The International Finance Corporation on Thursday listed its Rwf15 billion ($22 million) Umuganda Bond on the Rwanda Stock Exchange (RSE).

Issued in May, the bond was oversubscribed 3.9 times, with bids from local, regional and international investors, signalling confidence in the outlook of the Rwandan economy. The bond will facilitate access to finance for the private sector while strengthening Rwanda’s capital market.

Speaking at the bond listing launch, Minister of Finance and Economic Planning Claver Gatete termed the event historic in attracting long term capital and strengthening the capital market.

Mr Gatete said the government was committed to building a strong and vibrant capital market but called for the establishment of more products.

IFC executive vice president and chief executive officer Jin-Yong Cai said that the Umuganda bond underscored the partnership between IFC, investors, Ministry of Finance and the central bank.

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The bond is expected to open up international private bond listings on the RSE. The bourse has only one eight-year corporate bond worth Rwf10 billion ($14.4 million), issued in 2010, by I&M Bank (previously Commercial Bank of Rwanda).