<h1>Press Release: Zuri Secures Investment: Poised to Transform Africa’s Beauty Industry</h1>Renew Capital Supports Zuri’s Rise in Africa’s Booming Beauty Industry<a href="https://latest-api.renewcapital.com/uploads/2024_11_6_FINAL_Zuri_Press_Release_39eb9c56c7.pdf" target="_blank" rel="noopener noreferrer">Download full press release</a>KINSHASA, DRC and KIGALI, RWANDA, June 11, 2024&nbsp;—&nbsp;Zuri (<a href="http://myzuri.com">myZuri.com</a>), a tech-enabled beauty company, seeks to transform the African beauty industry with high-end, beauty products designed by Africans.&nbsp;<figure class="image image-style-align-center image_resized" style="width:100%;"><img src="/uploads/1708699055330_8e252ca833.jpeg"></figure>Established in 2016, Zuri is a growing brand in the booming African beauty industry.&nbsp; Through a unique business model that integrates physical hair salons, an e-commerce platform and social media communication channels in 3 East African countries (Democratic Republic of Congo, Uganda and Rwanda), Zuri distributes its high-end products and services to the growing African consumer market. The company is also tapping into the growing demand in the African diaspora markets in Europe."Zuri's objective is to empower women, from all over the world, to become the best version of themselves. We have made it easy for our customers to access high-quality beauty products and services through all of our touchpoints," stated Gisela Van Houcke, the founder &amp; CEO of Zuri. “We are thrilled to welcome Renew Capital aboard as we look ahead to the next phase of Zuri's expansion journey.”The company has leveraged its innovative model to develop a proprietary platform, seamlessly integrating it into both its e-commerce app and physical salons, delivering tailored experiences to its customers from their home to the hair salons."Zuri's innovative approach, particularly their integration of technology to disrupt the beauty space, is truly exciting. Their growth trajectory is very promising, and we're thrilled to join forces with them on this journey," said Adam Abate, Renew Capital’s principal of investment management.Zuri's innovative business model and commitment to empowering women through beauty have made them a leader in the African beauty industry. With this new investment, the company is poised to take its mission to the next level and make a significant impact on the African beauty industry.*Ecosystem activation, pipeline development and capacity-building support provided to Renew Capital portfolio companies is generously supported by Global Affairs Canada.

Renew Capital Supports Zuri’s Rise in Africa’s Booming Beauty Industry

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Press Release: Zuri Secures Investment: Poised to Transform Africa’s Beauty Industry

<h1>Press Release: Sawa Energy Attracts Investment to Accelerate Growth Across East Africa&nbsp;</h1>Providing East African businesses with affordable energy efficiency solutions<a href="https://latest-api.renewcapital.com//uploads/2024_01_25_FINAL_Sawa_Energy_Press_Release_d6bd511f40.pdf" target="_blank" rel="noopener noreferrer">Download the full press release&nbsp;</a>Kigali, Rwanda, January 25, 2024 – Confronting the critical challenge of energy in East Africa, <a href="https://www.sawaenergy.com/" target="_blank" rel="noopener noreferrer">Sawa Energy</a> is changing how small and medium businesses access power. With operations in Rwanda and Uganda, Sawa Energy eliminates upfront costs, making solar and energy-efficient solutions more accessible and affordable.<figure class="image"><img src="/uploads/SAWA_ENERGY_TEAM_52_53593994e9.JPG"></figure>Established in 2021, Sawa Energy's mission extends beyond energy provision. It focuses on constructing, owning and operating solar systems for clients, enabling significant savings and reducing electricity pricing volatility. The company aims to become the largest private provider of solar power in East Africa by 2030, demonstrating its commitment to building a greener and more sustainable future.&nbsp;“Our passion at Sawa Energy is to create a business that delivers on three critical fronts — building partnerships with East African companies, reducing emissions, and providing robust returns to our investors,” said <a href="https://ug.linkedin.com/in/samuel-kaufman-cpa-a6387835" target="_blank" rel="noopener noreferrer">Samuel Kaufman</a>, Chief Executive Officer and co-founder of Sawa Energy as he emphasized the company's broader impact goals. “We strongly believe in creating a sustainable model that benefits all stakeholders.”Sawa Energy sets itself apart by removing the financial and operational risks to going solar. They offer local business integrated energy solutions with no upfront cost, and no operation and maintenance fees, ensuring that their customers have a seamless and worry-free transition to cleaner and more affordable energy.&nbsp;“Sawa Energy's approach to affordable and sustainable energy solutions is transformative for East African SMEs,” said Blessing Layee-Maima Caine, Renew Capital’s Investment Manager for Rwanda. “Renew Capital as one of the investors in the consortium is proud to support Sawa Energy's vision of a future where businesses can grow sustainably and cost-effectively.”&nbsp;*Ecosystem activation, pipeline development and capacity-building support provided to Renew Capital portfolio companies is generously supported by Global Affairs Canada.

