Development Bank of Rwanda
Products & SolutionsSLB

Sustainability-Linked Bond

Designed for

Individuals, companies and institutional investors

The third tranche of BRD's Sustainability-Linked Bond supports women-led businesses, affordable housing and responsible business practices.

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Overview

What is the Third Sustainability-Linked Bond?

The Development Bank of Rwanda (BRD), in partnership with the World Bank, is launching the third tranche of its Sustainability-Linked Bond (SLB) under the Frw 150 billion Medium Term Note Program, with a target of Frw 23 billion. This follows the strong success of the previous two issuances, both of which were oversubscribed, reflecting strong investor confidence in Rwanda’s sustainable financing instruments. The first tranche raised Frw 30 billion with a 110.59% subscription, while the second tranche raised Frw 33.5 billion with an impressive 130.2% subscription.

Like the previous tranches, this issuance remains ESG-focused, supporting women-led businesses, expanding access to affordable housing, and promoting responsible business practices. Through this bond, BRD continues to diversify its funding sources, mobilize local capital, and scale investments that drive inclusive and sustainable economic development while strengthening Rwanda’s capital market.

Terms and track record

Terms and conditions

  1. The first tranche raised FRW 30 billion with a 110.59% subscription.

  2. The second tranche raised FRW 33.5 billion with a 130.2% subscription.

  3. The third tranche has a nominal series amount of FRW 23 billion, a 10-year tenor and a 12.70% interest rate.

  4. The minimum subscription is FRW 100,000 and the published subscription deadline is April 2, 2026.

Application documents

How to apply

Open a Central Securities Depository (CSD) investment account with the National Bank of Rwanda through a local licensed broker or custodian, then prepare the documents for your applicant type.

Companies

  • Central Securities Depository Account: Open a CSD investment account with the National Bank of Rwanda through a local licensed broker or custodian.
  • Certificate of Incorporation: Provide a notarised copy of the certificate of incorporation.
  • Constitutional Documents: Provide a notarised copy of the company's constitutional documents.
  • Authorised Signatories: Provide notarised copies of valid ID or passport data pages for the authorised signatories.
  • Provide a board resolution appointing the authorised signatories.
  • Provide colour photographs of the authorised signatories.

Individuals

  • Central Securities Depository Account: Open a CSD investment account with the National Bank of Rwanda through a local licensed broker or custodian.
  • Application Form: Complete the BRD Note Subscription Form available from your licensed broker.
  • Identification Documents: Provide a notarised copy of a valid ID or passport page.
  • Passport Photograph: Provide a colour photograph.

Licensed brokers

Licensed brokers for the BRD Sustainability-Linked Bond

Take the next step

Apply for the Sustainability-Linked Bond

Open a CSD investment account through a licensed broker or custodian, complete the required subscription documents, and submit your application through the BRD investment portal. The published subscription deadline is April 2, 2026.

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