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Foreign Direct Investment

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Please indicate whether there is a foreign direct investment review regime in your jurisdiction in relation to mergers involving foreign buyers / acquirers and kindly indicate the relevant review/regulatory body? If there is, please indicate whether there have been any foreign direct investment notifications to date. If there is no foreign direct investment regime, kindly indicate whether there are any plans announced to introduce it.

Foreign direct investments relating to mergers involving foreign buyers or acquirers fall within the ambit of the Rwandan Competition Act and, therefore, are subject to review by RICA. The Rwandan Competition Act does not distinguish between foreign-to-foreign mergers and local mergers. The Rwandan Competition Act provides for thresholds for a notifiable merger to be published, however, no thresholds have been published as yet therefore all transactions that constitute mergers are notifiable. There being no jurisprudence on the point and as far as local counsel are aware, the position has not been tested with RICA. That being said, there is no separate foreign investment filing that must be made.

If there is a foreign direct investment regime in your jurisdiction, please indicate whether it applies to all sectors or specific sectors (such as sectors considered to relate to ‘national security’).

The foreign direct investment regime which is governed by the Rwanda Competition Act applies to all sectors. Please refer to the response above.

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