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Rwanda’s public transport sector as RITCO unveils 20 new buses.



Rwanda’s public transport sector as RITCO unveils 20 new buses.




10. Cover Story

I&M Bank shares on sale

16. Special feature RITCO

20. Presidential Month Pictorial

22.Tigo Wcash

tigo cash driving Rwanda towards an efficient cashless economy


DIESELUBE700 SUPER: The perfect oil for your engine

26. BRD

BRD, USAID to increase agriculture financing

28. BRD

BRD leading financing of key priority sectors to achieve Rwanda’s development agenda


Hope Magazine-Issue 72






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Hope Magazine-Issue 72

publisher’s word Telling Rwanda’s Story

TEAM Albert Ndata Latim Lawrence Himbana Alexandre Ishimwe Yvonne Ben Gasore Manzi Joseph Matthew Rwahigi Rumanzi Abraham Shema Ignace Shema Leonard Sindayirwanya Isabelle Erwin Winkler Keith Ntagozera Mutabazi Jackson Rebero Daniel Allan Migadde DESIGN & LAYOUT Yakub PUBLISHED BY Hope Magazine Ltd. ADVERTISING & GENERAL INQUIRIES P.O.Box 6176 Kigali - Rwanda +250 788 524189 / + 250 788 404138 COPYRIGHT 2013

Sale of State shares

in I&M Bank is good news for everyone The sale of the State’s 19.81% shares in I&M Bank Rwanda through an IPO that ran from February 14 to March 10, has been a positive move in several respects. In the first place, it confirms the government’s intention to divest itself of commercial activities, a process that started in the late 90s when the government decided to get rid of the legacy of its predecessor which had often majority stakes in commercial companies and even ran dozens of State-owned enterprises. Over the past 20 years, several of those public companies have been liquidated, others have been privatized while State shares have been sold, which in recent years has been mostly done through an initial public offering (IPO). Thus, the government gets rid of activities that are more of a burden than a blessing, concentrates on actions that promote the socioeconomic progress of the nation and its citizens, and leaves business to the private sector, which is as it should be. Secondly, the choice of an IPO as the means to sell the shares is good news for both individuals and corporate investors, as it provides another option to make a solid investment. In the case of the I&M shares, for example, the price was Rwf 90 per share, and buyers had to take a minimum of 1,000 shares. This means a minimum investment of less than Rwf 100,000, which is accessible to a big portion of the population. Last but not least, as the shares can now be traded on the Rwanda stock exchange, it will also give a boost to the country’s capital markets. As a relatively young institution, the RSE only lists a handful of companies currently, so every new addition is welcome to make it more vibrant. Not only will this give more options to anyone willing to invest in shares, the arrival of a solid company like I&M Bank Rwanda on the RSE will also make it more attractive and that, combined with increased buy-and-sell activity, might also convince other companies to list on the RSE.

Reserved by Hope Magazine, a monthly Magazine is published by Hope Magazine

So it’s a win-win for everyone.

Limited. All rights reserved. The opinions expressed in the

Erwin Winkler

magazine are not necessarily those of the editors and plublishers of Hope Magazine.

Care is taken to ensure accuracy, Hope Magazine assume no liability for error or omissions in this publication. All Advertisements are taken in good faith, opinions and views contained herein are not necessarily those of the Publisher. All copyrights and trademarks are recognized. No part of this publication or any part of the contents thereof may be reproduced, stored in retrieval system or transmitted in any form without written permission by Hope Magazine. An exemption is hereby granted for extracts with the purpose of fair review. © 2013



Hope Magazine-Issue 72






2ND EDITION - MAY 13th 2017





I&M Bank Rwanda The Government of Rwanda through the Ministry of Finance and Economic Planning (Minecofin) is selling its stake of 19.81 percent in I&M Bank(Rwanda) Ltd ,to the public through an Initial Public Offering(IPO) at the Rwanda Stock Exchange(RSE). Minister of Finance & Economic Planning, Amb. Claver Gatete (L) shakes hands with I&M Bank

The share sale offer that opened from 14th Feb 2017 is meant to end on 10th March 2017.Thereafter the shares will be listed at the Rwanda Stock Exchange (RSE). Each share is sold for Rwf 90.Buyers for the offer are expected to purchase a minimum of 1,000 shares. It thus means that investors with at least Rwf 90,000 can own part of the bank which is widely regarded as one of Rwanda’s heritage brands. According to the experts handling the share sell program over 60 percent of the 99 million shares is reserved for Rwandans and East African citizens while foreign investors are expected to buy the balance of 40 percent. The sale offer is in accordance with the Government of Rwanda’s policy of divesting from public enterprises. I&M Bank (Rwanda) Ltd is a limited liability company that was incorporated in the Republic of Rwanda on 25th May 1963 under the companies act and is domiciled in Rwanda. Hon Clavier Gatete the Minister of Finance said, “the Government of Rwanda is committed to the development of the capital markets as a means of building a strong foundation


for long term financing for both private and public sector and also empowering the people of Rwanda to participate in the divestiture of government investment in private organizations.”

