The East African Exaggerated Foreign Investments In Kagame’s Rwanda

By David Himbara

The East African claimed that Rwanda’s share of foreign direct investment in 2017 was US1.2 Billion — up from US$600 Million in 2016. That is impossible. The entire stock of foreign direct investment in Rwanda made over decades is US$1.7 Billion.

According to the National Bank of Rwanda (BNR), Rwanda received US$342 Million in foreign investments in 2016.

Source: National Bank of Rwanda

The United Natioens Conference on Trade and Development (UNCTAD) gives the same figure of US$342 Million that Rwanda received in foreign investments in 2016. This increased to US$366 Million in 2017.

UNCTAD provides the following data on foreign investment to East Africa between 2012 and 2017 as follows:

Source: World Investment Report 2018

As shown above, comparative foreign direct investments to East Africa in 2016 and 2017 were as follows:

  • Rwanda’s share of foreign direct investment increased from US$342 Million in 2016 to US$366 Million in 2017.
  • Kenya’s share of foreign direct investment increased from US$393 Million in 2016 to US$672 Million in 2017.
  • Uganda’s share of foreign direct investment increased from US$626 Million in 2016 to US$700 Million in 2017.
  • Tanzania’s share of foreign direct investment declined from US$1.3 Billion in 2016 to US$1.1 Billion in 2017.

Lastly, BNR and UNCTAD indicate the size of the entire stock of foreign direct investment in Rwanda. BNR puts the stock of foreign investment in Rwanda at almost US$1.7 Billion in 2016.

Source: National Bank of Rwanda

UNCTAD’s figure is identical— foreign direct investment stock in Rwanda is US$1.7 Billion. Comparatively foreign direct investment stock stands at US$11.9 Billion in Kenya; US$11.8 Billion in Uganda; and US$20 Billion in Tanzania.

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