Providing East African businesses with affordable energy efficiency solutions 


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Press Release: Sawa Energy Attracts Investment to Accelerate Growth Across East Africa

Renew Capital's presence has expanded to 14 African countries. We aim to provide insight into Africa's startup scene, along with the opportunities and challenges it presents through a series of blogs from our in-country team. If you share our passion for developing entrepreneurship in Africa, we invite you to check out our&nbsp;<a href="https://www.renewcapital.com/careers">open roles</a>.&nbsp;<h1>My Journey to Renew Capital: Get to know Raisa Chowdhury&nbsp;</h1>International footprints and lessons in balanceWelcome to the latest feature in our 'Journey to Renew Capital' blog series. In this interview, we spoke with Raisa Chowdhury, Senior Project Consultant and M&amp;E Lead, about her personal journey to Renew Capital. We explored her diverse international career in the development sector&nbsp;across countries such as the United States, Bangladesh, Myanmar, Cambodia, Mozambique, Ethiopia, and now Rwanda and uncovered the underlying passion that fuels her work in this domain.<figure class="image"><img src="/uploads/d3b9fb61_863b_41c5_97e6_fb8115bc4d64_16c7ac7770.JPG"></figure>Raisa, center-left, leading with passion and purpose.Welcome Raisa, thank you for taking the time to sit down with us. You are originally from the U.S. and are now based in Kigali, Rwanda, where you are currently working on Renew Capital’s&nbsp;<a href="https://www.renewcapital.com/newsroom/five-facts-about-accelerating-regional-business-growth">Accelerating Regional Business Growth (ARBG) project</a> among others. Could you please share a bit about your background and how you landed in East Africa?Before joining Renew Capital, I focused on other areas of global development—mostly going back and forth between digital development and peace/rights/civil society/democracy-focused work. In both areas, there was also a lot of talk about the economy—both building on the economic foundations in place within a given context, as well as enabling economic growth. While I found the other work morally and intellectually interesting, I wanted to learn more about this recurring theme of how to “build an economy.”&nbsp;Coming out of graduate school in 2022 I knew that I wanted to do work that produced a tangible impact. I was looking for something that felt different from the U.S.-based development consulting work I was doing at the time. Though I didn’t set out to work in Africa, I was curious when I found Renew Capital through a job alert. As I learned more about the firm, I felt aligned with Renew Capital’s values and the work felt exactly like what I was looking for. I had been to East Africa and Southern Africa for shorter stints already and knew about the great energy in many of the ARBG countries. This made me excited to learn from and contribute in a small way to the buzzing ecosystems in these places.&nbsp;You mention that your career has spanned several development sectors. Can you elaborate on what drives and inspires you to pursue this path?It’s amazing to witness and experience the dynamic energy in emerging markets across different sectors from business, government, arts… you name it. In the development sector particularly, you get to meet all these incredible people who are working tirelessly to make their countries better, and in just a few years positive changes are visible. That inspires me to play a small enabling role in those changes.I’ve also tried to take advantage of my time in the region to be as curious and connected not only because it’s fun but also to better understand the histories and cultures of the countries we work in and be better at my job as a result. One of Renew Capital’s guiding statements is that we seek to change the way the world engages Africa and I joke to my friends that I’m doing that one Instagram story at a time. In all seriousness, though, living here and being fully present gives me a chance to fall in love with the places we work in, gain valuable insights and come to the office with a level of personal investment in the outcome that I hope makes a difference to the quality of my work.In your work on various projects in the East Africa region, what are some unique opportunities that you've come across and what excites you about your work?I’m new to the investment and business support space so it’s been fun to learn more about how things work here. Though there’s been a learning curve, I love getting to be a part of a team that’s working hard to move the needle on business success in the region by testing out different approaches to best support companies in their growth journey.&nbsp;For example, in the first year and a half of the ARBG program, we’ve developed trade training, connected companies to valuable market intel and retail expertise, gotten products moving across borders and expanded the reach of the Renew Capital’s offerings for SMEs by beginning to build an online training platform.&nbsp;I'm also enjoying the opportunity to develop internal systems for our ARBG program, taking on increased responsibility for shaping and managing its progress. This also means more accountability — if something goes wrong, it's on me, which is both scary and gratifying.What excites me the most is that if we get things right we will have helped catalyze business growth and hopefully helped expand the pool of people that benefit from the economic shifts in the region. The boom is coming and I hope that firms like Renew Capital can help bring that reality a little faster and shape that future to be a little more equitable and just.Can you share with us a defining moment in your career? What lesson did you learn from this experience?When I was taking pre-med courses (classes necessary to apply for medical school: biology, chemistry, physics, math, psychology, humanities) in university, I did abominably poorly in Organic Chemistry 1 and 2. I was devastated, as I had always been the kind of gung-ho student who had never gotten less than an A academically, except once in a middle school art class.&nbsp;I’m so grateful now for that failure because it helped me walk away from a path I wasn’t truly passionate about or particularly well suited for, and instead pursue a career that has been more amazing than what I could have imagined for myself at that point. That experience was super formative and forced me to learn to pause and reflect on whether things are progressing in alignment with the bigger picture, and being okay to change course even when it’s hard. To this day, I try to apply that lesson not just to my career, but also more broadly in my life.Also on the theme of reflection and pausing, a slightly different lesson I’ve gotten throughout my life comes down to balance. In one previous role, I had an older colleague who would go around at the end of the work day and tell everyone to go home because “we’re not saving lives.” What she meant was that whatever we were working overtime on could likely wait until the morning to be completed without major consequences. This particular colleague was one of the members of a tight-knit team of sharp Bangladeshi women I had the privilege of getting to join for a short period at USAID Bangladesh. I try to remind myself of this lesson when things get overwhelmingly busy.&nbsp;

