Rwanda is East Africa’s best destination for investment, says a new report released by the International Finance Corporation (IFC) and the World Bank.

The report shows areas where individual economies in the East African Community (EAC) shine, and notes that reforms make Rwanda one of the fastest places in the world to start a business.

Kenya, Uganda, Tanzania and Burundi follow respectively. Securing credit is very straightforward in Kenya, and Tanzania ranks well in enforcing contracts.

The Rwanda Development Board says critical barriers remain in time and cost of liquidating a business, but difficulties in cross-border trade are being addressed.

‘We are working with the EAC member states to streamline procedures, eliminate non-tariff barriers and build regional infrastructure. This, we believe, will improve trading across borders,’ says chief executive Claire Akamanzi.

The report also says the region has pockets of good practices that if adopted by all EAC countries, could yield a very healthy business environment.

Source: New Times Rwanda