introducing Ruanda

1. 0
Invest in Remarkable Rwanda

2. 1
Rwanda at
a glance Population size
12.1 million
Official languages
Kinyarwanda,
French, English, Swahili
Literacy/Employment
70.5% / 83.3%
Currency/exchange rate
Rwanda Francs (RWF)
~RWF 847/USD
Govt. & Parliament
Presidential republic
Bicameral parliament
GDP per capita
USD 729 per capita
GDP (6 yr growth)
USD 8.1bn (7.3% p.a.)
Ratings
B+, “stable” - Fitch
B, “stable” - S&P
Sources: World Atlas, World Bank, Fitch, S&P - all 2016 except: population and Fitch rating 2017, exchange rate 2018

3. 2
Rwanda is ...
... low risk
... business friendly
and modern
... a regional
platform
... fast growing
... home to rich
natural advantages
Safe and secure – 5th safest country to walk at night worldwide
Stable – lowest debt ratio in region; stable credit ratings
High level of governance - #1 govt. transparency in Africa
Free trade agreements with ~50 countries
Preferential access to immediate proximity market of 60m
Strong African hub potential; highly connected African airline
3rd MICE ranking in Africa; +18 ranks in 3 years
2nd fastest growing economy in Africa; 2nd FDI/GDP in region
Most improved nation in human development in the world
2nd for doing business in Africa; 6hr business registration
Growing bilingual and educated workforce (~47,000 grad./yr)
Modern – 95% network coverage; 4th in global gender equality
Rich raw material availability; 17+ agri-inputs
Highest gorilla population in Virunga Massif; 1.2m tourists

4. 3
...with solid fundamentals
fueling development
Steep FDI growth, sign of confidence
in continued growth
• +13% in 2016 vs. -7% on average in
Sub-Saharan Africa
Numerous active international
institutions, foundations & NGOs,
supporting the region's economy
…embedded in Africa’s fastest-
growing region…
3.4%
3.6%
SSA
average
3.3%
5.3%
5.7%
6.0%
4.0%
4.3%
4.3%
10.2%
6.2%
6.8%
7.3%
Ethiopia Kenya
Tanzania
Malawi
Rwanda Uganda
Ivory
Coast
EA average Nigeria Morocco
Algeria Egypt
Average GDP growth 2010-2016 (%)
Source: The World Bank; UN Conference on Trade Development; Press Search; BCG Analysis
EA is the fastest-growing African region...
East Africa Other
Regional Market

5. 4
• Made business registration easier by improving
the online registration one-stop shop and
streamlining post-registration (e.g.: VAT
registration online)
• Made it easier to register property by introducing
effective time limits and increasing the
transparency of the land administration system
• Made trading across borders easier by removing
the mandatory pre-shipment inspection for
imported products
• Made enforcing contracts easier by introducing an
electronic case management system for judges
and lawyers
Rwanda – #2 in Africa for Ease of Doing
Business
63.6
65.2
60.4
64.5
77.5
64.9
64.9
73.5
67.9
59.9
Mauritius Kenya Tunisia
Rwanda South
Africa
Morocco Namibia
2018 Top 10 African Ease of Business countries (DTF score1)
1. The distance to frontier measures the distance of each economy to the “frontier,” which represents the
best performance observed on each of the indicators across all economies
Source: The 2018 World Bank report; RDB
In Africa, Rwanda is ranked the 2nd easiest place to
do business…
Botswana Zambia Lesotho
…thanks to significant improvements
in some indicators
Stable & business friendly

