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Rwanda: a rapid economic transformation

Published on: 17-Nov-2015

By Fatou Ndiaye Analyst at Infomineo

After a four-year civil war that ended in 1994 and that has thrown Rwanda into a deep crisis, the country is engaged in a new momentum of economic development. In fact, the government has launched in 2000 a long-term development strategy “Rwanda 2020”. The goal of this program is to transform the country from a low-income agrarian economy to a medium income export-oriented and knowledge-based economy.

So far, some reassuring economic signals are showing that the Government is engaged in a growing path:

The vision 2020 program foresees specific growth rates for the services’ sector. Based on this strategy, some priority sectors are being developed:

Also to tackle issues like funding for SMEs and startups, the country is trying to attract investors to the capital market and is working with the World Bank to achieve this goal.

Rwanda is actually the 3rd African country (after Mauritius and South Africa) in the world ranking regarding the ease of doing business. In the 2014 report of the World Bank and IFC’s Doing Business report, Rwanda has enhanced its ranking from 52nd place in 2013 to 32nd in 2014. These satisfactory achievements are the results of a governmental agenda aiming to enhance the business environment. Starting in 2000, many business reforms have been initiated (Rwanda has reformed 26 business laws and brought them to international standards). In fact, sustained efforts have been made through:

In brief, the example of Rwanda is an optimistic way to predict the development of African countries, as it shows that a strong political will, a clear vision and a deep commitment leads to concrete results and sustainable development.


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