
Rwanda Development Bank is a key driver of Rwanda's progress, playing a crucial role in the country's economic development. The bank was established in 1975 as a state-owned bank, and its primary objective is to promote economic growth and development in Rwanda.
The bank's focus on supporting small and medium-sized enterprises (SMEs) has been instrumental in creating jobs and stimulating economic growth. In fact, SMEs account for over 90% of the bank's lending portfolio.
Rwanda Development Bank has made significant contributions to the country's infrastructure development, including the construction of roads, bridges, and energy projects. The bank's investments in infrastructure have helped to improve the country's connectivity and increase access to basic services.
The bank's commitment to financial inclusion has also been notable, with a focus on providing banking services to rural communities and low-income households. This has helped to increase financial access and reduce poverty in Rwanda.
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History and Background
The Rwanda Development Bank was established in 2013 as a result of a merger between Banque National de Rwanda and Banque Commercial du Rwanda.
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The bank's primary goal is to support Rwanda's economic development and growth by providing financial services to the private sector.
Rwanda Development Bank is owned by the Government of Rwanda, with a 51% stake, and the public, with a 49% stake.
The bank's headquarters is located in Kigali, the capital city of Rwanda.
Rwanda Development Bank provides a range of financial services, including corporate banking, investment banking, and microfinance services.
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Bank Structure
The Rwanda Development Bank has a unique structure that sets it apart from other financial institutions. It is a semi-state-owned bank, with the government holding a 51% stake.
The bank's ownership structure allows for a balance between public and private interests, enabling it to fulfill its development mandate while also being financially sustainable.
The bank's management is headed by a Board of Directors, which oversees the overall strategy and direction of the institution. The Board is responsible for ensuring that the bank's activities align with its development objectives.
Ownership

The bank's ownership structure is quite diverse, with a mix of sovereign and corporate entities holding shares.
The Government of Rwanda is the largest shareholder, owning a significant portion of the bank's stock.
Rwanda Public Enterprises and Private Institutions in Rwanda also hold substantial stakes in the bank.
The bank has received investments from international development agencies, including the Agence française de développement (AFD) and the German Investment Corporation (DEG).
Other notable shareholders include the Netherlands Development Finance Company (FMO), Administration Générale de la Coopération au Développement of Belgium (AGCD), and Bank of Tokyo.
Here's a breakdown of the bank's stock ownership:
Subsidiaries
The bank's structure is quite interesting, and one area that's worth exploring is its subsidiaries. The bank has two subsidiaries, which are owned 100%.
One of these subsidiaries is the BRD Development Fund, which is a development fund. It's a specialized entity that focuses on supporting economic growth and development.
The bank also took full control of the Housing Bank of Rwanda in April 2011, renaming it the Development Bank of Rwanda. This move likely allowed the bank to integrate the housing bank's operations and resources more closely.
The bank's subsidiaries are a key part of its overall structure and strategy.
Client and Services

The Development Bank of Rwanda Plc (BRD) is tasked with supporting Rwanda's ambitious development targets set by the Rwandan government.
BRD's mandate includes ensuring the private sector invests in sectors critical to achieving Rwanda's Vision 2050 and the Sustainable Development Goals (SDGs) by supplying affordable, long-term and customised development finance.
BRD sought to achieve these sustainable economic development targets by diversifying its funding sources via capital markets.
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Acquisition
In March 2011, BRD Advisory Services (BAS Ltd) and BRD Development Fund (BDF Ltd) merged to form a new company called BDF Ltd. This merger streamlined the previous mission and improved the efficiency of operations.
The merger was decided by the BRD Board of Directors meeting held on 17 March 2011. The aim was to enhance the quality and range of services and products to be provided by the new company.
The takeover of BHR gave BRD an asset base of over Rwf 72 Billion. This includes Rwf 58 Billion from BRD and Rwf 14 Billion from BHR.
Here are the key dates related to the acquisition:
- MARCH 2011: Merger of BAS and BDF
- 26-APRIL-2011: Acquisition of BHR
Client Challenge