6. 5
2nd for Ease of Doing Business in Africa: Business envornment
improvements through 41 business reforms implemented since 2007
• Company Act
• Insolvency Law
• Labor Law
• Electronic Transaction Law
• Credit Information Systems Law
• Intellectual Property Law
• Law Of Contract
• Arbitration Law
• Capital Market Law
• Special Economic Zones Law
• Competition and Consumer
Protection Law
• Investment Code
• Land Law
• Created RDB by merging 8
government institutions to
create
RDB’s One-Stop Shop
• Credit reference
bureau created
• Commercial courts established
• Kigali International Arbitration
Center established
• Association of engineers and
architects formed
• Free online registration for
all companies
• Online registration of mortgages
(both movable and immovable)
• Online application and processing of
construction permits
• Online filing of taxes and e-payment
• M-declaration and payment of taxes
for SMEs
• Integrated Court Cases
• Management Systems
• Automated land management system
• Universal Visa regime
Legal Reforms Institutional reforms Automation
Source: World Bank Ease of Doing Business Report

7. 6
Economic Transformation from predominant agriculture to
services and industry
Services now
account for
about half of
all economic
activity – yet
agriculture
still a key
sector
14%
17%
44% 48%
30%
0
100
20
40
80
60
38%
4%
%
2005 2016
Agriculture
Industry
Services
Subsidies
5%
Source: RDB
Breakdown of Rwanda's GDP by sector (%)

8. 7
... Population growing at 2.5% on
average in the last two decades
GDP per head growing at a higher
rate (9.2% average since 2002 to
2017)
Rwanda aims to reach a middle
income status ($1240 per head) by
2032 and high income status in 2050
Rwandan population is projected to
increase to 16.9 million by 2032
Rwanda : growing population,
increasing purchasing power
Source: Rwanda Domestic market recapturing strategy
242
774
7.5
11.8
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
0
100
200
300
400
500
600
700
800
900
1999 2002 2005 2008 2011 2014 2017
GDP per head (in current US dollars) Total population (millions)
Population and GDP per capita evolution in the last two decades
Rwandan market

9. 8
...driven by fast rising access to electricity
22%
2010
2005 2015
4%
11%
40%
2020
32%
2025
Picture: Solar field at the Agahozo Shalom Youth Village in Rwanda. Photographer: Sameer Halai
Source: NISR, Africa Development Bank, Mininfra, RDB + BCG analysis
x2
increase in installed
capacity from ~200
MW in 2016 to 500
MW in 2024
Rwandan market
Access to electricity (% of population), 2005-2025

10. 9
Identifying talent: Readily available skills base of
~47,000 graduating students per year
Polytech
20k
VCT
7k
18k 47k
Total
2k
Graduate
Undergrad
Top tier universities
have established
branches in Rwanda
Note: VCT = vocational training (up to three 3 years); Graduate includes advanced degrees, masters, PhD
Source: Rwanda Ministry of Education; UN
Breakdown of total
ICT: ~2,500
Sciences: ~1,200
Engineering: ~2,600
Business & Law: ~2,200
Agri: ~2,700
Health: ~7,700
Education: ~7,400
Arts: ~1,200
Social sciences: ~19,400

11. 10
90k students are enrolled in 3 TVET programs while,
producing 40k graduates each year
18,471
90,015
10,420
Total TVET
61,124
Vocational
Training
(level 1 + 2)
Polytechnics
(level 6, 7)
Technical
Secondary
(level 3, 4, 5)
TVET enrollment by program
17,351
40,694
21,284
Series
Total TVET
Vocational
Training
(level 1 + 2)
Technical
Secondary
(level 3, 4, 5)
Polytechnics
(level 6, 7)
2,059
TVET graduation by program
Source: Ministry of Education, 2017 Educational Statistics

12. 11
74% of all students are in Construction, Technical
Services, Business and ICT
24,358
90,015
448
Arts & Crafts
Beauty & Aesthetics
Technical Services
Manufacturing & Mining
Business Services
437
Energy
Total TVET graduates
18,277
192
Media & Film Making
1,979
Construction & Building Services
Water Mgt & Sanitation
13,774
Hospitality & Tourism
9,901
Agriculture & Food Processing
9,062
ICT
6,299
5,275
13
Source: Ministry of Education, 2017 Educational Statistics