“Accordingly, to have government shares in the oldest bank in Rwanda sold to the public is a confirmation of government’s confidence in I&M Bank in particular and the financial sector in general,” the minister further said. Robin Bairstow, CEO I&M Bank Rwanda Ltd says that that the IPO gives an opportunity to the ordinary Rwandan to acquire shares in the country’s oldest bank. “The Bank has a rich heritage spanning over 53 years and is a pioneer in products innovation and has posted strong growth pedestals year on year,” he further noted that, “this offer is therefore a strong vote of confidence in the bank’s performance over the years”. The sale of I&M Bank Rwanda Ltd shares which is the first IPO in East Africa in year 2017 offers local investors an opportunity to own a solid investment, according to experts familiar with the offer. The experts contend that the IPO is expected to lead to increased trading activities at the RSE. “The I&M Bank Rwanda IPO is actually a breath of fresh trading potential at RSE. It represents the good tidings that should accompany traders and investors at RSE this year”, Davis Gathaara Managing Director Baraka Capital Ltd the transaction advisors to the offer says adding that;

Hope Magazine-Issue 72


“Buying the shares represents a good avenue for investment diversification meaning an opportunity to increase sources of investment with good returns through dividend incomes and capital gains in the stock markets”. Mr.Gathaara says that the shares represent strong investment that has shown equally strong results over a long period of time. Strong growth over last 50 years: I&M Bank (Rwanda) Ltd is a proven leader in the Rwandan banking industry in terms of sector fundamentals. For instance the bank was voted as the most efficient brand in terms of operational costs. According to statistics released by sector regulator the National Bank of Rwanda (BNR), I&M Bank Rwanda emerged as the bank with the lowest cost to income ratio in the year 2015. The bank was ranked the most efficient bank in the sector with a Return of Equity (ROE) of 22.17 % as of September 2016 and the 3rd largest bank in terms of total assets at the end of FY 2015 in Rwanda . Rwanda’s board chairman Bill Irwin during the IPO

The Rwanda Stock Exchange CEO, Celestin Rwabukumba (R) said with the bank listed at the exchange, more Rwandans will be able to own the bank’s sharesa

From left to right- I&M Bank Rwanda Board Chairman, Bill Irwin, Governor of the National Bank of Rwanda, John Rwangombwa and Amb. Gatete elated at the IPO



The Minister of Finance and Economic Planning Amb. Clever Gatete hosting members of the media for a briefing of IPO

The shares represent strong investment that has shown equally strong results over a long period of time.

Among other sector fundamentals, one cannot overlook the quality asset book that I&M Bank Rwanda has managed to deliver in the market. That being the case, the bank has revised its market positioning in order to offer the full range of personal, business, institutional and corporate banking products throughout all its locations in Rwanda as well as through its presence in Kenya, Tanzania and Mauritius. Financial Performance The Bank’s total assets grew at a Compound Average Rate (CAGR) of 16.6% during the last 5 years moving from Rwf 92.9 Billion in 2011 to Rwf 172 Billion in 2015. The Shareholders’ funds also increased from Rwf 12.4 Billion to Rwf 24.5 Billion over the same period, representing a Compound Average Rate of 25.7%. The growth in assets was largely driven by the increase in customer deposits, which grew at a 5 Year

Compound Average Rate of 14.7% rising from Rwf 70.6 Billion in 2011 to Rwf 119.9 Billion in 2015. As deposits grew, the bank was able to push the net loan book to Rwf 94 Billion from Rwf 37.6 Billion by the end of Financial Year 2015. The drivers of the growth loan book were the construction, wholesale & retail, and agricultural sectors and by the end of Financial Year 2015, the bank had loaned a total of Rwf 56.4 Billion to the three sectors accounting for over 58% of the bank’s loan portfolio. The growth in profits has enabled the bank to pay dividends consistently over the period where the total dividends paid between December 2011 and December 2015 amounted to Rwf 8 Billion. The bank maintained an average payout ratio of 38% over the period.

Highlights of the offer 1. All the proceeds of the sale will accrue to the Government of Rwanda. 2.I&M Bank Rwanda Ltd will not receive any proceeds from the IPO. 3.As part of the share offer I&M Bank Rwanda Ltd has created 5,000,000 new shares that will be allotted to the bank’s employees whose sale will be done simultaneously with the allotment of the shares being offered by the Government t of Rwanda. 4. The offer and subscription period commenced on 15th February 2017 at 9.00 am and is expected to end on 10th March 2017.


