Rwanda’s Next Growth Chapter Depends on Unlocking More Capital, Skills and Investment

The country report examines opportunities to strengthen domestic revenue collection and unlock greater value from financial, human, natural and business capital.

Rwanda's next phase of development will depend on how effectively it mobilises financing, strengthens people's skills and puts its natural resources and businesses to work, according to the African Development Bank Group's 2026 Country Focus Report. Launched on 6 September 2026, the report calls for a broader approach to financing inclusive growth, recognising that development requires both additional investment and better use of the resources already available. Its recommendations connect financial reform with education, health, enterprise development and resource management, placing these priorities at the centre of Rwanda's economic transformation.

Building on Progress With a Broader Financing Strategy

Titled Mobilizing Rwanda's Development Financing at Scale in a Fragmented World, the report recognises the country's significant social and economic progress, supported by sound macroeconomic management, institutional reforms and sustained investment. It serves as Rwanda's country-level companion to the Bank's African Economic Outlook, launched in May 2026, and the East Africa Economic Outlook, released in August, which share the same theme. The country report examines opportunities to strengthen domestic revenue collection and unlock greater value from financial, human, natural and business capital.

The launch brought together senior government officials, development partners, private sector representatives, financial institutions, academics, civil society and the media to examine what the findings mean for Rwanda's development agenda. Aissa Touré Sarr, the Bank's Rwanda Country Manager, described the report as an evidence base for policy discussions and investment decisions, highlighting the country's ability to turn strong institutions, sound policies and strategic investment into meaningful progress. Her message focused on securing more capital and ensuring that it contributes more effectively to Rwanda's transformation.

Strengthening Financial Markets and Attracting Patient Investment

Broadening the tax base and improving tax compliance are among the report's priorities for strengthening Rwanda's capacity to finance its development from domestic resources. Recommendations include deeper financial markets, wider financial inclusion, innovative financing approaches and expanded public-private partnerships, supported by efforts to attract long-term investment through the Kigali International Financial Centre. These proposals address how Rwanda can raise and channel capital across the economy, creating a stronger financial foundation for investment that supports the country's development goals.

Judith Nabasa, Chief Economist at Rwanda's Ministry of Finance and Economic Planning, used her keynote address to emphasise the importance of strengthening the financial ecosystem and attracting investment with a long-term commitment. She linked the country's ambitions to more innovative ways of mobilising and deploying capital, identifying stronger financial markets and deeper public-private partnerships as essential to financing the next phase of transformation. Stakeholders at the launch discussed practical measures for turning these recommendations into action, connecting the report's analysis with decisions facing policymakers, investors and businesses.

Putting People, Businesses and Natural Resources at the Centre

Greater investment in education and health, stronger support for small and medium-sized enterprises, increased value addition across productive sectors and better management of natural capital form another central part of the report's recommendations. These priorities recognise that financing needs to support people's capabilities and business activity to contribute to inclusive growth. The African Development Bank Group supports Rwanda across energy, water and sanitation, transport, agriculture, human capital, finance and private sector development, combining financing with policy dialogue, technical assistance and knowledge generation to advance the National Strategy for Transformation, NST 2, and Vision 2050.