13. 12
Rwanda has achieved remarkable progress and development in
leisure tourism ...
~95%
increase
88,200
park visits
~110%
increase
9,900
hotel rooms
~95%
increase
167
flights per week
~80%
increase
1,200,000
total visitor arrivals
6 yr change
2017 achievement
Source: RDB Tourism
New tourist sites developed/to be developed since 2016
Already up and running ...
2016 Amakoro Songa Lodge
2016 Five Volcanos
2017 Wilderness Bisate Lodge
2017 Singita Kwitonda Lodge Groundbreaking
Coming soon ...
2017 Gihaya Island, Rusizi District resort hotel
2018 One and Only Nyungwe House refurbishment
2018 One and Only Gorilla Nest Lodge and Golf Resort

14. 13
... realized through a supportive, attractive & exciting product
offering
Global visa free regime... ...supportive ecosystem... ...exciting sights & activities
Global visa free regime
kicked off in January 2018 –
visa on arrival for all
Network of international
standard hotels and
increasing flight network
Activities range from natural
(e.g. gorilla visits) to man-
made (e.g. cycling)

15. 14
Rwanda has differentiated its MICE offerings, rapidly becoming a
top MICE destination in Africa
Gaining traction as a MICE destination ... ... with many important global events hosted
#3
#7
#13
#21
2013 2014 2015 2016
Rwanda ICCA Africa ranking
(meetings based)
• Forum for Agriculture Research in Africa
• The Global Africa Investment Summit
• Meeting of the Partners to the Montreal Protocol
• Africa Carbon Forum
• Africa Hotel Investment Forum
• The World Academy of Sciences
• African Union Summit
• Transform Africa Summit
• ...
2017
2018
Source: International Congress and Convention Association report 2016

16. 15
Rwanda is increasingly connected globally and within Africa;
enabling exports and travel for business and leisure
Amsterdam
Brussels
London
Dubai
Addis Ababa
Doha
Entebbe
Abidjan
Accra
Cotonou
Johannesburg
Bujumbura
Brazzaville
Nairobi
Dar Es Salaam
Kilimanjaro
Mombasa
New York
Beijing
Mumbai
Existing direct connections to Kigali
Planned direct connections to Kigali
Source: Rwanda Civil Aviation Authority, Expedia
Cape Town
Harare
Lusaka
Kamembe
Libreville
Douala
Lagos
Abuja
Guangzhou
Cyangugu
Juba
Istanbul

17. 16
Rwanda, ready
platform for business
A resourced, connected platform

18. 17
Several strong
global and
regional brands
have already
invested in
Rwanda ...

19. 18
Rwanda has an enabling foreign investment environment
#2 in Africa for Ease of
Doing Business1 and
Global Competitiveness2
#4 least corrupted
Country in Africa
Digitalized & efficient
administration (only 6h
to register a business)
Highly digitalized and
efficient administration
(6 hours to register a
business)
Free business registration
One-stop center for
investors with dedicated
investment acceleration
team & investor
aftercare services
Government of Rwanda
proactively targeting
Made in Rwanda
products to curb import
bill
No restrictions to
foreign ownership
No restrictions on
capital flows
Visa-on-arrival for all
nationalities
Business friendly
regulation
Multiple incentives –
largely for exporters
Efficient,
supported processes
Commitment to
foreign ownership
Preferential corp. income
tax rate (15% if 50%
exported, 0%3 for >80%
exports outside EAC)
Accelerated first year
depreciation rate 50%4
15% preference in public
procurement bids5
Lowered duty6 on inputs;
duty-free imports of
machinery & raw materials
1. World Bank; 2. WEF; 3. ; 7 year tax holiday can be granted subject to investing $50m in business assets with 30% equity; 4. Subject to investing
USD50k in business assets; 5. if local value addition >30% for products manufactured in Rwanda ; 6. In accordance with EAC customs reg.
Source: Investment Promotion Law (2015); Made in Rwanda Policy (2017), RDB Investors Presentation
Stable & business friendly

