President Paul Kagame has said that the success of Rwanda’s Eurobond represents investors’ confidence in the country’s steadily growing economy. “Very good news for the country...#Rwandabond, investors are honest judges on our countrys story and progress...they have said it,” the President wrote on his Twitter account. “Congratulations to all that have been working hard to carry it through successfully all this time....#Rwandabond!!! Lets continue forward!” he added. Rwanda’s debut Eurobond of US$400 million was issued yesterday on the Irish Stock Exchange with an issuance coupon rate at 6.625 percent after two days of collecting orders. The issuance of the bond reflects the country’s push towards becoming less dependent on international aid. Having grown consistently at an average of 8.2 per cent over the past five years, Rwanda seeks to become a middle-income economy by 2018. The government has since unveiled the Economic Development and Poverty Reduction Strategy II (EDPRS II) to help accelerate growth, with a target of an average of 11.5 per cent annual growth rate for the next five years.
