Portugal invested more in Rwanda than any other country in 2017

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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

About Aaron Brooks

Aaron Brooks is a UK journalist who wants to cut out the international agendas in news. Spending his early years in both England and Northern Ireland he saw the difference between reality and media coverage at an early age. After graduating from the University of Chester with a BA in journalism, his travels revealed just how large the gap between news and the real world can be. As Editor-in-Chief at East Africa Monitor, it’s his job to provide a balanced view of what’s going on in the region for English-speaking audiences.