International footprints and lessons in balance

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My Journey to Renew Capital: Get to know Raisa Chowdhury 

<h1 style="margin-left:0px;">Press Release: Mobile Postal Service MPost Attracts Investment to Expand into the Region&nbsp;</h1>Facilitating Universal Access to Postal Addresses<a href="https://latest-api.renewcapital.com/uploads/2023_28_12_FINAL_M_Post_Press_Release_eb01466ba5.pdf" target="_blank" rel="noopener noreferrer">Download the Full Press Release&nbsp;</a>KIGALI, Rwanda, December 28, 2023 —- MPost is improving postal services in Africa by converting mobile phone numbers into functional postal addresses, significantly easing local and international goods delivery, government document applications and access to financial services. Established in 2016, MPost now operates in Kenya and Rwanda.<figure class="image"><img src="/uploads/Mpost_img_1118933f41.jpeg"></figure>"MPost's mission aligns with a critical need of the African population," said <a href="https://ke.linkedin.com/in/twahirmohamed" target="_blank" rel="noopener noreferrer">Twahir Mohamed</a>, Founder and CEO of MPost. "Many people in sub-Saharan Africa lack a postal address. By harnessing the ubiquity of mobile phones, we aim to empower millions by providing them with a fundamental tool for enhanced connectivity and access."According to GSMA reports from 2023, mobile phone penetration in sub-Saharan Africa has surged, encompassing 43% of the population. This substantial increase in mobile connectivity serves as a foundation for the scalability and potential widespread adoption of MPost's innovative solution."Many people in Africa do not have a functional postal address but MPost is aiming to change that," said JC Oelofse, Head of Investment at Renew Capital. "Improving address access means improving access to various services and Renew Capital is excited to join MPost on this journey."&nbsp;*Ecosystem activation, pipeline development and capacity-building support provided to Renew Capital portfolio companies is generously supported by Global Affairs Canada.

Facilitating Universal Access to Postal Addresses

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Press Release: Mobile Postal Service MPost Attracts Investment to Expand into the Region 

<h1>Renew Capital’s Summer Fellow Biniam Early's Journey from Los Angeles to Kigali</h1>Bridging Continents and Cultures<figure class="image"><img src="/uploads/Whats_App_Image_2023_08_29_at_16_31_32_1_1_861399497b.jpeg"></figure>Biniam Early, a son of a Renew Capital Angels network member is an undergraduate student at&nbsp;<a href="https://www.lmu.edu/">Loyola Marymount University</a> in Los Angeles, California. With a passion for information systems and business analytics, Biniam took on a fellowship with Renew Capital in Kigali, Rwanda as part of his journey of exploration and curiosity. He shares his experiences about the recent fellowship in Africa and his perspectives on cultural immersion.Q. Please tell us a bit about yourself.I was born in Ethiopia and was adopted in 2008. Since then, I have been living near Boston, Massachusetts. Currently, I am studying at Loyola Marymount University in Los Angeles. My major is Information Systems and Business Analytics, which is similar to data analytics but has a strong business focus.Q. Why did you choose to do your fellowship in Africa?I wanted to immerse myself in the local lifestyle, rather than just vacationing. I visit Africa every other year, having been to Ethiopia and Tanzania. This time, I wanted to experience something different. I believe in Renew Capital's mission to change the way the world engages Africa - from a place of giving to one of investing.&nbsp; I believe it's important for people in the U.S. to understand that despite some differences, we are all similar in many ways.&nbsp;Q. How has your experience been?I'm currently in Rwanda for the first time and it's been an interesting experience. Rwanda has a rich history and learning about it has helped me understand how to adapt to different cultures in other places I visit. Overall, my biggest takeaway from this journey has been the importance of community and understanding different perspectives.Q. What is the biggest takeaway from your fellowship?&nbsp;I believe that data analytics is a crucial bridge between business and technology. Being a part of a team that prioritizes the use of data analytics has been an exciting experience for me. I have noticed significant growth in this area within a short amount of time, and it is something I value deeply because of my education and life experience. The significance of analytics data cannot be overstated and it has reignited my passion for this field.&nbsp;

