Kigali – Rwanda is set to launch a Green Exchange Window (GEW), a specialised platform for trading sustainable investment instruments designed to expand the country’s capital markets and draw investors with a focus on climate-conscious projects.
The launch,later this month, will be a highlight of the 28th African Securities Exchanges Association (ASEA) annual conference, scheduled for November 28 in Kigali.
The three-day event will gather leaders from securities exchanges, market regulators, brokers, investors, and other stakeholders across Africa under the theme, “Adapting to Global Market Shifts.”
The GEW, operated under the Rwanda Stock Exchange (RSE), will serve as a dedicated segment for green bonds, sustainability-linked instruments, and other ESG-related securities.
It is intended to 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 platform was developed in partnership with the Luxembourg Stock Exchange, which operates 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).
“The Green Exchange Window is a platform where projects will register to raise funds in the same way you raise a bond, except only green or sustainability-linked instruments are eligible,” he said.
“The initiative will 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, 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 Chief Executive. “The RSE is at the epicentre of that strategy. We are moving fast with other stakeholders to make this a success.”
Tsheole added that 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 said.
Rwanda’s stock market, though relatively small, has recorded consistent growth. Market capitalisation rose from Rwf3.6 trillion to Rwf3.8 trillion in 2024, while active investors increased by more than 37 percent to nearly 96,000.
Rwabukumba said this growth 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 attract 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.”
Bob Karina, Chairman of Faida Securities, a leading brokerage firm in Rwanda, said the GEW could catalyse sustainable economic activities in East Africa, encouraging regional markets to innovate, attract diverse investors, and contribute to global climate change mitigation efforts.
“By introducing a dedicated platform for green assets, regional markets can diversify their offerings, attract new investors, and fund flows focused on sustainability,” Karina said.
“The Green Exchange Window can serve as a model for neighbouring countries, fostering regional cooperation on green finance and paving the way for cross-border green projects and investment initiatives.”
