Rwf investing funds
Grants and co-investments supported acquisition of new capital equipment, such as processing equipment, expansion of supply chains, and training and technology adoption to meet market quality standards. Matching grants and technical assistance are two common interventions deployed to help agribusinesses grow, though there is great heterogeneity in how they are implemented across countries and projects. Data Sources and Analytical Methods Data Sources We aggregated data from the following three sources into a central database, which was then used for analysis.
All businesses that received grant capital or business development service support from PSDAG were required to report quarterly on a set of pre-determined indicators a full list of PSDAG indicators is included as Appendix A. We aggregated this quarterly data into annual results for a series of indicators, such as value of domestic and export sales, value of gross farm income, number of supplying farmers, and value of agricultural credit accessed.
The data were collected on an ongoing basis from to Grantee reporting was only required for a 2-year period, which would not capture returns to major capital investments often realized over a longer time horizon. Additionally, PSDAG only captured the sales value of agricultural commodities, excluding the sales of services provided e. Because of these limitations, we collected additional data from the following two sources. Online Business Survey The online business survey was designed in Office Forms and supplemented our understanding of grantee sales, financing accessed, investment, and employment before, during, and after the grant.
The full questionnaire is available as Appendix B. The survey response rate was 70 percent. One respondent did not write their name in the survey, and their business data were inconsistent with any enterprise information we had from other sources; thus, it was excluded from the database. We recognize that the potential for bias among these respondents, because those who received the most benefit from participating in the VCCF may be most likely to respond.
The data from the online business survey were valuable in providing supplementary data, particularly for sales. However, it also had limitations. For example, businesses were reticent to provide some sensitive or proprietary data through an online platform, so questions about profit margins and interest rates were removed to maintain a high response rate. The survey also identified businesses willing to engage in more in-depth discussions.
Of the businesses that indicated in the online survey that they were interested in discussing their experience further, RTI researchers interviewed 16 in May and June of The interview questions included the interest rate and profit margin information missing from the above data collection methods, as well as qualitative information related to our research questions: how the business did or did not benefit from the engagement; which ancillary PSDAG services did they access; and are they poised for future growth and additional investment.
The survey questionnaire used within the in-person interviews is available in Appendix C. Additional grants were made to cooperatives and associations, but these types of organizations have a dual focus on service provision and member support, which differentiates them from the profit-seeking businesses.
We use only the costs attributable to a specific firm, which include the value of the grant and any technical assistance or business development services contracted for that firm. There are additional associated costs to USAID—for example, project staff required to administer the fund and informal technical assistance—which cannot be disaggregated by grantee and therefore were not included in the calculations.
For each method, we are limited to analyzing only the sub-sample of firms that reported the relevant data. Because different firms had different reporting requirements, we use different sub-samples for each analysis. Figure 1 illustrates the five different sub-samples and how the total 45 firms analyzed overlap across them. Methods: Social Return on Donor Investment Donors goals do not typically match those of an investor or financier who may focus purely on business performance.
We calculate average cost to USAID per farmer reached by dividing the total VCCF expenditure on firms required to track farmers by the number of farmers reached, as reported by those firms. Although the number of farmers reached is a metric often tracked by donors, it does not alone convey any ROI in terms of impact, because farmers can be reached in any number of different ways.
We therefore also analyzed the income of the farmers reached by VCCF-supported firms. To determine the ROI in terms of farmer income, we divided total farmer income from firms required to track it by the amount of VCCF funding received by those firms. We also disaggregated this analysis by firm size and their focus crops. To calculate returns to the business, we used sales as recorded during For those grantees that stopped reporting before , we used the latest reported year or The SEZ policy was revised in Under the new policy, foreigners and locals may only lease land formerly, foreign investors were able to purchase land outright in SEZs.
Priority sectors include horticulture, agro-processing, and manufacturing. The facility has three windows: an investment catalyst fund, a matching grant fund for market entry costs, and an export guarantee facility. Investment catalyst funds support private sector investments in export-orientated production through a 6. The matching grant fund provides grants 50 percent of the need for expenditure on specific market entry costs export strategy elaboration, export promotion, compliance with standards, etc.
