Rwanda, Senegal: RDB APIX Investment MoU Signed for Cross-Border Growth

• Rwanda and Senegal signed a Memorandum of Understanding (MoU) to boost cross-border investment and business connections.
• The agreement, between the Rwanda Development Board (RDB) and Senegal's APIX, was formalized on October 7 during the Rwanda-Senegal Investment Forum in Kigali.
• Key objectives include identifying investment projects, facilitating economic missions, and connecting businesses in sectors like logistics, agriculture, and real estate.
• Current bilateral trade stands at approximately 131 million CFA francs in 2025, with only one recorded Rwandan investment project in Senegal.
• Limited air connectivity between Kigali and Dakar presents a significant obstacle to enhancing business ties, often requiring two to three days of travel.

The Memorandum of Understanding, signed between the Rwanda Development Board and Senegal's investment promotion agency, APIX, aims to provide a practical framework for connecting businesses, exchanging investment opportunities, and facilitating investors across both nations.

Rwanda and Senegal have formalized a new cooperation framework designed to enhance economic ties and unlock investment opportunities between the two nations. This initiative aims to identify cross-border investment projects and foster connections between businesses in both countries. The framework is enshrined in a Memorandum of Understanding (MoU) that was officially signed on Wednesday, October 7, during the Rwanda-Senegal Investment Forum held in Kigali.

The Rwanda Development Board (RDB) and Senegal's investment promotion agency, APIX, are the key signatories to this pivotal agreement. The MoU outlines several core objectives, including facilitating the exchange of investment opportunities, organizing reciprocal economic missions, and establishing robust connections between businesses and potential partners. Julianna Muganza, Deputy Chief Executive of the RDB, emphasized that this Rwanda Senegal RDB APIX investment MoU provides a tangible structure for linking enterprises, sharing prospects, supporting investors, and critically, ensuring follow-up on partnerships that emerge from this collaborative engagement.

Building on existing commercial foundations, such as Rwanda's participation in the Dakar International Fair where products like specialty coffee, agro-processed goods, leather items, handicrafts, jewellery, and cosmetics have been introduced to the Senegalese market, the agreement seeks to deepen these relationships. Muganza articulated the strategic goal of transforming these initial connections into sustained commercial relationships, highlighting the long-term vision of the Rwanda Development Board APIX agreement.

Potential areas identified for significant partnerships and investment span various sectors, including logistics, construction and real estate, leather and fashion, agriculture and agro-processing, trade facilitation, and other services. The cooperation is envisioned as mutually beneficial: Rwanda stands to gain from Senegal's expertise in entrepreneurship, trade, services, and industry, while Senegal can leverage Rwanda's burgeoning status as a prominent investment and business hub in East Africa. The RDB further underscored its comprehensive support for investors, extending beyond initial registration through its One-Stop Centre, investor facilitation services, and aftercare, which assist with establishment, navigating approvals, connecting with partners, resolving implementation challenges, and ultimately, fostering expansion and reinvestment.

Despite the strong political dialogue between Rwanda and Senegal, current trade and investment flows present a notable disparity. Moustapha Cissé, Deputy General Director of APIX Senegal, reported that bilateral trade amounted to approximately 131 million CFA francs in 2025, equivalent to about Rwf330 million, a decrease from 211 million CFA francs recorded in 2022. Furthermore, APIX has documented only one Rwandan investment project in Senegal, specifically within the water and sanitation sector. Cissé highlighted this significant gap between political intensity and economic exchange as an issue demanding particular attention, underscoring the urgency of the Senegal Rwanda cross-border investment initiative.

The African investment promotion agencies cooperation will specifically concentrate on identifying cross-border investment projects, orchestrating reciprocal economic missions, and connecting businesses with identified partners. Both nations have undertaken reforms to enhance their respective business environments and attract private investment, creating fertile ground for sharing experience and expertise. Cissé urged companies from both countries to proactively identify specific investment opportunities. However, practical challenges persist, as noted by Pacifique Nzamwita, Managing Director of NURIS Group, a construction, engineering, and supply chain company. Nzamwita pointed out that limited air connectivity between Kigali and Dakar remains a significant impediment, with travel often taking two to three days due to poor airline coordination, impacting the Rwanda-Senegal Investment Forum outcomes and future business endeavors.

Lawyers advising clients on African market expansion should monitor this RDB-APIX cooperation framework for new cross-border investment opportunities and potential changes in regulatory facilitation between Rwanda and Senegal, requiring expertise in FDI and corporate structuring.

Source: Reporting based on original coverage.