Portugal invested more in Rwanda than any other country in 2017
Rwanda Development Board (RDB) has revealed that Portugal was the largest external investor in the country in 2017 – accounting for 23.8% of the top ten foreign investors last year.
Portuguese firm Mota Engil Engenharia e Construcao Africa is behind Portugal’s jump up the list of nations investing in Rwanda. The company invested $400 million for construction of Bugesera International Airport whose first phase is set to be completed next year.
Portugal becomes Rwanda’s largest investor
The ambitious plans for Bugesera International Airport, which will cost an estimated total of $800 million, will be Rwanda’s largest international airport by the time it is completed in 2020. Portuguese firm Mota Engil is reported to have a 75 percent shares in the project while Rwanda’s Aviation Travel and Logistics Holding Ltd (ATL) holds the remaining 25 percent shares.
This project puts Portugal at the top of the list of Rwanda’s foreign investors for 2017, according to RDB.
The same report says European nations invested a total of $713.4 million in 2017 representing 42.6% of the total $ 1.67 billion registered from 137 investment commitments.
Portugal is the single largest contributor of investment followed by the UK, which injected $203.1 million of investment into the East African Nation in 2017.
Featured image: By Jojongenda – Own work, CC BY-SA 4.0, https://commons.wikimedia.org/w/index.php?curid=48662821