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Renew Capital’s Summer Fellow Biniam Early's Journey from Los Angeles to Kigali

Renew Capital welcomed a dynamic team of 11 exceptional young professionals ranging from units in Project Management, Investment, Human Resources and Marketing and Communications.<h1 style="text-align:justify;"> Turning Pages and Chasing Dreams</h1>11 Interns Share Their Career Aspirations and Book Recommendations<figure class="image"><img src="/uploads/Meet_the_team_325b170a67.png"></figure>Renew Capital internship is an opportunity for recent graduates based in Africa to embark on a quest to unearth their professional goals, bring innovation to the table and invest in their future success.&nbsp;During the internship, the young professionals will work on various investment and private sector development projects that will enhance their professional skills and gain work experience in an international firm operating across eight African countries. Get to know them as they share books that have influenced and inspired them.&nbsp;1. Agnes Mbuvi- Investment Intern. Kenya.a) What are your professional goals?&nbsp; To become a top financial analyst in Kenya and Africa as well. I also hope to start my own investment firm in the future. where I will be able to offer investment solutions that work for the African context.b) What book would you recommend?The Mountain Is You: Transforming Self-Sabotage Into Self-Mastery by Brianna Wiest. This self-help book helped me overcome self-sabotaging tendencies. The author encourages individuals to break free from self-destructive patterns, cultivate self-compassion and build resilience to live a fulfilling life. 2. Eden Hailemariam- Investment Intern. Ethiopia.a) What are your professional goals?&nbsp;To become an exceptional investment consultant. I pursued this career path to help people make informed investment decisions which in turn will have positive micro as well as macroeconomic and social effects.b) What book would you recommend?To Kill a Mockingbird written by Harper Lee. It narrates the childhood of Scout and Jem Atticus. I love the extent Atticus goes to defend what he believes is right, regardless of the challenges he faces. It explores themes of racial injustice, mistreatment of innocent people and social prejudice. 3. Jordan Karenzi- Investment Intern. Rwanda.a) What are your professional goals?&nbsp;I would like to learn how to conduct sound market research and map out the right investments. Also, I would like to improve my communication skills and ability to relay information relating to the investment practice.b) What book would you recommend?The Third Door by Alex Banayan. This is a story of a young man with a dream of interviewing the most successful people in the world from different fields and different walks of life to understand the secret to their success. When Alex was at his highest, he got knocked down but he found a way to get up and push through. I applied the general message to keep a positive mindset and consider small steps as progress. 4. Nahomi Kassahun- Investment Intern. Ethiopia.a) What are your professional goals?&nbsp;Currently, I am working towards improving my communication skills, especially public speaking. I hope to explore diverse career paths, build a network and develop my leadership abilities.b) What book would you recommend?Divergent Trilogy by Veronica Roth is an extremely thought-provoking book that is set in the future. It made me question the meaning behind their nickname. The characters are based on important values: Abnegation (selflessness), Amity (kindness), Candor (honesty), Erudite (intelligence) and Dauntless (bravery).&nbsp;5. Ruth Ayalew- Project Intern. Ethiopia.a) What are your professional goals?&nbsp;To become a visionary policy maker. I am driven by a deep desire to bring about transformative and systematic change in Ethiopia's current landscape. I firmly believe that by implementing innovative and sustainable policies, we can overcome the obstacles that hinder progress and unlock the true potential of this remarkable nation.b) What book would you recommend?7 Habits of Highly Effective People&nbsp;by Stephen Covey. During my stay at the Young African Leaders Initiative (YALI), I was encouraged to read the book to understand how to live well with others and the dynamics of a great team. I learned that people have various behavioral styles.&nbsp;6. Heran Getaneh- Project Intern. Ethiopia.a) What are your professional goals?&nbsp;To become a detail-oriented manager and acquire a well-rounded skill set in project management. I hope to not only focus on my role but explore various aspects within the work environment and become a stellar collaborator that achieves success working with cross-functional teams.b) What book would you recommend?Educated by Tara Westover left an unforgettable impact on my spirit. The author's brilliance resides in her ability to challenge cultural standards while also appreciating the power of education. It has taught me to value any chance for personal development and learning that comes my way.&nbsp;7. Uwera Kamuhangire Myriam- Project Intern. Rwanda. a) What are your professional goals?&nbsp;To be an illustrious project manager or consultant in Rwanda. I also want to be an entrepreneur in the near future because I enjoy working in dynamic and flexible environments.b) What book would you recommend?The Secret by Rhonda Byrne. It talks about the law of attraction and how our mind is the greatest weapon that can be used to work for or against us. It teaches how positive thoughts can manifest positive outcomes and we can use this to achieve personal growth and success.&nbsp;8. Hiwot Endale- Project Intern. Ethiopia.a) What are your professional goals?&nbsp;In the next five years, I want to identify the career path that I want to follow, build my professional network, perfect my skills and learn more about the entrepreneurial and investment sector.b) What book would you recommend?12 Rules for Life&nbsp;by Jordan B. Peterson. In this remarkable read, the renowned clinical psychologist narrates unique and well thought rules to help us maintain order, improve our interpersonal interactions and establish strong bonds with others.&nbsp;9. Shaynerose Magabi- Marketing and Communications Intern. Kenya.a) What are your professional goals?&nbsp;To hold a leadership position soon and make data-driven decisions by improving my skills in data analysis and implementing effective marketing campaigns and conducting market research. I aim to excel in public speaking and confidently communicate my ideas with a diverse audience.b) What book would you recommend?The Art of Happiness by the Dalai Lama and Howard C. Cutler. This transformative guide sheds light on how individuals postpone their happiness and forget to live in the present.&nbsp;It implies if you aren't happy in the present, you'll never be happy in the future. Sadly, people fail to show compassion towards themselves by equating their self-worth to their success.&nbsp; 10. Joy Mburu- People Operations and Development Intern. Kenya.a) What are your professional goals?&nbsp;I am looking forward to helping with the implementation of company policies and providing essential support to the People Operations and Development unit while learning its purpose.&nbsp;My career aspiration is to get a Human Resource Management certification that will enable me to grow and take on leadership roles soon.b) What book would you recommend?The Winner by David Baldacci. This book takes you on a journey of trust and betrayal. “What decisions would you make in the face of intense desperation?" Characters within the plot are forced to make challenging decisions. It explores the devastating impact of betrayal from close friends and will make you shift alliances throughout the whole novel.&nbsp;11. Mediatrice Kampire- Data Science and Analytics Intern. Rwanda.a) What are your professional goals?&nbsp;To become a senior data analyst and project manager within the next three years by completing relevant training courses and gaining practical experience.b) What book would you recommend?Who Moved My Cheese by Dr. Spencer Johnson is a motivational business fable that explores the challenges of change and adaptation. The book emphasizes the importance of embracing change, being flexible and proactively seeking new opportunities.