The export guarantee component is not yet operational. The facility supports both locally- and foreign-owned companies in Rwanda; at least one American company has already received a loan. BDF works with banks to provide guarantees between percent of required collaterals. UK Aid and other donors have invested in the fund. Lending under the first three windows is through banks, while the fourth one is through Microfinance Institutions MFIs.
The monies were not made immediately available, and sources of the funding have not been disclosed. Performance and Data Localization Requirements There is no legal obligation for nationals to own shares in foreign investments and no requirement that shares of foreign equity be reduced over time. However, the government strongly encourages local participation in foreign investments.
There is no requirement for private companies to store their proprietary data in Rwanda. IT companies dealing with government data cannot store it outside Rwanda or transfer it without GOR approval. There is no formal requirement that a certain number of senior officials or board members be citizens of Rwanda unless as a pre-condition to benefits from increased investment incentives.
For example, the Investment Code specifies that for an international company that moves its headquarters or regional office to Rwanda to be able to recruit any number of required managerial, professional, and technical foreign employees, at least 30 percent of professional staff must be Rwandan. A preferential corporate income tax rate of three percent is granted to collective investment schemes, special purpose vehicles and pure holding companies if at least 30 percent of their professional staff are Rwandans and at least two professional or qualified Rwandan residents are members of their board of directors.
There is no legal requirement that investors must purchase from local sources or export a certain percentage of their output, though the government offers tax incentives for the latter. Unless stipulated in a contract or memorandum of understanding characterizing the purchase of privatized enterprises, performance requirements are not imposed as a condition for establishing, maintaining, or expanding other investments. Such requirements are imposed chiefly as a condition to tax and investment incentives.
The GOR is not involved in assessing the type and source of raw materials for performance, but the RSB determines quality standards for some product categories. Protection of Property Rights Real Property The law protects and facilitates acquisition and disposition of all property rights. Investors involved in commercial agriculture have leasehold titles and can secure property titles, if necessary. The Investment Code states that investors shall have the right to own private property, whether individually or collectively.
According to the land law, foreign investors can acquire real estate, though there is a general limit on land ownership. Freehold is granted only to Rwandan citizens for at least five hectares However, according to the October draft law, freehold tenure will continue for Rwandan citizens on lands of at least two hectares five acres and, under a Presidential Order, freehold tenure for foreigners will be approved for exceptional circumstances strategic national interest investments.
The GOR will increase long-term leases emphyteutic lease in residential and commercial areas for both citizens and foreigners acquiring land through private means to 99 years compared to the current 20 and 30 years, respectively. While local investors can acquire land through leasehold agreements that extend to 99 years, the GOR has limited the lease period for foreigners to 49 years, in some cases.
Such leases are theoretically renewable, but the law is new enough that foreigners generally have not yet attempted to renew a lease. Mortgages are a nascent but growing financial product in Rwanda, increasing from properties in to 13, in , according to the RDB. In , RDB reported registering 16, mortgages in A registration service agency, which is part of the RDB, was established in and has improved IP right protection by making the registering of all commercial entities and facilitating businesses identification and branding possible.
The RDB registers intellectual property rights, providing a certificate and ownership title. Every registered IP title is published in the Official Gazette. The fees payable for substance examination and registration of IP apply equally for domestic and foreign applicants.
From , any power of attorney granted by a non-resident to a Rwandan-based industrial property agent must be notarized previously, a signature would have been sufficient. Registration of patents and trademarks is on a first time, first right basis so companies should consider applying for trademark and patent protection in a timely manner.
It is the responsibility of the copyright holders to register, protect, and enforce their rights where relevant, including by retaining their own counsel and advisors. Through the RSB and the RRA, Rwanda has worked to increase protection of IP rights, but many goods that violate patents, especially pharmaceutical products, make it to market nonetheless.
