How should Rwanda develop its capital markets? This was the subject of a three-day roundtable discussion held in October 2015 in Rubavu, Rwanda. In framing the key challenges and opportunities that the country faces in developing capital markets, this report aims to provide a useful input to inform capital-market reforms going forward.

The roundtable was organized by the Rwanda Capital Markets Authority and the Milken Institute’s Center for Financial Markets, with support from FSD Africa. In concluding the roundtable, participants discussed proposed next steps for taking forward a 10-year Capital-Market Master Plan, including a market assessment drawing on main roundtable findings and more in-depth consultations held with key Rwandan capital-market stakeholders. This process will culminate in a list of recommended implementing actions and timelines for Rwanda’s 10-year Capital-Market Master Plan.