President Paul Kagame has said there are untapped investment opportunities in Rwanda’s housing, tourism and agribusiness areas.
He said greater public-private partnership can help tap into the opportunities to speed up economic growth as a whole particularly the service sector.
The Head of State was speaking at the two-day Development Finance Forum (DFF) launched in Kigali, Tuesday.
Organised by the World Bank Group, the forum seeks to help global public and private sector leaders to explore and demonstrate strategies to boost private sector investment in East Africa’s priority sectors, notably, housing, agriculture and tourism.
Kagame said that public development funding is increasingly scarce whereas “prosperity is generated when government and business are working well together.”
“Public-private collaboration is also the driver of recent achievements at the level of the African Union particularly the Continental Free Trade Area. The inclusion of business leaders at African Union Summits is now routine and that is making a difference to the quality of dialogue,” he said.
Citing Africa’s partnership with the World Bank Group’s institutions, President Kagame said Africa still has a long way to go but the necessary partnerships are in place.
“But despite the strong prospects we are far from tapping the full potential or even meeting existing demand for affordable high-quality products,” he said.
“In the global context, there is an excess of capital looking for profitable ventures such as these as we all know. Yet in Africa, there is a chronic deficit of large-scale investment funding. That is what we are here to address in practical terms.”
This year’s forum marks the fourth edition of the event, and was attended by more than 300 participants, including representatives of governments, and leading companies.
World Bank reports that it has $844 million worth of projects in Rwanda and contributed on behalf of Rwanda more $204 million in regional projects.