Kagame And His Rwanda Development Board Are The World Biggest Liars

Kagame and Claire Akamanzi, the CEO of Rwanda Development Board

By David Himbara

According to The New Times, Rwanda Development Board (RDB) has been declared among the top eastern Africa’s investment promotion agencies. RDB is said to be the second best foreign investment mobilizer in Eastern Africa. As the newspaper puts it, Rwanda Development Board

”emerged as the second best investment promotion agency in eastern African region after Ethiopia.”

In its latest report, RDB reports the following figures for investments by foreign and domestic investors:

Source: Rwanda Development Board
  • In 2017, RDB registered investments in Rwanda worth US$1.675 billion.
  • In 2017, US$1.041billion or 62.26% of all investments were registered by foreign investors. This was followed by local investments worth USD$ 470.98 million or 28.15% of all investments.
  • In 2016, RDB registered investments worth US$1.160 billion.
  • In the last 10 years, registered investments in Rwanda jumped from US$800 million in 2007 to US$1.675 billion in 2017. This is an increase of more than 100% in only a decade.

Kagame and his RDB are the world’s biggest liars

Both the World Bank and United Nations Conference on Trade and Development (UNCTAD) track foreign investments. Here are annual foreign investments into Rwanda for the past six years — drawn from the 2017 UNCTAD report:

  • 2016 — US$410 million.
  • 2015 — US$380 million.
  • 2014 — US$459 million.
  • 2013 — US$258 million.
  • 2012 — US$255 million.
  • 2011 — US$119 million.

For comparison, here are annual foreign investments into Ethiopia for the past six years — drawn from the 2017 UNCTAD report:

  • 2016 — US$3,196 billion.
  • 2015 — US$2,193 billion.
  • 2014 — US$1,885 billion.
  • 2013 — US$1,344 billion.
  • 2012 — US$279 million.
  • 2011 — US$626 million.

Kagame and Claire Akamanzi, stop lying. Rwanda does not draw foreign investment in billions of dollars annually, as you claim. In fact, Rwanda has never reached a half-billion dollar mark of foreign investment in a single year. And Rwanda is not in the same league with countries such as Tanzania, let alone Ethiopia, with regards to foreign or domestic investment.