Rwanda is seeking to attract hundreds of millions of dollars in foreign private investment as it looks to turn its Formula 1 ambitions into broader economic opportunities.

The Rwanda Development Board (RDB), the country’s investment promotion agency, and Raffles Family Office (RFO) have announced an agreement aimed at mobilising foreign capital over the coming years. The initiative seeks to connect Rwanda with wealthy individuals, family offices and private investors, particularly in Asia.

The announcement comes as Rwanda pursues plans to host a Formula 1 Grand Prix, part of a wider strategy to raise its international profile and attract investment into tourism, infrastructure and other sectors. The targeted investment remains an objective; the agreement does not mean that the funds have already been secured.

Rwanda’s Formula 1 ambitions are linked to plans for a new circuit in Bugesera, near the country’s planned international airport. The project is intended to support the country’s efforts to develop its tourism and business sectors.

But the investment strategy extends beyond motorsport. The RDB and RFO are seeking to promote opportunities in tourism, hospitality, aviation, real estate, infrastructure and entertainment.

The government hopes that international attention surrounding Formula 1 will help attract investors to projects capable of generating economic activity beyond race weekends.

Under the agreement, Raffles Family Office is expected to use its network of wealthy families and private investors to raise awareness of investment opportunities in Rwanda.

The partnership is designed to facilitate connections between potential investors and local projects, including through meetings, visits and engagement with businesses and public institutions.

Raffles Family Office, which operates in the wealth management and family office sector, provides access to a network of private capital that Rwanda hopes to attract for its development priorities.

However, the announcement does not establish how much funding will be committed to individual projects, nor does it provide a detailed breakdown of investments expected from Asian investors.

Rwanda has increasingly used major international events and partnerships to strengthen its global profile and attract foreign capital. The planned Formula 1 Grand Prix represents another opportunity to promote the country as a destination for business and tourism.

The challenge will be to translate that visibility into concrete investment commitments and projects that deliver lasting economic benefits.

For now, the agreement between the RDB and Raffles Family Office establishes a framework for attracting private capital. Its results will depend on investor interest, the viability of proposed projects and the extent to which the targeted funding is ultimately secured.