Rwanda passes revised investment code to attract foreign investment

Rwanda has taken significant strides towards becoming a financial hub in Africa by adopting critical laws aimed at attracting foreign direct investment into the country. The revised investment code, along with other key legislation, seeks to create a conducive environment for international and regional investors to leverage the country as a financial services hub and a leading financial center for investment in Africa. CNBC Africa recently interviewed Hortense Mudenge, the Chief Operating Officer at Rwanda Finance Limited, to discuss the impact of these new laws on Rwanda's financial sector. The revised investment code, one of the key laws recently passed through Parliament, has been amended to include more incentives for financial actors and investors. This amendment aims to attract more international and regional investments by offering a competitive investment climate and a wide range of financial products and services. The law on mutual legal assistance and criminal matters, another critical piece of legislation, enhances transparency and connectivity with other jurisdictions to combat criminal activities. These laws play a crucial role in positioning Rwanda as a viable option for investors looking to structure their operations in the country. The Company Act has also undergone revisions to align with international best practices, offering protection and incentives for companies choosing to establish themselves in Rwanda. Additionally, the Partnership Law has been updated to introduce limited liability partnerships, making it more attractive for international and regional organizations to structure their fund entities within the jurisdiction. By benchmarking against global standards and reviewing laws in other international financial centers, Rwanda is ensuring that its legislative framework remains competitive and appealing to investors. As Rwanda prepares to launch the Kigali International Financial Center in June, these laws set the stage for the country to emerge as a key player in the African financial landscape. The reforms aim to enhance Rwanda's compliance with international standards, promote a conducive investment climate, and provide incentives that rival those of established financial centers across the globe. Overall, the revised investment laws signify Rwanda's commitment to fostering a thriving financial sector and attracting foreign investment to drive economic growth and development in the country.