The Development Bank of Rwanda (BRD) has been awarded Sustainability-Linked Bond of the Year – Financial Institution for the second time, after successfully bringing its second sustainability-linked bond (SLB) to market, a Rwf33.5 billion ($23.4 million) issue that blends ESG commitments with growing investor confidence in Rwanda’s debt markets.
The oversubscribed bond drew Rwf39 billion in orders, surpassing the initial Rwf30 billion target, and reinforcing appetite among resident and offshore investors for instruments tied to sustainability performance.
Structured under BRD’s SLB Framework, the bond pegs financial outcomes to three core impact targets: strengthening environmental and social standards across BRD’s partner financial institutions; increasing loans to women-led SMEs to 30 percent of total SME lending by 2028; and financing or refinancing 13,000 affordable housing units over the same period.
The issuance was partially credit-enhanced via a World Bank lending operation to the Government of Rwanda, mitigating risk and catalyzing private sector participation in sustainable development.
RMB acted as joint lead manager and sole sustainability coordinator, alongside BK Capital as co-lead.
This marks BRD’s second SLB since the framework was launched, positioning the institution as a pioneer in Africa’s emerging sustainable finance ecosystem. The award underscores Kigali’s growing credibility as a regional platform for ESG innovation and capital mobilization aligned with global development goals.