Hope Magazine-Issue 72


Where to buy from:

Collecting Banks:




Disclaimer: The information contained, herein, is only advisory and is not meant to replace the Prospectus, which is the official document meant to market the I&M Bank Rwanda share offer to

prospective investors. Persons interested in obtaining information about the I&M Bank Rwanda share offer should obtain and read the Prospectus. Remember the value of shares can go up as well 13 as down. This announcement has been issued with the approval of Capital Market Authority in Rwanda




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Hope Magazine-Issue 72

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A new dawn for Rwanda’s public transport sector as RITCO unveils 20 new buses. Geraldine Uwanziga, who regularly travels from Nyanza to Kigali to bring agricultural produce to Nyabugogo’s food market, no longer has to worry about hiring private transport.

“I used to spend a lot of money to transport my produce to Kigali because we no longer had Onatracom buses, which in the past drove that route every Monday and Thursday,” Uwanziga explains. Yet that has changed again, thanks to the Rwanda Interlink Transport Company Limited (RITCO Ltd), which was created in the wake of Onatracom’s closure. Recently, after only 8 months of operations, the company presented 20 new spacious buses that will significantly improve its transport services. RITCO is a partnership between the Rwanda Federation of Transport Cooperatives (RFTC) and the ministry of infrastructure (Mininfra) that aims to solve the country’s public transportation woes caused by a dysfunctional and heavily indebted Onatracom. RFTC owns 48% of the new company’s shares and Mininfra 52%.


Speaking at the presentation of the buses, Dodo Twahirwa, the chairman of RFTC, announced that 30 others were still in transit at the Port of Dar-es-Salaam. “We are continuously replacing the old Onatracom buses and are primarily here to solve transport issues, especially on the upcountry routes,” Twahirwa said. Robert Muhizi, RITCO’s Board Chairman, said at the same occasion that they hope to revamp public transport in the country and would learn the lessons of the failure of Onatracom. “Transport is key to the development of the country and the commitment shown by RITCO shareholders during the last seven months after its establishment proves that the company will achieve its goals, and be profitable,” said Muhizi. “We hired senior management qualified in transportation services and we are confident that it will be successful and profitable,” he explained.

Hope Magazine-Issue 72

“Transport is key to the development of the country and the commitment shown by RITCO shareholders during the last seven months after its establishment proves that the company will achieve its goals, and be profitable,

Rtd. Col. Dodo Twahirwa, the RFTC chairman (L) explains to the minister of state in charge of transport, Dr. Nzahabwanimana (R) aspects of the bus

Dr Alexis Nzahabwanimana, the Minister of State in charge of Transport, said that the government is committed to addressing the longtime public transport challenges dating back to Onatracom.

“In the first seven months of operation, RITCO has been able to meet its operational costs with the 55 old buses and made a 20% savings in addition to paying its taxes,� noted Muhizi.

He pointed out that therefore, with the creation of RITCO, a change of mentality had been required as under Onatracom public property had not been well maintained. As a result, the 55 old but still functioning buses which the new company inherited have been properly serviced even though they will now be gradually replaced by the new acquisitions.

He added that the 20 new buses are part of a Rwf 11 billion business plan of the partnership that will see a total of 165 buses brought into the country over two years.

The minister commended the partnership and urged the federation to invest in more buses so that the ministry can add on its shareholding.

The company aims at becoming a regional transporter but it will initially start by serving local routes and will expand beyond borders once all the buses that they ordered have arrived. The 52-seater buses also have ample space for cargo, which was welcomed by users, especially entrepreneurs such as Uwanziga.



Karangwa being handed over the Friesian cow by Kigali Serena Hotel staff

Sambai (far left) with the hotel’s Human Resource Manager, Anne Kirungi (2nd left) pose for a photo with Ms. Kabayundo (2nd right) and Karangwa (R)


supports ‘Girinka’ with Friesian cow donation


he Kigali Serena Hotel has upheld its promise to support the country’s OneCow-per-Family program, Girinka, with the donation of a Friesian cow to Leonard Karangwa, a resident of Gahanga, Kicukiro district. The hotel had in March last year pledged to take part in the program under its corporate social responsibility activities to help alleviate poverty and food insecurity in Rwanda. Karangwa, a father of four, was given the cow by staff of the five-star hotel after being proposed by officials of the sector. The Girinka program was initiated by President Kagame as part of his vision to improve the quality of life for Rwandans by reducing child malnutrition and increasing the household income of poor

farmers. These goals are directly achieved through increased access to, and consumption of milk, by providing poor households with a heifer. Esperance Kabayundo, the Notary at Gahanga Sector, said the Girinka program is transforming rural livelihoods and fighting poverty in Rwanda, and commended Kigali Serena Hotel for taking part in the initiative. “The model is simple, the impact is great. One cow brings nutrition, sustenance and employment, providing a stable income for a family and is a source of manure to assist small-scale farming,” she said. To date, more than 203,000 families have now benefited from the program, and the target is to reach 350,000 Rwandese families by 2017. Daniel Sambai, General Manager of Kigali Serena

