Rwanda foreign investments dropped from US$354 million to US$135 million

Rwandan finance and economic planning minister Uzziel Ndagijimana

By David Himbara

Kagame claimed in his 2020 state of the nation that despite the Covid19 pandemic, Rwanda registered 172 new investment projects valued at US$1.2 billion. UNCTAD data shows that foreign investment dropped from US$354 million in 2019 to US$135 million in 2020.

In his State of the Nation speech delivered on December 21, 2020, General Paul Kagame claimed that “Despite the pandemic, 172 new investment projects were registered for $1.2 billion” and these investments were “expected to create more than 22,000 jobs.” 

UNCTAD’s 2021 World Investment Reportshows otherwise. In the case of Rwanda, foreign investments dropped from US$354 million in 2019 to US$135 million in 2020.

Kagame belongs to the school of thought which believes that if bogus statistical information is repeated often enough, it will eventually be considered to be true. Stay tuned.

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