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The African Trade & Investment Development Insurance (ATIDI), an investment, trade and political risk mitigation institution, has approved a $84 million counter-guarantee to support three local Rwandan banks and one regional bank in issuing bonds and guarantees totaling over $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 said to be 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.
The airport, which is valued over $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), benefitted directly from ATIDI’s risk mitigation, enabling them to issue guarantees beyond their Single Obligor Limits (SOL). The de-risking provided by ATIDI offers banks capital relief while ensuring smoother execution of infrastructure projects.
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.
Commenting on the deal, ATIDI Chief Executive Officer, Manuel Moses, said it was a great privilege for ATIDI to partner in Rwanda’s transformation and continental ambitions through this critical and catalytic project, a central piece of the country’s development strategy.
“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,” Mr. Manuel said.
Patience Mutesi, Managing Director of BPR Bank Rwanda Plc (the Mandated Lead Arranger), welcomed the deal saying, “We are honoured to lead this transformational financing effort. As Mandated Lead Arranger, 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.”
The transaction is aligned with ATIDI’s strategic focus on empowering its member states to deliver impactful, transformative investments that spur growth, sustainability and regional integration. Rwanda, a founding member of ATIDI, has been a consistent partner in leveraging risk mitigation to unlock capital and de-risk essential sectors.
Currently, ATIDI has issued policies worth over $1.45 billion in transaction value and holds a gross exposure of over $611.9 million in Rwanda. These transactions span multiple sectors vital to the country’s development, including agriculture, forestry; fishing; construction; energy and gas; financial activities; information and communication; manufacturing; other services activities; public administration; trade and transportation; transporting and storage; as well as wholesale and retail trade.
This broad sectoral engagement demonstrates ATIDI’s critical and transversal role in de-risking investments and catalyzing trade, infrastructure and socio-economic development across Africa.