As many products available in Rwanda are re-exports from other EAC countries, it may be difficult to prevent counterfeit goods without regional cooperation. Also, investors reported difficulties in registering patents and having rules against infringement of their property rights enforced in a timely manner.
In July , Rwanda acceded to the Marrakesh Treaty to facilitate access to published works for persons who are blind, visually impaired, or otherwise print disabled. Rwanda conducts anti-counterfeit goods campaigns on a regular basis, but statistics on IP enforcement are not publicly available. A few companies have expressed concern over inappropriate use of their IP. While the government has offered rhetorical support, enforcement has been mixed.
In some cases, infringement has stopped, but in other cases, companies have been frustrated with the slow pace of receiving judgment or in receiving compensation after successful legal cases. A preferential withholding tax of five percent is applicable to dividends and interest income paid to investors in companies listed on the Rwanda Stock Exchange.
A preferential corporate income tax rate of three percent applies to collective investment schemes. A preferential corporate income tax rate of fifteen percent applies to fund management entities, wealth management services, financial advisory entities, financial technology entities, captive insurance schemes, mortgage finance institutions, fund administrators, finance lease entities, and asset backed securities. The goal is to create a conducive ecosystem to entice pan-African and international financial service providers and investment funds to Rwanda.
In November , BNR introduced a multiple bond issuance program. In the financial year, seven bonds were reopened, eight new bonds were issued, and three multiple issuances were performed. BNR implemented reforms in recent years that are helping to create a secondary market for Rwandan treasury bonds. Interest rates are high for the region, banks offer predominantly short-term loans, collateral requirements can be higher than percent of the value of the loan, and Rwandan commercial banks rarely issue significant loan values.
The prime interest rate is percent. Large international transfers are subject to authorization. The banking sector holds more than 67 percent of total financial sector assets in Rwanda. The largest, the partially state-owned Bank of Kigali BoK , holds more than 30 percent of all assets. The total number of bank and micro-finance institution MFI accounts increased from 7.
Local banks often generate significant revenue from holding government debt and from charging a variety of fees to banking customers. The capital adequacy ratio decreased to Non-performing loans increased from 4. BNR introduced a new monetary policy framework in , which shifted toward an inflation-targeting monetary framework in place of a quantity-of-money framework.
The BNR allowed banks to restructure loans affected by the pandemic by authorizing an average of four months in loan holidays. Additionally, in March , the BNR took a decision to suspend distribution of dividends from profits generated in Foreign banks are permitted to establish operations in Rwanda, with several Kenyan-based banks in the country.
FEDA will operate as an equity investment fund that provides seed capital to companies in Africa, emphasizing projects that promote intra-African trade, trade-related infrastructure, and value-added exports. Rwandans primarily rely on cash or mobile money to conduct transactions, though use of debit and credit cards is expanding.
By December , the number of debit cards in the country grew eight percent year over year to ,, and the number of mobile banking customers grew 22 percent to 1,, Credit cards are becoming more common in major cities, especially at locations frequented by foreigners, but are not used in rural areas. In the financial year , the number of retail point of sale POS using cards increased by 29 percent compared to ATM terminals decreased by 15 percent due to the adoption of other channels such as agency, internet, and mobile banking.
Use of mobile money has grown by more than percent since March due to changes brought about by COVID and business closures. Foreign Exchange and Remittances Foreign Exchange In , the government abandoned a dollar peg and established a floating exchange rate regime under which all lending and deposit interest rates were liberalized. On a daily basis, the BNR publishes an official exchange rate, which is typically within a two percent range of rates seen in the local market.
Some investors report occasional difficulty in obtaining foreign exchange. Rwanda generally runs a large trade deficit, estimated at more than ten percent of GDP in Transacting locally in foreign currency is prohibited in Rwanda. Regulations set a ceiling on the amount of foreign currency that can leave the country per day. In addition, regulations specify limits for sending money outside the country; the BNR must approve any transaction that exceed these limits.
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