Rwanda is the ninth most attractive investment destination in Africa, according to the latest 2014/2015 rankings by South Africa-based Rand Merchant Bank (RMB).Rwanda achieved an acute ascension from 39 in 1999 to ninth position this year.
RMB, a leading African corporate and investment bank with a presence in more than 35 African countries, compared the investment climate of 54 economies on the continent and placed Rwanda in its top ten investment destinations.
South Africa, Nigeria, Ghana, Morocco and Tunisia complete the top five respectively.
The other countries in the top 10 are Egypt, Ethiopia, Algeria and Tanzania.
“Although Rwanda is a small country, its reform efforts have been so outstanding that it is reaping rapid rates of economic growth and associated improvements in the business environment,� the report seen by APA on Wednesday said.
As a result, Rwanda displaced Kenya from the list of Africa's top ten, where East Africa's largest economy fell to 11th after a long spell among the top ten.
The report noted that although Kenya remains East Africa's gateway for foreign investment, authorities there face a daunting number of challenges – including an inefficient legal system, graft, and the failure to put into practice a double taxation treaty with Uganda and Tanzania – which hampers access to finance.
According to the report, 2014 was a less favorable year for Africa's investment attractiveness ratings that saw the continent's overall magnetism deteriorate and 22 countries having their rankings slashed.
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Source: Rwanda ranked 9th top investment destination
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