U.S. Ambassador to Rwanda gives update on the ‘Nguriza Nshore’ project

The United States Agency for International Development (USAID) launched the ‘Nguriza Nshore’ project in 2018, aimed at assisting small and medium enterprises in Rwanda to access much-needed capital for investment in the agricultural sector. CNBC Africa's Michael Mugisha recently sat down with U.S. Ambassador to Rwanda Peter Vrooman to delve deeper into the project and its impact on the Rwandan economy. During the interview, Ambassador Vrooman highlighted the success stories of companies like Get It, which provides wholesale vegetables and produce to the tourism industry. With tourism being a key revenue generator for Rwanda, the demand for quality produce in hotels is significant. Through the ‘Nguriza Nshore’ project, companies like Get It are able to access capital to scale their businesses, create job opportunities, and contribute to economic growth. One of the challenges faced by SMEs in Rwanda is accessing finance, especially in the agriculture sector. Ambassador Vrooman emphasized the need for new mechanisms to evaluate and manage risks in the agricultural industry. He mentioned the role of intermediaries like 'benefactors' and institutions like the Overseas Private Investment Corporation in supporting companies and producers in accessing working capital. Looking ahead, Ambassador Vrooman discussed future plans for the ‘Nguriza Nshore’ project, including opportunities for venture capitalists and angel investors from the United States to invest in Rwandan businesses. He also highlighted the collaborative spirit and dynamism of entrepreneurs working together to innovate and create impact in Rwanda. Overall, the 'Nguriza Nshore' project is not only about providing capital to businesses but also about fostering a culture of collaboration, innovation, and sustainable growth in Rwanda's SME sector. With the support of initiatives like this, Rwanda continues to attract investment and create opportunities for local entrepreneurs to thrive.