The Government of Rwanda has announced plans to raise FRW 10 billion through a 10-year treasury bond, as the country shifts its financing focus to domestic markets in the face of tightening external credit and growing public debt.
Rwanda is set to issue a 10-year fixed coupon treasury bond, FXD 9/2025/10YRS, on April 23, 2025, in a move to support national infrastructure development and strengthen local capital markets. According to the National Bank of Rwanda (BNR), the bond will mature on April 13, 2035, with interest paid semi-annually beginning October 24, 2025.
The bond offering comes at a time when Rwanda faces growing fiscal pressures following recent European Union sanctions and a steady rise in public debt. The government sees domestic borrowing as a strategic alternative to sustain development while navigating tighter international financing.
Open to both resident and non-resident investors with a Central Securities Depository (CSD) account, the bond has a minimum investment threshold of FRW 50 million for competitive bids and FRW 100,000 for non-competitive bids. The interest rate will be determined via book-building, which closes at 4:00 PM on April 23, with settlement scheduled for April 25.
“The allotment process will cater to both retail and institutional investors, following EAC common market protocols,” BNR said in its prospectus.
The Ministry of Finance and Economic Planning reports Rwanda’s public debt rose to 68.4% of GDP by the end of 2024, up from 65.7% the previous year. The increase is driven by large-scale spending on infrastructure, essential services, and regional security initiatives.
Despite these challenges, international rating agency Fitch maintained Rwanda’s long-term foreign-currency issuer default rating at ‘B+’ with a stable outlook in late 2024, citing solid governance and prudent macroeconomic management. However, Fitch also flagged growing risks linked to donor fatigue and regional instability.
Rwanda’s latest bond issuance is seen as both a fiscal necessity and a confidence-building measure for investors amid regional and global financial uncertainty. It also aligns with government ambitions to deepen domestic capital markets and build financial resilience.
With proceeds directed toward key development priorities, Rwanda’s bond market is once again positioned as a tool for sustainable growth—albeit under tighter financial condition