20. 19
Housing/real estate
Manufacturing
Tourism
BPO and ICT
Agriculture and agro-
processing
A wide range of investment opportunities in Rwanda's
economic sectors
Mining and quarrying Energy/water Infrastructure
Knowledge Finance

21. 20
Rwanda has privileged access to markets via four diverse free
trade agreements
EAC free trade agreement
East African Community
COMESA free trade agreement
Common Market for Eastern and
Southern Africa
Regional agreements Intercontinental agreements
Everything but Arms agreement
European Union
AGOA free trade agreement
United States of America

22. 21
... and can be accessed duty free with a logistics advantage vs.
other regional capitals
Full duty free access1 to proximity markets thanks to free trade agreements
• EAC membership (Uganda, Tanzania, Burundi)
• COMESA membership (DRC)
Kigali
Kinshasa
1. Some exemptions to the duty free rule can be applied on a case by case basis by member Countries on sensitive goods (e.g.: wheat flour)
Source: Press Search
Rwanda
DRC
Uganda
Tanzania
Rwanda's preferred access
Burundi
Dar-Es-Salaam
Kampala

23. 22
...with growing demand for
motorbikes, cars & commercial
vehicles
50
94
46
14
73
9
2011
2016
Number of registered vehicles, '000
Source: NISR Statistical Yearbook, RDB + BCG analysis
CAGR +14% +10% +10%
Vehicles Market Size

24. 23
…currently host to a market of ~5m vehicles
Rwanda
Burundi
Ethiopia
Kenya
Uganda
Source: RRA (2017), OICA, Ugandan MoWT, KNBS, TRA, RDB + BCG analysis
Regional Market
Tanzania
# registered vehicles, in ‘000s (2015 or 2016)
94 73
14
490
150
340
20
43
n/a
90
65
n/a
848 848
534
1.048
140
240

25. 24
East Africa – A 300 Mn people, ~$2.7 Bn vehicles market…
A ~300 Mn people consumption pool1 in EAC
+ Ethiopia growing at 3% p.a.
A ~$ 2.7 Bn EAC market for Vehicles & Parts
Tanzania
Rwanda
Burundi
Ethiopia
Kenya
Uganda
11
9
2016
2011
11
2016
12
2011
42
35
2016
2011
90
2016
102
2011
49
43
2016
2011
56
48
2016
2011
Note: 1. NF estimated market size from back of the envelope analysis conducted with available data
Source: UN, Comtrade; RDB Analysis
East Africa Vehicles & Parts market size, 2015-17
Average ($ M)
+3%
+3%
+3%
+3%
+3%
+3%
235
903
Total
Trailers
Buses
Tractors Motos
2.712
Tyres
Cars Trucks Parts
557
315
165
309
99
129
Regional Market

26. 25
East Africa – A 300 Mn people, $2.2 Bn electronics market…
A ~300 Mn people consumption pool1 in EAC
+ Ethiopia growing at 3% p.a.
A $2.2 Bn EAC market for the top 10 electronics
products (in Mio US$), 2015-17 Average
Tanzania
Rwanda
Burundi
Ethiopia
Kenya
Uganda
11
9
2016
2011
11
2016
12
2011
42
35
2016
2011
90
2016
102
2011
49
43
2016
2011
56
48
2016
2011
Note: 1. NF estimated market size from back of the envelope analysis conducted with available data
Source: UN, Comtrade; RDB Analysis
+3%
+3%
+3%
+3%
+3%
+3%
Regional Market