11 Interns Share Their Career Aspirations and Book Recommendations

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 Turning Pages and Chasing Dreams 

<h1>Rwanda, a Rising Star in Africa's Economic Landscape</h1>Exploring Rwanda's startup ecosystem&nbsp; <img src="/uploads/IMG_6194_4c08eb0359.jpeg"> Rwanda, the land of a thousand hills, is a vibrant nation with a population exceeding&nbsp;<a href="https://www.worldbank.org/en/country/rwanda/overview">13 million</a> people and an estimated&nbsp;<a href="https://www.worldeconomics.com/Country-Size/Rwanda.aspx#:~:text=The%20official%20estimate%20for%20Rwanda's,in%20puchasing%20power%20partity%20terms">GDP of $32 billion</a> (in purchasing power parity terms) as of the end of 2022. Rwanda has been recognized for its efforts in promoting&nbsp;<a href="https://www.elibrary.imf.org/view/journals/002/2017/214/article-A002-en.xml?rskey=S8MnHZ&amp;result=70">gender equality</a> and has made considerable strides in creating a favorable business environment.&nbsp; In 2023, Renew Capital officially launched operations in Rwanda, a step that strengthens our commitment to&nbsp;<a href="https://www.renewcapital.com/companies">investing in growth-oriented businesses</a> across Africa. In this blog we explore the country’s entrepreneurial landscape, thriving sectors and development strategies.Ease of Doing BusinessThe World Bank's "Ease of Doing Business” report ranked Rwanda 29th in 2019 and 38th in 2020 out of 190 economies worldwide. According to the&nbsp;<a href="https://rdb.rw/rwanda-maintains-2nd-position-in-africa-in-2020-world-bank-doing-business-report/">Rwanda Development Board</a>, the reforms captured and reflected in these four indicators strongly impacted its regulatory business environment.<ul><li>Starting a business: Rwanda has made it easy for people to start a business by offering newly formed SMEs a two-year trading license tax exemption.&nbsp;</li><li>Building permits: Rwanda's ranking in the domain of construction permits experienced a notable jump of 25 points, advancing from 106th position in 2019 to 81st globally in 2020 thanks to the accelerated process for acquiring water and sewage connections and the enhancement of building quality control through a mandatory liability insurance requirement for all construction professionals.</li><li>Electricity supply: The upgrading of Rwanda’s power grid infrastructure has increased the dependability of the country’s electricity supply. This has resulted in an improvement in Rwanda's ranking from 68th to 59th worldwide.</li><li>Contract enforcement: The most remarkable progress was observed in the enforcement of contracts, with Rwanda leaping from the 78th to 32nd place globally. This jump was largely attributed to the introduction of a new small claims procedure and a reduction in court fees.</li></ul>Other additional investment benefits offered by the government include:&nbsp;<ul><li>Free business registration</li><li>Highly digitalized and efficient administration (only six hours to register a business)</li><li>One-stop center for investors with dedicated investment acceleration and aftercare team</li><li>No restrictions on foreign ownership</li><li>No restrictions on capital flows</li><li>Capital gains exemption on sale or transfer of shares</li></ul>Economic Landscape Rwanda's&nbsp;<a href="https://rdb.rw/about-rdb/#overview">investment climate</a> is one of the most attractive in Africa. The Rwanda Development Board (RDB) is playing a significant role in attracting and facilitating investment. RDB's key services include one-stop center services (business and investment registration, visa facilitation, tax incentives management, etc.), investment promotion, investment deals negotiation, tourism and conservation and private sector skills development.