Rwanda recorded a significant improvement in the latest World Bank’s “Doing Business Report” emerging 41st up from 56th in last year’s global ranking.
The report released Tuesday, ranked Rwanda second after Mauritius - - that became 25th - and first in East Africa in easing doing business.
Kenya came third at number 80), Botswana at 81st and South Africa that came at the 82.
The report is seen as a major catalyst for Foreign Direct Investments because investors tend to first analyse the suitability of the economy before committing to invest, and these are the main benchmarks they look at.
The report specifically placed Rwanda among the best globally in Doing business areas of registering property with a rank of (2) and got credit (6).
In registering property, the report says, Rwanda has an efficient land registry where it takes 7 days to transfer the property and only costs 0.1% of the property value – the same as in New Zealand.
Meanwhile, Rwanda and Mauritius are the only two of the Sub-Sahara African countries in the top 50 countries surveyed globally.
According to 2018 Doing Business reform which coincided with World Bank’s 15th anniversary of the report, Rwanda implemented five reforms making it easier to do business in the course of last year.
For instance, the report says, the country – whose economy has maintained an annual growth of 8% in the past decade, improved construction permits by increasing quality control during construction through introducing risk-based inspections.
The country also made registering property easier by implementing an online service platform to facilitate registration of property transfers.
In investment, World Bank’s 2018 Doing Business Report, managed to put in place minority investor protection by making it easier to sue directors, clarifying ownership and control structures and requiring greater corporate transparency.
In the manifesto presented by the RPF Chairman, President Paul Kagame, the RPF Inkotanyi vowed in the next seven years (2017-24) to fast-track economic development that is based on private sector investment, knowledge and natural resources.