Courtesy of The Africa Report, a look at how Paul Kagame and Rwanda Inc. target foreign opportunity:

Having become an essential economic player in Rwanda, the holding company, owned by the ruling party, is now expanding across the continent, driven by the diplomatic efforts deployed by Kigali. A deep dive into the heart of a group created in the aftermath of the genocide and whose operation remains very secretive.

As indispensable as it is secretive, Crystal Ventures (CVL) has always had a special status since its creation as Tri-Star Investments in 1995. Owned by the Rwandan Patriotic Front (RPF), the party of Paul Kagame, this private conglomerate initially played a central role in the reconstruction of the national economy after the genocide against the Tutsi.

28 years later, CVL is omnipresent in the country, from roads built by the NPD-Cotraco company to Inyange fruit juices that fill store shelves. The holding company claims to employ more than 12,000 employees and to have carried out no fewer than 23,000 projects.

Its influence in sectors such as construction, consumer goods and services, like that of the RPF in politics, makes it a central player in the Rwandan economic landscape. According to its critics, its tentacular presence would even be of a nature to stifle any form of competition and prevent the private sector from experiencing real growth.

The company, however, refutes any favouritism and claims to have invested in several sectors where no one wanted to get involved in the aftermath of the genocide.

Long confined to the national market, Crystal Ventures is now investing outside its base. For more than three years, its companies have made forays into the wake of partnerships and agreements forged by the government: in the Central African Republic and Mozambique, where Kagame is deploying his army, as well as in the Republic of Congo and Zimbabwe. They invest in diamond and graphite mines, fruit juice factories, or offer security services…

But what role does CVL play today in Rwandan economic diplomacy? How do its companies exploit the opportunities offered by the close collaboration forged by Kigali with certain countries, especially at the military level?

While the holding’s ecosystem remains opaque, its strategy intrigues and fascinates.

Through the atypical history of this iconic investment fund of post-genocide Rwanda and the decoding of the investments it makes outside the country, notably in Mozambique in connection with the oil company TotalEnergies, we take you to the heart of one of the most discreet, but also most strategic, enterprises in Paul Kagame’s Rwanda.