The Chief Executive Officer of Rwanda’s Capital Market Authority, Romeo Ngarambe said the listing of Development Bank of Rwanda’s third Sustainability-Linked Bond on the Rwanda Stock Exchange reflects growing investor confidence in Rwanda’s capital market.
The Development Bank of Rwanda (BRD Plc) has officially listed its third Sustainability-Linked Bond (SLB) on the Rwanda Stock Exchange (RSE), marking a major milestone in Rwanda’s journey toward sustainable finance.
Speaking at the listing ceremony, CEO Ngarambe said the transaction shows the market’s capacity to mobilise long-term finance for projects that support national development.
The listing follows an exceptionally successful primary market phase, which closed on 2 April 2026 with a record-breaking 126.2% subscription rate.
“This listing marks another vote of confidence in Rwanda’s capital market and its capacity to mobilise long-term finance for projects that support national development,” CEO Ngarambe said. He added that “This transaction demonstrates that Rwanda’s capital market can support institutions with strong governance, clear purpose and credible financing needs.”
The Minister of State in Charge of National Treasury in the Ministry of Finance and Economic Planning, Godfrey Kabera noted “The sustainability-linked bonds issued by BRD are more than financial instruments; they are a statement of intent, signaling Rwanda's determination to mobilize capital toward projects that generate measurable outcomes and drive inclusive development.”
The Chief Executive Officer of the Development Bank of Rwanda (BRD), Stella Rusine Nteziryayo said "The 126.2% subscription is a powerful sign of investor confidence in BRD’s ability to drive Rwanda’s development, and we remain committed to ensuring these sustainability targets deliver measurable impact for all Rwandans."
The CEO of Rwanda Stock Exchange, Pierre Célestin Rwabukumba remarked "The listing of the BRD Sustainability-Linked Bond is a strong reminder that finance can be a force for good. Capital markets can drive not only economic growth, but also sustainable and inclusive progress."
The bond issuance, part of BRD’s Frw 150 billion Medium-Term Note (MTN) Programme, successfully raised over Frw 29 billion against an initial target of Frw 23 billion.