&nbsp;Rwanda's&nbsp;<a href="https://www.minecofin.gov.rw/fileadmin/user_upload/Minecofin/Publications/REPORTS/National_Development_Planning_and_Research/Vision_2050/English-Vision_2050_Abridged_version_WEB_Final.pdf">Vision 2050</a> is the country’s long-term development strategy which seeks to transform the country into a knowledge-based, high-income country by 2050. This strategy offers various investment opportunities in sectors such as education, technology, infrastructure and health. Rwanda has made significant&nbsp;<a href="https://www.afdb.org/en/news-and-events/press-releases/africas-economic-growth-outpace-global-forecast-2023-2024-african-development-bank-biannual-report-58293#:~:text=Africa's%20pre%2DCovid%2D19%20top,%2C%20and%20Tanzania%20(5.6%25)">progress</a> toward achieving its Vision 2050 goals, and the country is now considered to be one of the fastest-growing economies in Africa. Major Sectors in RwandaThe&nbsp;<a href="https://rdb.rw/invest/">manufacturing sector</a> in Rwanda is still small but steadily growing at an annual rate of 7%.&nbsp; Rwanda's strategic position aids cross-border trade, particularly within East and Central Africa's estimated 268 million population. This has led to increased trade volumes.&nbsp;<a href="https://rdb.rw/invest/">Key exports&nbsp;</a>include beverages, dairy products, processed food and construction materials.Agriculture is the primary occupation for 70% of Rwanda's inhabitants. The agricultural sector accounts for 29% of Rwanda's GDP. Limited availability of farmland has prompted the nation to prioritize the enhancement of crop productivity, focusing on high-yield produce like maize, potatoes, wheat, beans, peas, cassava and soya.Rwanda has implemented the ICT for Rwanda Agriculture policy (ICT4RAg), with the aim to stimulate cooperation between ICT and agricultural sectors. This collaboration seeks to develop solutions in areas such as weather forecasting, pest and disease management, storage infrastructure, market accessibility, soil health and nutrient analysis, teaching innovative farming techniques, facilitating funding and credit services, and controlling pollution.Gender EqualityRwanda stands out globally for its efforts in advancing gender equality and women’s empowerment, particularly in political participation. The&nbsp;<a href="https://www.worldbank.org/en/country/rwanda/overview">parliamentary elections</a> in September 2018 saw women fill 61% of seats. The&nbsp;<a href="https://www.ipu.org/news/voices/2022-10/how-did-rwanda-become-no1-gender-equality">proportion of women members&nbsp;</a>of parliament is at 61.25% today, way above the current global average of 26.4%.Internet Penetration&nbsp;Rwanda’s&nbsp;<a href="https://datareportal.com/reports/digital-2023-rwanda">internet penetration</a> rate stood at 30.5% of the total population at the start of 2023.Mining SectorRwanda's primary mineral&nbsp;<a href="https://rdb.rw/invest/">exports</a> include tin, tantalum, tungsten ores, as well as some gold and gemstones. The sector offers opportunities in ore processing and diversification. In 2015, mining generated $149 million in foreign exchange.&nbsp;Electricity AccessRwanda has achieved one of the world's fastest rates of population&nbsp;<a href="https://documents1.worldbank.org/curated/en/819241600653622828/pdf/Rwanda-Energy-Access-and-Quality-Improvement-Project.pdf">electrification</a>, increasing from 6% in 2009 to about 54% in March 2020. Globally, Rwanda's electrification progress from 2010-2016 ranked 11th, and third in Africa.<figure class="image"><img src="/uploads/Whats_App_Image_2023_02_20_at_17_00_20_33f6a86db5.jpeg"></figure>Entrepreneurial GrowthRwanda has made great strides in entrepreneurship, with a significant number of startups being launched in the country. The country has put in place strong institutions, a strong judicial system and enacted economic transformation strategies. The ecosystem of enterprise support providers is growing fast, marked by new openings of coworking spaces, incubators, accelerators, universities and youth entrepreneurship programs. The central stakeholders in the innovation ecosystem are primarily putting their efforts toward entrepreneurship education, SME finance and networking opportunities.Rwanda's robust economic growth, ease of doing business, commitment to development strategies and gender equality are among the reasons Renew Capital has opened its doors in Rwanda. As the country continues to make strides toward its Vision 2050, opportunities will continue to expand.&nbsp; At Renew Capital, we're passionate about nurturing growth-oriented businesses. Visit our&nbsp;<a href="https://www.renewcapital.com/companies">companies page</a> to learn more.&nbsp;

