The government of Rwanda, through the National Bank of Rwanda (BNR), has launched a Rwf 10 billion treasury bond with a 10-year maturity period, the central bank announced Tuesday.
The bond auction opened April 22 and will close on April 24, 2025.
According to BNR, proceeds from the bond will support national infrastructure development and deepen Rwanda’s capital markets. Treasury bonds are a financial tool used by governments to raise funds for development initiatives.
Based on funding needs, the government determines the value of bonds to be issued and makes them available to investors — often promoted as a long-term saving opportunity for those looking to earn returns over time.
When someone purchases a treasury bond, they are effectively lending money to the government in exchange for regular interest payments and full repayment at the end of the bond’s term.
Rwanda began issuing treasury bonds in 2008. While early participation was largely limited to financial institutions and insurance companies, individual investors have increasingly entered the market, especially following an intensive public awareness campaign that began in 2014.
Demand continues to rise. During the 2023/2024 fiscal year, the average subscription rate for bond auctions reached 154%, according to central bank data.
In December 2024, the government also issued a Rwf 20 billion bond with a seven-year term, signaling strong and sustained investor interest.
