Raffles and Rwanda board to mobilise private capital
By the AFREEQUE newsroom, based on Rnanews
Raffles Family Office and the Rwanda Development Board have signed an agreement to mobilise hundreds of millions of dollars in foreign private investment in Rwanda. The partnership will target hospitality, tourism, real estate and infrastructure around Bugesera, Kigali and Musanze, according to Rnanews.
Raffles Family Office (RFO), an Asia-based wealth manager, has signed an agreement with the Rwanda Development Board (RDB), the Rwandan agency responsible for promoting investment, to mobilise private capital for projects in Rwanda. The partnership aims to attract hundreds of millions of dollars in foreign investment in the coming years, according to Rnanews.
RFO plans to approach its network of wealthy individuals, families and private investors in Asia and Africa. The projects concerned include aviation, hospitality, tourism, leisure, real estate and infrastructure in Kigali, Bugesera, Musanze and other parts of the country.
The agreement is part of preparations for the African Formula 1 Grand Prix, which Rwanda is due to host from the early 2030s under a 10-year agreement. A circuit built for the purpose is planned in Bugesera, near Rwanda’s new international airport. RDB Director-General Jean-Guy Afrika described Formula 1 as an investment lever extending beyond the circuit itself, Rnanews reports.
The announcement follows the publication, on 22 October, of a target to raise hundreds of millions for Formula 1-related projects. It clarifies Raffles Family Office’s role in mobilising private investors around these projects.
