The Rwandan government’s Manufacture and Build to Recover Program has been launched at the Invest Rwanda Forum in Kigali.
The program, which will be implemented in 2020, is intended to boost economic recovery efforts by attracting private sector investments with specific incentives for the manufacturing, agriculture, construction, and real estate development sectors. The industries were chosen because of their high potential for increasing private investment, generating export revenue, and creating productive jobs.
Since its inception, the program has attracted over US$ 1.7 billion in investments, which will result in the creation of over 36,000 jobs. This compares to the initial goal of US$ 1.17 billion in investments and 27,000 jobs.
Prime Minister Ngirente stated in his keynote address at the forum, which drew over 600 participants:
“The incentives offered under the program are very unique and extensive and will contribute significantly towards scaling investment projects, exploring additional opportunities within value chains or starting new business ventures. Given the MBRP’s positive impact over the last two years, it is clear that we require more of such innovative and targeted interventions to address our unique challenges and achieve our lofty goals.”
According to Clare Akamanzi, Chief Executive Officer of the Rwanda Development Board, extending the program is critical for Rwanda’s economy, particularly in building resilience in the face of an unstable global economic environment.
“This means that members of the private sector can continue to benefit from the very specialised incentives that this program offers for another two years. The Rwandan government remains committed to listening to you and your experiences in Rwanda, and sometimes even adjusting policies in response to what you tell them.”
During the forum, members of the private sector discussed some of the program’s benefits.
“Investing in real estate right after Covid-19 was not easy but with the incentives [under MBRP], the project became more affordable. “We are excited to work on a new project now that the program has been extended,” said Moise Nsengiyumva, Chairman of Wild Urban International Developments Limited.
The forum included networking and learning sessions on a variety of topics such as Rwanda’s Investment Code, Special Economic Zones and Export Development, taxation, the benefits of trading through the African Free Continental Area (AfCFTA), and project financing.
On the fringes of the forum, an exhibition was also held. It featured a showcase of the top 100 investment opportunities available to the private sector through the Manufacture and Build to Recover Program.