The Stears Private Capital in Africa Report Q3 2024 provides a comprehensive analysis of private capital activity across the continent, revealing that $2.27 billion was invested in 73 private market deals. Rwanda, alongside other countries, emerged as a focal point for investments, particularly in technology, renewable energy, and infrastructure.
In East Africa, the report notes that the region secured 18% of total deals, with Kenya receiving $350 million in venture capital and private equity investments, primarily targeting fintech and agritech startups. Uganda followed with $220 million, directed toward energy and telecom projects. Rwanda, while securing a smaller share at $120 million, demonstrated remarkable growth potential with commitments largely in green energy and technology projects.
In comparison, Southern Africa dominated the overall funding pool, driven by South Africa’s $600 million inflow, mainly into clean energy and financial services. West Africa captured 25% of total deal value, with Nigeria alone attracting $500 million, driven by fintech and logistics investments. Meanwhile, Egypt led North Africa with $400 million in private capital focused on healthcare and renewable energy initiatives.
The report attributes Rwanda’s progress to its strong policy framework and strategic reforms under Vision 2050. A key investor commented, “Rwanda’s stable economic policies make it an attractive destination for capital looking to scale sustainably in East Africa.” The country’s integration into the African Continental Free Trade Area (AfCFTA) has further enhanced its ability to attract multi-country investments.
Rwanda’s $120 million investment included $60 million dedicated to renewable energy projects, such as the Nyabarongo II hydropower plant and rural electrification initiatives through decentralized solar power. Another $40 million went to technology startups supported by Kigali Innovation City, while $20 million targeted logistics and infrastructure, particularly enhancing Kigali’s position as a trade hub through the Kigali Logistics Platform.
The report underscores the importance of aligning national reforms with regional opportunities. Rwanda’s balanced approach to economic development positions it as a growing investment hub, setting an example for neighboring countries.
For a detailed breakdown of Africa’s private capital trends, the full report is available on Stears’ platform .