Rwanda always rubbed me the wrong way since Sweden (among others) is handing them millions in financial aid every year only for them to use the money to be a shirt sponsor for Arsenal FC.
Neighboring Uganda was also a wreak in the 1990s like Rwanda due to it's civil war from 1979-1986, but it has (re)built a relatively robust ICT and Financial Industry, while Rwanda's projects are mostly show or PR driven.
Uganda has a massive financial sector (for a country as poor as it is) with Citigroup, Barclay's, Standard Chartered, and just about every major Indian bank operating there, along with a surprisingly professional stock exchange for a market it's size, and IMO has the same potential that Kenya had in the 2000s, which itself feels like India in the 1990s when Bangalore and Gurgaon were getting on their feet.
Rwanda doesn't have similar champions.
Is that actually a good thing?
Access to capital is often one of the largest blockers to business creation, and Uganda's robust financial system can ease foreigner investors qualms about investing in Uganda directly.
There's a reason why foreign companies used to make a HK Shell to enter the Chinese market - it was because business and financial jurispruence was historically stronger in HK over mainland China.
By having a robust local financial sector, FDI can just go directly to a business in Uganda instead of having to create a subsidiary of a subsidiary domiciled in Marutius, UAE, London, Singapore, etc which has benefits for Uganda from a tax collection perspective along with from a foreign investors relations standpoint.
Add to that the fact that neighboring Kenya has an equally robust financial sector as well and that means there is a lot of capital that can flow all over East Africa.
>There's a reason why foreign companies used to make a HK Shell to enter the Chinese market - it was because business and financial jurispruence was historically stronger in HK over mainland China.
That and they were legally mandated to open one somewhere in China.