Rwanda readies green exchange window to boost market depth Rwanda Stock Exchange unveils the Green Exchange Window (GEW) to attract climate-focused investors, expand sustainable financing, and position Kigali as Africa’s next green finance hub.

Rwanda is preparing to launch a Green Exchange Window (GEW) later this month, a dedicated platform for trading sustainable investment instruments aimed at expanding the country’s capital markets and attracting climate-focused investors.

The launch will headline the upcoming 28th African Securities Exchanges Association (ASEA) annual conference, slated for November 28, in Kigali.

The three-day conference will bring together leaders from securities exchanges, market regulators, brokers, investors, and other stakeholders from across the continent under the theme “Adapting to Global Market Shifts.”

The GEW, to be operated under the Rwanda Stock Exchange (RSE), will serve as a specialised segment for green bonds, sustainability-linked instruments, and ESG-related securities.

The platform will channel capital into projects aligned with Rwanda’s climate agenda, including renewable energy, green cities, and low-carbon infrastructure.

“The stock exchange is normally at the centre of any financial centre in the world,” said Celestin Rwabukumba, Chief Executive of RSE.

“Allowing green and sustainable instruments to come to the market is the main reason behind the GEW launch. It’s about setting standards and opening a new space for climate-conscious investment.”

Rwabukumba said the exchange developed the platform in partnership with the Luxembourg Stock Exchange, which runs one of the world’s most successful green exchanges.

Rwanda has already raised over Rwf70 billion through sustainability-linked bonds, including those issued by the Development Bank of Rwanda (BRD).

Rwabukumba maintained that the Green Exchange Window is “a platform where projects will register to raise money, the same way you raise a bond — except that only green or sustainability-linked instruments are eligible.”

He said the initiative would promote transparency, attract institutional investors, and set a new standard for sustainable financing in the region.

“The impact will be clear — more credible products, more confidence, and more opportunities for entrepreneurs in the green space.”

Regulators back the push

The Capital Markets Authority (CMA), which oversees the exchange, has described the GEW as a key instrument in deepening liquidity and diversifying Rwanda’s financial ecosystem.

“There is a lot of potential, given that Rwanda’s green strategy is very clear,” said Thapelo Tsheole, CMA’s Chief Executive. “The RSE is at the epicentre of that strategy. We are moving fast with other stakeholders to make this a success.”

Tsheole said ongoing reforms — including new regulations for collective investment schemes and a planned market-making model — will help attract more investors.

“Technology, education, and innovation are the three pillars that will drive participation,” he added.

Rwanda’s stock market, though relatively small, has recorded consistent growth. Its market capitalisation rose from Rwf3.6 trillion to Rwf3.8 trillion in 2024, while the number of active investors increased by more than 37 percent to nearly 96,000.

Rwabukumba said such progress shows the market’s appetite for new products. “Anything that comes to our market gets oversubscribed. The GEW is coming at the right time — it gives investors a new, credible avenue to fund Rwanda’s sustainability agenda.”

The ASEA conference is expected to draw more than 25 African exchanges and global investors to Kigali.

“We are working towards making Rwanda the number one financial services centre in Africa,” Tsheole said. “The Green Exchange Window is not just another product — it’s a signal of where the market is going.”

According to Bob Karina, the Chairman of Faida Securities, a leading brokerage firm in Rwanda, the Green Exchange Window is poised to catalyze a shift towards more sustainable economic activities in East Africa, encouraging regional markets to innovate, attract diverse investor bases, and contribute to global climate change mitigation efforts.

“By introducing a dedicated platform for green assets, the regional markets can diversify their offerings, attracting new investors and fund flows focused on sustainability,” said Karina, whose firm has its headquarters in Nairobi, Kenya.

He added; “The Green Exchange Window can serve as a model for neighboring countries, fostering regional cooperation on green finance. This can pave the way for cross-border green projects and investment initiatives.”