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Rwanda, a Rising Star in Africa's Economic Landscape

Desire Nduwarugira, project manager at Renew Capital, reflects on the recently celebrated Africa Day and shares more about what it means for Africa to be united, as well as how initiatives like the Accelerating Regional Business Growth (ARBG) can support African SMEs in trade and help Africa's businesses thrive.<h1>Our Africa, Our Future!</h1>Commemorating Africa Day while working at an Africa-focused Investment firm!On May 25 each year, Africans at home and abroad commemorate <a href="https://www.renewcapital.com/newsroom/africas-entrepreneurial-spirit-innovation-creativity-and-resilience" target="_blank" rel="noopener noreferrer">Africa Day</a>, symbolizing our shared history and aspirations. At Renew Capital, this day provides an opportunity to reflect on&nbsp;<a href="https://www.renewcapital.com/about">our vision</a>.I believe that Pan-Africanism offers Africa a path toward unity, progress, and economic development. By striving for sustainable socio-economic and political integration, we can achieve full independence and control of our resources as a collective and diverse entity.<figure class="image"><img src="/uploads/1_Y9_A3503_9530be4e58.jpg"></figure>Desire Nduwarugira pictured far right&nbsp;Pan-Africanism driving business growth: The AfCFTAAt Renew Capital, I am part of a multi-year private-sector development program funded by Global Affairs Canada (GAC) –&nbsp; the Accelerating Regional Business Growth (ARBG) Program – which aims to improve the small and medium enterprise (SME) investment ecosystem across East Africa.East Africa is well-positioned to experience significant private sector growth in the coming decade fueled by African Continental Free Trade Area (AfCFTA) which promises increased regional integration, policy reform, trade and investment.&nbsp;With 55 member countries, the AfCFTA is the largest free trade area in the world. Its goal is to create a single continental market, connecting 1.3 billion people with a combined GDP of $3.4T USD. It has the potential to lift 30 million people out of extreme poverty. However, realizing its full potential depends on implementing substantial policy reforms and trade facilitation measures.Under ARBG, the Trade Facilitation Program is designed for ambitious companies in East Africa interested in starting or expanding their cross-border trade activities through the AfCFTA. The program includes a two-part virtual training session on June 5 and 6, covering:1) Trade liberalization in Africa, explaining the current status of the AfCFTA and its benefits for SMEs.2) Operationalizing trade-related goals by creating a market entry strategy, export marketing plan, and import diversification strategy.Registration for the program is currently <a href="https://docs.google.com/forms/d/e/1FAIpQLSemdya80DGBvSN3xr42keTbyOtNHhILoS_BeK5Ac9XWH-48ZA/viewform" target="_blank" rel="noopener noreferrer">open</a>.Before joining Renew Capital, I successfully managed several projects at One Acre Fund, an international organization serving smallholder farmers in Africa. I graduated from Lake Tanganyika University's School of Law in Bujumbura, Burundi, and have been working in Rwanda since 2015. From serving smallholder farmers to fighting against hunger to working with entrepreneurs to accelerate business growth, my mission is to improve the lives of my fellow Africans.

Commemorating Africa Day while working at an Africa-focused Investment firm!

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Our Africa, Our Future!

