The central bank of Rwanda launched its own securities exchange on Tuesday making it a milestone to the development of the nation that was severely affected by the 1994 genocide.

Initially it will deal in corporate and treasury bonds although the central Bank said that it will also include other products like shares as the operation develops.

The hope is that the exchange will aid the economy, which has yet to bounce back after the 1994 genocide, said Paul Kagame, President of the republic of Rwanda.

Kagame said the move was an important achievement that will provide the business community with financing options as well as adding great value to Rwanda's economy.

More than 800,000 people died and almost all the infrastructure was destroyed during the civil war and genocide in 1994.

The securities exchange will be seen as a source of cheaper financing than that offered by commercial banks.

The central bank's governor, Francois Kanimba said that at first the stock exchange might only be open to Rwandan companies.

Kanimba said that many businesses from the country's manufacturing, mining, tourism and real estate sectors will later be listed on the stock exchange.

Foreign companies will also be allowed to enter and either raise finance by listing in Rwanda or buy shares.

Last week, Rwanda central bank issued treasury bonds worth more than $36m to support the stock exchange project.

Rwanda