Early Warning System

Regions

Africa

Geographic location where the impacts of the investment may be experienced.

Countries

Rwanda

Geographic location where the impacts of the investment may be experienced.

Financial Institutions

African Development Bank (AFDB)

International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

Project Status

Approved

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."

Voting Date

Dec 3, 2024

Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.

Borrower

Government of Rwanda - Ministry of Finance

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Finance
Law and Government

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Loan

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 5.45 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.

Bank Documents

Appraisal Report

Primary Source

Original disclosure @ AFDB website

Updated in EWS Jun 8, 2025

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Can you contribute information about this project?
Contact the EWS Team

Project Description

If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the R-CAMD project will support Rwanda’s ambition to mobilize long term savings by offering alternative attractive investment options throughits capital market thereby enabling the country to further develop and diversifyits economy. The project is expected toimprove the capital market regulatory environmentin Rwanda via infrastructure development, legal and regulatory framework’s introduction for capital market development. It will also strengthen corporate governancepractices in public and private sectors through the support for the Institute of Directors and provide targeted capacity building to increase the knowledge base ofthe financial market ecosystem which will increase domestic and international investors’confidence in the market.

The direct beneficiaries of the envisaged operation are Rwanda Capital Market Authority (executing agency), Rwanda Stock Exchange, Ministry of Financeand Economic Planning, Rwanda Finance Limited (operators of Kigali International Financial Centre), East Africa Commodities Exchange, current and potential company officials, management executives of public and private entities, SOEs and quasi parastatals charged with governance duties. The R-CAMD project willsupport key market infrastructure and regulatory reforms to promote financial markets innovation and improve corporate governance and skills set of managers and staff of private and public sector institutions in Rwanda.

Early Warning System Project Analysis

For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

Environmental Category: [3] Low Risk

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

African Development Bank (AFDB)

Finance Type: Standard grant
Commitments (UA): 4,100,000
Conversion Rate USD (2024-12-03): 1,32974

Contact Information

This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Akin Morounfolu ADIGUN
Capital Markets Officer, PIFD2
African Development Bank
a.adigun@afdb.org
www.afdb.org