With approximately 12 million citizens and a nominal GDP of just under $9 billion, the Rwandan economy is small. However, through a series of well-designed and well-managed national policy reforms, the government has maintained macroeconomic stability, created a business-friendly environment, and sustained an average of 7.7 percent annual GDP growth since 2000. In light of this progress, Rwanda is developing a policy agenda to strengthen its financial markets. In particular, the government regards capital-market deepening as an essential component of maintaining rapid economic growth.

It was in this context that the Capital Market Authority of Rwanda and the Milken Institute Center for Financial Markets commissioned a survey of Rwandan businesses about their financial-market policy preferences. Distributed by the Rwanda Private Sector Federation, a Rwandan business association, the survey asked businesses about their current access to financing, perceptions of Rwanda’s capital markets, and priorities for the development of these markets.