity and sustainability, collaboration with international financial institutions remains vital in driving impactful investments and fostering inclusive growth for the nation.