The African Trade and Investment Development Insurance (ATIDI) has approved a Sh10.8 billion ($84 million) counter-guarantee to support three local Rwandan banks and one regional bank in issuing bonds and guarantees totaling over Sh41.5 billion ($322 million).
These guarantees have been extended to a joint venture of three contractors undertaking the construction of the New Bugesera International Airport, a transformative project poised to elevate Rwanda as a strategic hub for trade and logistics in Africa.
The project, jointly developed by the Governments of Rwanda and Qatar, is a vital infrastructure that will accelerate Rwanda’s Vision 2050, its national strategy to become an upper-middle-income country by 2035 and a high-income economy by 2050.
The airport is also aligned with the African Continental Free Trade Area (AfCFTA) framework, facilitating the free movement of goods, services and people across the continent.
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ATIDI CEO Manuel Moses said the project is a “central piece” of Rwanda’s development strategy and it will act as a catalyst for transformational ambitions.
“The new airport is not just about infrastructure, it’s about unlocking regional value chains and ensuring Africa trades more with itself. Our support demonstrates the value addition of ATIDI’s de-risking solutions in scaling up lending capacity and unlocking financing by banks to Rwanda’s development priorities,” Moses said.
The airport, which is valued over Sh258 billion ($2 billion) is scheduled for completion by mid-2028. ATIDI’s cover supports the three local banks including BPR Bank Rwanda Plc, Bank of Kigali (BK), and the Development Bank of Rwanda (BRD).
The lending consortium led by BPR Bank Rwanda Plc, acting as Mandated Lead Arranger and Facility Agent on behalf of the contractors, also includes KCB Bank Kenya, a regional lender, which participated in the syndicate without recourse to ATIDI’s guarantee.
Patience Mutesi, the BPR Managing Director of Rwanda Plc said the project will reshape Rwanda’s connectivity and competitiveness in the region.
“BPR Bank Rwanda Plc is proud to play a pivotal role in unlocking capital for a project that will reshape Rwanda’s connectivity and competitiveness. This collaboration with ATIDI and our partner banks reflects our firm commitment to financing national development priorities and enabling long-term value through strategic infrastructure,” Mutesi said.
