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Rwanda: SSE and IFC work with exchange and national regulators on ESG disclosure

On 28-29 October, the SSE and IFC collaborated with the Rwanda Capital Market Authority and Stock Exchange to jointly organize the first-ever virtual stakeholders' consultation on the revised Corporate Governance Code in Rwanda. Over 40 representatives from the Central Bank of Rwanda, investment funds, financial institutions, and companies joined the capacity building workshop 

The virtual meeting engaged with the participants on directors' independence, cross-directorship, board size, disclosure and transparency, risk governance, stakeholder engagement, and special provisions for SMEs. The event featured many examples from annual reports to present ESG policies and practices. There was great receptivity from the audience and many participants requested a follow-up training-of-trainers. 

The IFC and SSE seek to assist national efforts to revise the Corporate Governance Code in Rwanda and the development of an ESG Scorecard and Reporting Guidelines to improve the country's investment climate. Similar projects are underway in Iraq, Morocco and Ukraine. 

Long-term partnership 

In 2019, IFC, CMA and SSE teamed up to raise environmental, social, and governance (ESG) standards of listed companies in Rwanda. The goal of the 2019 workshop was to help build investor trust, attract capital, and grow strong capital markets in Rwanda. 

At the occasion, Eric Bundugu, Acting Executive Director of the Capital Market Authority in Rwanda, said: “the Rwanda Stock Exchange and Capital Market Authority in Rwanda are increasingly active in promoting sustainable finance. But we can benefit from technical assistance to implement sustainable finance mechanisms. We are pleased today to announce the strengthening of our ties with IFC and UN SSE, with the aim of improving our assistance to listed companies, so that we can reap the rewards of sustainable finance.”

IFC and UN SSE, which established a strategic partnership on responsible investment issues in 2018 with an exchange of letters. Their joint capacity building efforts focus on helping stock exchanges to produce ESG disclosure guidance that meets specific local needs and promotes investment for sustainable development. 

About IFC

IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, we delivered more than $23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit

About CMA Rwanda

Capital Market Authority (CMA) is a Rwandan public institution established by the Law No.23 /2017 of 31/05/2017 responsible for developing and regulating the capital markets industry, commodities exchange and related contracts, collective investment schemes and warehouse receipts system. The CMA derives its mandates from the Law N°11/2011 of 18/05/2011 establishing the CMA, determining its mission, powers, organization, and functioning. The CMA continues to maintain a conducive environment to enable Rwanda’s economy to access long-term funding through the capital markets as well as ensuring investor protection. For more information, visit