Rwanda’s new entrepreneurship policy: Here's what you need to know

Rwanda recently unveiled a new entrepreneurship development policy which is expected to address challenges faced by entrepreneurs in the country. To understand how it differs from the previous policy of 2010, CNBC Africa spoke to Sam Kamugisha, Director General for Industry Promotion and Entrepreneurship Development at the Ministry of Trade and Industry.

Mon, 07 Dec 2020 10:28:21 GMT

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AI Generated Summary

The new entrepreneurship policy in Rwanda focuses on seven pillars, including human capital development, creating a conducive business environment, ensuring access to finance, promoting technological advancements, and fostering an entrepreneurial mindset.
Specific policy interventions target challenges faced by small and medium enterprises in accessing finance, such as creating a special fund and encouraging venture capital investments.
Rwanda's strategic industrialization efforts, coupled with the phasing out of second-hand clothing imports, have led to significant growth in the garments export sector, contributing to the country's economic development and job creation.

Rwanda recently unveiled a new entrepreneurship development policy aimed at addressing the challenges faced by entrepreneurs in the country. The new policy, which supersedes the previous SME development policy of 2010, is designed to bolster the growth and development of the entire entrepreneurial ecosystem. To shed light on this groundbreaking initiative, CNBC Africa's Steve Mooney sat down with Sam Kamugisha, the Director General for Industry Promotion and Entrepreneurship Development at the Ministry of Trade and Industry. Kamugisha provided an overview of the key components of the new policy, highlighting its focus on seven pillars that are essential for fostering a thriving entrepreneurial environment. These pillars include developing human capital and management, creating a conducive business environment, ensuring access to finance for entrepreneurs, fostering technological advancements, and nurturing an entrepreneurial mindset among Rwandans. The Director General emphasized the need for a holistic approach to entrepreneurship, involving various stakeholders and components to drive innovation and creativity in the sector. In addition to discussing the policy's broad objectives, Kamugisha also addressed specific challenges faced by small and medium enterprises in accessing finance. He outlined policy interventions aimed at addressing these issues, such as creating a special fund and encouraging venture capital investments to support businesses that lack collateral for traditional bank loans.