Made available last week — and carrying a three-year maturity period — Rwanda’s newest treasury bond is being offered to the public, an East African Business Week report said. The Ministry of Finance and Economic Planning (MINECOFIN), and ambassador Claver Gatete are encouraging ordinary citizens to take a chance at investing.

According to Gatete, the welfare of the country’s development is partially in the hands of the citizens. With their support, East African Business Week noted, the bond market will be strengthened. The report also detailed that Rwanda’s capital market was the economic focus in 2008 when the central bank — and with MINECOFIN — issued a different long-term bond.

“This is a time for Rwandans to invest in a more productive venture which is still aimed at developing their country since such funds will be used to promoting infrastructure projects plus capital markets development,” Gatete said of the treasury bond.

“The Rwandan government aimed at making the treasury security period longer and again attracting more long term savings for the Rwandan people.”

Last summer Bloomberg reported that Rwanda engaged in selling “Dash for Trash” bonds when dipping into the international capital markets. While U.S. sovereign debt auctions come with a bid-to-cover ratio of between two and three – Rwanda’s 10-year bonds sold with a bid-to-cover ratio of around 10.

Ultimately, because the valuation of the $400 million (in dollar-denominated bonds) was attached to such a low borrowing rate, investors can’t be sure that the country will be able to effectively earn capital on the funds that have been raised — and furthermore back up the funds once the bonds mature.

East African Business Week also reported that Rwanda’s 2008 issued capital market bond —worth roughly US$46 million — is almost paid off with about $13 million left in the balance.