27. 26
Examples of Regional
infrastructure projects
Examples of Local
infrastructure projects
Source: Government of Rwanda, Mininfra, RDB
• Bugesera international airport
• Express way from Kigali to
Bugesera Airport (EWBA)
• Bus Rapid Transport Lines (BRT)
for Kigali City
• Bypass roads in 6 secondary
cities
• Mombasa – Kampala-
Kigali Railway
• Eldoret – Kampala – Kigali
Oil Pipeline
• Dar Es Salaam Isaka –
Kigali Railway
Key regional and local infrastructure projects in pipeline also (will)
create a huge demand for construction materials

28. 27
Highly-serviced
land offering
incentives &
subsidies
EPZ1 status (export
>80% outside EAC)
Kigali Special Economic Zone (KSEZ) provides
a platform for businesses to flourish ...
• EAC EPZ status and
benefits
• No import duty on
inputs & equipment
• Free trade conditions
• Min. govt. processes
Incentives and
subsidies
• Subsidized plot rate
• 30% down payment
• 2 year grace period
with 10% int. (PII = 1
year with 15% int.)
Expedited and
serviced land
• Phase I – 98 ha
• Phase II – 178 ha
• Phase III - ~153 ha (in
plan)
• Roads, water, elec...
1. Export Processing Zone
Infrastructure

29. 28
Additional nine SEZs have been mapped and land dedicated
for development
Nyagatare
• 50 Ha park, fully expropriated
• Feasibility and engineering
study complete
Kicukiro SME Park
• 43.2 Ha park,
• Feasibility and engineering
• study complete
• Construction works for murram roads
started
Rwamagana
• 80 Ha park
• Feasibility and engineering
study complete
• Expropriation completed on 50Ha
• Ring road completed
Bugesera
• 330 Ha park, fully expropriated
• Feasibility and engineering study
complete
• Construction of phase I, 100 ha is at 40%
Musanze
• 164 Ha park, not yet expropriated
• Not yet expropriated
• Engineering studies completed
Nyabihu
• 44 Ha park, fully expropriated
• Feasibility and engineering study complete
• Zoning and demarcation complete
Muhanga
• 63 Ha park, not yet expropriated
• Feasibility and engineering study complete
• Not yet expropriated
Rusizi
• 45 Ha park, fully expropriated
• Feasibility and engineering
study complete
• Zoning and demarcation complete
Huye
• 50 ha park, fully expropriated
• Feasibility and engineering
study complete
• Zoning and demarcation complete
Musanze
Nyagatare
Nyabihu
Muhanga
Kigali special
economic zone
Rwamagana
Bugesera
Huye
Rusizi
Most advanced
Infrastructure

30. 29

31. 30
Rwandan Companies attending the Conference
Name
of
Co.
SICAF
Manufact.
Quincaillerie
Le Grand
Quincaillerie
BETA
Country Inn Aqualia BOFU
Dimensions
technologies
MJF Quality
Geo Survey
international
Urukumbizi
company
Sector
Focus
Energy Construction
materials
Construction
materials
Tourism Construction
materials
ICT Textiles &
garments
Construction
Engineering
Real
estate/Afforda
ble Housing
Areas
of
Interest
Energy
development.
Renewable
energy &
manufacturing
Manufacturing
of construction
materials,
electrical
appliances
Manufacturing
of construction
materials,
electric
appliances
Hotel
management &
expansion
Manufacturing
of electric
appliances and
construction
materials
Electronic
manufacturing
& assemling
Manufacturing
of textiles &
garments
Construction &
civil
engineering
Affordable
housing,
commercial
real estate
Products
Solar Products,
electrical
appliances
Cables, wires,
Hollow
sections.
Pipes, steel
bars
Steel bars,
Hollow
sections,
rebar, electric
cables
Hotel and
Accommodatio
n services
Hollow
sections,
rebar, steel
bars, electric
cables
Electronics
(phones,
laptops, Air
conditioners,
white goods,
refrigerators
Uniforms, t
shirts,
trousers,
shirtts
Real estate ,
Geo survey &
mapping
Affordable
housing