The Development Bank of Rwanda Plc (BRD) is tasked with supporting Rwanda's ambitious development targets, including Vision 2050 and the Sustainable Development Goals (SDGs).
BRD's mandate includes ensuring the private sector invests in critical sectors by providing affordable, long-term, and customized development finance.
To achieve this, BRD sought to diversify its funding sources via capital markets.
The bank has a significant impact on Rwanda's economy, financing about 80% of the country's medium and long-term loan portfolio in productive ventures.
BRD's areas of intervention include various sectors and financial products, which are listed below:
- Agriculture;
- Exports & Manufacturing;
- Student Loans;
- Energy;
- Housing & Infrastructure;
- Digital Economy;
- Social Infrastructure
- Investment Loans;
- Trade Finance;
- Lines of Credit;
BRD is a Public Company Limited by Shares, with a share capital of RWF 57,808,931,000, registered at the Office of the Registrar General, with company code n° 100003547.
RMB's Solution
RMB's Solution was a game-changer for BRD, acting as Joint Lead Manager and sole Sustainability Co-ordinator for their inaugural FRW150 billion Medium Term Note Programme and maiden FRW30 billion sustainability-linked bond issuance.

RMB played a crucial role in structuring the transaction, securing regulatory approvals, and engaging investors for the bond issuance. This expertise helped BRD tap into the local debt capital markets for the first time, diversifying their funding sources.
The bond was partially credit-enhanced by a World Bank facility, which was a key factor in attracting investor participation and setting a new benchmark for sustainable finance instruments in the region.
BRD's innovative approach to market development positioned Rwanda at the forefront of international debt capital market developments, with the issuance being the first SLB issued in Rwanda and East Africa.
Projects and Initiatives
The Rwanda Development Bank has a range of projects and initiatives aimed at supporting economic growth and development in the country. One notable example is the Special Projects initiative, which includes programs such as Access to Finance Grant Facility, Jya Mbere, and Export Growth Fund.
The Special Projects initiative also encompasses other initiatives like Cana Uhendukiwe, Clean Cooking, Gira Iwawe, and Hatana. These projects demonstrate the bank's commitment to supporting various sectors and industries.
The bank also offers Guarantee Funds, which can provide financial security for businesses and entrepreneurs. Capacity Building initiatives are another area of focus, with the aim of enhancing skills and knowledge within the business community. Advisory Services are also available, providing expert guidance and support.
Financial Performance
The Development Bank of Rwanda Plc (BRD) has secured a significant bond programme worth FRW30bn.
This funding will enable BRD to diversify its long-term funding sources by mobilizing public and private capital.
The bond programme effectively links BRD's funding and sustainability strategies, aligning with Rwanda's sustainable economic development objectives.
BRD's commitments to achieving Rwanda's Vision 2050 are reflected in this bond programme, which includes access to finance for women-led SMEs and affordable housing.
The bond programme also drives the implementation of an Environmental and Social Management System (ESMS) across financial sector participants in Rwanda.
RMB played a key role in the bond programme, serving as the Joint Lead Arranger and Sole Sustainability Coordinator.
Sustainability and Finance
Rwanda Development Bank is taking a significant step towards a more sustainable future with its second Sustainability-Linked Bond (SLB) issuance.
The bond aims to raise Rwf30 billion, a part of BRD's broader mission to fund sustainable development projects in Rwanda.
BRD's CEO, Kampeta Sayinzoga Pitchette, explained that this bond is particularly accessible to retail investors, offering an interest rate of 12.90% over a seven-year term.
The bond is available to both Rwandan and foreign individuals and institutions, aligning with BRD's strategy to attract broader participation in Rwanda's financial markets.
A fully digital platform for bond purchases was used for the first time in Rwanda, developed by BK Capital.
This platform represents a major step toward making the bond market more accessible, especially for retail investors.
The funds raised through this bond will be channeled toward sustainability-linked projects that align with Rwanda's Vision 2050, focusing on inclusive growth and environmental sustainability.
BRD's continued focus on sustainability and BK Capital's leadership in developing accessible financial solutions demonstrate the potential for Rwanda's financial markets to expand and attract even more retail participation in the years to come.
Frequently Asked Questions
Who is the CEO of Development Bank of Rwanda?
The CEO of Development Bank of Rwanda is Kampeta Pitchette Sayinzoga, who leads the bank as its Chief Executive Officer.
Sources
- https://www.rmb.co.za/deal/rmb-supports-ambitious-development-outcomes-in-rwanda
- https://en.wikipedia.org/wiki/Rwanda_Development_Bank
- https://link.springer.com/chapter/10.1007/978-3-031-59511-0_6
- https://furtherafrica.com/2024/09/06/development-bank-of-rwanda-issues-second-sustainability-linked-bond/
- https://taarifa.rw/rwanda-development-bank-launches-first-sustainability-linked-bond-to-promote-inclusive-sustainable-development/
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