The financing package is backed by an $84 million counter-guarantee from the African Trade & Investment Development Insurance (ATIDI), enabling the banks to provide larger guarantees beyond their usual limits.
BPR Bank Rwanda PLC led the financing effort as the Mandated Lead Arranger and Facility Agent on behalf of the consortium of banks, which also includes Bank of Kigali (BK), the Development Bank of Rwanda (BRD), and KCB Bank Kenya.
The project, jointly developed by the Governments of Rwanda and Qatar, is a flagship component of Rwanda's Vision 2050, which aims to propel the country into upper-middle-income status by 2035 and high-income status by 2050.
The airport is expected to significantly enhance regional connectivity and logistics, aligning with the African Continental Free Trade Area (AfCFTA) goals of boosting intra-African trade.
Valued at over $2 billion, the airport is scheduled for completion by mid-2028. The guarantees issued by Rwandan banks, made possible through ATIDI's de-risking solutions, will cover performance and advance payment obligations of the contractors, ensuring smooth project execution.
'ATIDI is proud to partner in Rwanda's transformation and continental ambitions through this catalytic project,' said Manuel Moses, Chief Executive Officer of ATIDI. 'The new airport is not just about infrastructure; it's about unlocking regional value chains and ensuring Africa trades more with itself.'
Patience Mutesi, Managing Director of BPR Bank Rwanda Plc, said the bank is honoured to lead such a transformational financing effort.
'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.'
Rwanda, a founding member of ATIDI, continues to leverage the institution's risk mitigation tools to unlock capital for critical sectors. ATIDI currently has a gross exposure of over $611 million in Rwanda, spanning agriculture, energy, construction, communication, and transport.
The New Bugesera International Airport is poised to become a major aviation hub in the region, expanding Rwanda's capacity to handle growing passenger and cargo volumes while reinforcing its position as a gateway for trade and investment in Africa. Its first phase is designed to accommodate 7 million passengers annually, with a long-term vision to expand to 14 million passengers annually.
Wycliffe Nyamasege