Only about 2.83% of capital invested in climate-related startups in Africa from 2019 through Q1 2023 went into logistics companies, including electric vehicle startups. This logistics brief focuses on EVs as part of Renew Capital's series on climate tech in Africa.&nbsp;<h1>Insights on the EV Sector Across Africa</h1>Making electric vehicles a viable solution for the African market<figure class="image"><img src="/uploads/shutterstock_1445301932_91b00cf41f.jpg"></figure>Approximately $2.15B was invested in climate deals in Africa from 2019 to Q1 2023. Only 2.83% of that capital went into logistics and transport, which includes electric vehicles.<img src="/uploads/A1_A19392_6_D70_4_BDA_8_EC_6_871416_DC_5_D64_1_201_a_30404271a5.jpeg">(Source: Renew Capital analysis of publicly reported deals tracked in “Africa: The Big Deal - Startup Deals Database”)&nbsp;Investors closed 22 startup EV deals from 2019 to Q1 2023. Kenyan companies accounted for 36% of these funding rounds.<img src="/uploads/image_3f0cd094f7_338ceb127b.png">(Source: Renew Capital analysis of publicly reported deals tracked in “Africa: The Big Deal - Startup Deals Database”)&nbsp;While EV investments peaked in Africa in 2022, we are not aware of any EV deals that have been reported in Africa to date in 2023.&nbsp;<img src="/uploads/image_59ceb483ba_f9ac76d932.png"> &nbsp;(Source: Renew Capital analysis of publicly reported deals tracked in “Africa: The Big Deal - Startup Deals Database”)EV Initiatives by the Government of&nbsp;RwandaAn earlier&nbsp;<a href="https://www.renewcapital.com/newsroom/africa-e-commerce-struggles-to-scale-while-tech-logistics-companies-attract-capital#:~:text=Rwanda%27s%20EV%20and%20E%2DMobility%20Solutions%20Struggle%20Despite%20Government%20Push%C2%A0">logistics brief</a> highlighted challenges associated with scaling EVs in Africa using Rwanda as a case study. The Rwandan government has invested heavily in sustainable infrastructure and e-mobility. While private investments have been made to grow e-mobility solutions throughout Rwanda, the government has created a slate of incentives to promote investment in e-mobility solutions:<ul><li>Low charging costs, especially between the off-peak hours of&nbsp; 11 pm to 8 am. Tax breaks on imports of any e-vehicles, equipment, or materials required to develop charging infrastructure</li><li>Public land allocated to companies setting up charging stations for no cost/rent-free</li></ul>Despite these government initiatives and private sector investments, the current challenges EVs face in Rwanda underscore challenges that will likely prevent the proliferation of EVs throughout sub-Saharan Africa in the near term. High entry cost to purchase, inadequate charging infrastructure and poor road infrastructure are key pieces missing that will potentially limit the possibility of EVs taking over the African market.&nbsp;While larger EVs including Volkswagen’s ID.4 will likely be imported to Rwanda and are already being sold in Ethiopia to deal with the problem of poor infrastructure, the majority of Rwandans and sub-Saharan Africans cannot afford to own these expensive vehicles.&nbsp;Interestingly though, given rising fuel costs in Ethiopia and the relatively low cost of electricity in East Africa’s largest economy, EVs may be able to make a splash.&nbsp;An Ethiopian EV Cost Comparison ExperimentAn in-house experiment conducted by some of Renew Capital's Ethiopian team members determined that the current gas cost of operating a fuel Peugeot 6 Seater SUV (at 62 ETB/KM) was four times more expensive than the comparable EV Volkswagen ID6 in the Ethiopia market.&nbsp;The purchase price of both vehicles is comparable at 5.5M ETB (approximately $105K). This is despite recent incentives placed on EV purchases by the Ethiopian government which only require a 15% import tax for fully assembled imported vehicles. This example underscores that while upper-class individuals in Ethiopia can afford the $105K price tag, many Ethiopians will not be able to access them over the long term.Therefore, the future of EVs in Ethiopia depends on the ability of car manufacturers to create a smaller-sized EV more comparable to the Toyota Vitz or Platz, commonly driven vehicles by middle to upper-class individuals in Ethiopia. Still, with a Toyota Platz and Vitz priced at 1.6M ETB ($30K) and 1.2M ETB ($23K) respectively, even these vehicles in the current Ethiopian economy are considered a luxury. At the same time, electric motorcycles are making headway in Ethiopia’s neighboring countries including Kenya, Rwanda and Uganda.For example, electric motorbikes could cost around $1,500, which is far cheaper than the cost to buy a smaller-engine-sized car like the Toyota Vitz or&nbsp; Platz.At the same time, the transition to EVs in Ethiopia will not be without its challenges. One of the key barriers to adoption is the lack of charging infrastructure. Currently, there are only a handful of charging stations in Ethiopia, which limits the practicality of EVs for many people. In addition, high upfront costs and limited availability of EV models in Ethiopia are other obstacles to widespread adoption.Despite these challenges, there is a reason for optimism. At least two Ethiopian organizations, including private companies, are working on installing the infrastructure required for charging widespread adoption of EVs. For example, in 2021, Ethiopian automotive company&nbsp;<a href="https://ethiopianmonitor.com/2021/12/28/first-electric-vehicle-charging-station-opens-in-addis-ababa/">Marathon Motors</a> partnered with Nissan to launch an electric vehicle pilot program in Ethiopia. As part of the program, Marathon has installed charging stations at its dealerships and service centers. Likewise, at the beginning of 2023, Cardinal Industrial PLC&nbsp;<a href="https://www.eep.com.et/en/it-is-planned-to-build-500-electric-vehicle-charging-stations-in-one-year/">announced its plans</a> to build 500 EV charging stations across Ethiopia over the next year.&nbsp;&nbsp;Moreover, as part of its 10-year economic development plan, the Ethiopian government intends to import 4,800 electric buses and 148,000&nbsp;<a href="https://www.globaltimes.cn/page/202207/1271799.shtml">electric cars&nbsp;</a>by 2030.&nbsp;Bottom LineEVs have not historically received adequate investment in the African market. At the same time, the EV market needs meaningful innovation in order to make electric vehicles a viable solution for Africa. Aside from motorcycles, very few sub-Saharan Africans have the ability to purchase and use EVs due to their high entry cost and limited charging infrastructure. Importantly, EVs in public transportation could be a more durable solution for EVs in Africa than personal vehicles.

Making electric vehicles a viable solution for the African market