Officials during the listing of BRD’s third Sustainability-Linked Bond (SLB) on the Rwanda Stock Exchange.
KIGALI – Rwanda’s transition toward a green economy reached a new milestone as the Development Bank of Rwanda (BRD) listed its third Sustainability-Linked Bond (SLB) on the Rwanda Stock Exchange (RSE). The move is being hailed by experts as a clear signal of maturing capital markets and surging investor appetite for impact-driven assets.
Issued under BRD’s Frw 150 billion Medium-Term Note program, the bond raised over Frw 29 billion, significantly outpacing its initial Frw 23 billion target. This 126.2% subscription rate underscores a robust demand from both domestic and international investors.
A Shift Toward Purpose-Driven Finance
RSE Chief Executive Officer Pierre Célestin Rwabukumba characterized the listing as a transformative moment, noting that the market is moving beyond traditional financing. He stated that the listing proves the market has evolved toward forward-looking solutions that ensure capital is deployed both efficiently and responsibly. According to Rwabukumba, this alignment of financial returns with sustainability targets represents the future of capital markets in the region.
Rwanda Stock Exchange CEO Pierre Célestin Rwabukumba described the listing as a defining moment for the country’s financial sector.
Strengthening Market Capacity
The success of the issuance also reflects the regulatory health of the sector. Romeo Ngarambe, CEO of the Capital Market Authority (CMA) Rwanda, noted that the listing serves as a vote of confidence in the country’s ability to mobilize long-term credit. He added that the strong subscription rate demonstrates the market’s capacity to support institutions with high standards of governance and clear, credible financing needs.
For the Government of Rwanda, these bonds are more than just financial tools; they are instruments of national policy. Godfrey Kabera, Minister of State in charge of the National Treasury, emphasized that the SLB framework signals a determination to mobilize capital toward projects with measurable outcomes. He noted that these instruments are becoming critical pillars for driving green investments, expanding financial access, and ensuring inclusive development.
Godfrey Kabera, Minister of State in charge of National Treasury acknowledged the development.
Innovation in Structure and Impact
BRD CEO Stella Rusine Nteziryayo highlighted several structural innovations that set this third issuance apart. Notably, the bond’s maturity was extended from seven to ten years, reflecting a new level of long-term market stability. The investor pool also saw unprecedented diversity, including individual investors, insurance firms, and the landmark participation of an international investor for the first time.
Furthermore, the bank refined its Key Performance Indicators to ensure greater accountability. These updated targets place a heightened focus on supporting women-owned businesses and achieving expanded affordable housing goals. Nteziryayo emphasized that these changes are designed for precision and impact, ensuring that the sustainability targets deliver tangible results for all Rwandans.
By successfully closing this third tranche, Rwanda reinforces its ambition to become a regional hub for sustainable finance. The listing proves that the local stock exchange is no longer just a platform for trading, but a powerful engine for inclusive and environmentally responsible growth.
BRD CEO Stella Rusine Nteziryayo said the third issuance introduces important new features that strengthen the country’s sustainable finance agenda.
RSE CEO Pierre Célestin Rwabukumba shows BRD’s Stella Rusine Nteziryayo an electronic trading board during the listing of BRD’s third Sustainability-Linked Bond (SLB).