Hotel, said they are glad to take part in the initiative and that they would continue to support it. “The multiplier effect comes when a cow gives birth and the calf can benefit another family. We are thankful for this initiative created by the President, and are proud to play a part in it,” he noted. The Serena Hotels Group believes that corporate social responsibility (CSR) should not just be about philanthropy and compliance but that it should also offer a more holistic corporate approach towards economic, social, and environmental impacts as a whole. The group also places strong emphasis on measuring its success, not only in terms of financial gain, but also in terms of the degree to which it has contributed towards local economic development, environmental conservation and social justice.

About Kigali Serena Hotel Ideally located on one of Kigali’s most charming boulevards, the five-star Kigali Serena Hotel is built around a polished granite atrium, which showcases the very best of Rwandese cultural art. Relaxed yet elegant, the hotel features an Executive Lounge and Bar, which opens onto a wide sundeck overlooking the newly refurbished swimming pool. Also overlooking the pool, the popular Milima Restaurant offers a wide range of all-day buffet choices, while the relaxed Sokoni Café offers inside and outside poolside seating. Regarded by many as Kigali’s natural business hub, the hotel also boasts its own extensive conference centre, 500-seater auditorium and lavish ballroom. Kigali Serena Hotel is one of the leading conference venues in Kigali.


Hope Magazine-Issue 72

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Presidential Month

PRESIDENTIAL MONTH Pictorial highlighting the president’s monthly activities undertaken in and out side the country





President Kagame met with Gianni Infantino, President of FIFA in Gabiro, on 26 February 2017


President Kagame received credentials from 6 newly accredited envoys on 23 January 2017


3. President Kagame attended the 28th African Union Summit in Addis Ababa, on 31 January 2017


4. President Kagame attended the 10 Year celebration of Rwanda-Oklahoma Christian University Partnership in Kigali, on 10 February 2017

4 20

Hope Magazine-Issue 72

Presidential Month

6 5.

President Kagame opened the Aviation Africa Summit taking place in Kigali, on 22 February 2017


President Kagame was in India to attend the Vibrant Gujarat Global Summit 2017 on 9 January 2017


President Kagame attended the 21st National Prayer Breakfast on 15 January 2016


7 8.

President Kagame attended the 28th African Union Summit in Addis Ababa, on 31 January 2017


President Kagame received the Nigerian Minister of Communication, Abdur-Raheem Adebayo Shittu and his delegation on 26 January 2017

10. President Kagame participated at the CNBC televised session themed: Building Africa in Davos on 18 January 2017



10 21

Tigo Cash driving Rwanda towards an Efficient Cashless Economy


ore than 36,588 new subscribers joined Tigo Rwanda in the month of December 2016, bringing the total number of those registered on Rwanda’s leading mobile network operator in Mobile Financial Services to more than 3,250,000. Figures from the Rwanda Utilities Regulatory Authority (RURA), paint a clear picture to why Tigo Rwanda has become a force to reckon with in the telecom sector. Of the three telecom operators in the country, Tigo Rwanda achieved the largest customer growth in 2016 with an additional customer base of over 191,000 new subscribers. This puts Tigo Rwanda in a powerful position in terms of market share with over 36.5% stake. Tigo Rwanda boasts of an extensive agent network both rural and urban with more than 17,000 registered Tigo Cash agents ready and able to support the industry in its delivery of services to its customers. Commenting on the achievement, Tigo Rwanda, Faith Chisulo, Head of Mobile Financial Services “Since service launch in 2011, Tigo Cash has been at the fore front in providing innovative customer centric financial services in collaboration with our partners. Our robust Mobile Financial Platform


Hope Magazine-Issue 72

and Agent network ensure that every Rwandan with a mobile phone is able to make digital payments and money transfers in a fast, convenient and secure manner”, adding that it is for this reason that Tigo Cash continues to be the market leader in active subscribers as well as transaction volumes. Empowering the Rural Communities through Mobile Financial Services There is no doubt that mobile financial service delivery is taking the lead in driving financial inclusion in the country as well as on a global level; To this end and leading by example, today the Government of Rwanda conducts its processes electronically, including paying bills and taxes online thanks to innovations like Tigo Cash. Experts say that embracing financial digital platforms will achieve financial inclusion targets. And at the heart of this campaign, Tigo Rwanda has once again taken the lead in driving mobile financial services in the country. Through Tigo Cash and other innovative products, the network subscribers are experiencing the advantages of mobile financial transacting, its convenience, accessibility and reliability. There is no doubt that Tigo cash platform and Payment Solution for Agriculture’ which was recently nominated for the prestigious 2017 GSMA Global Mobile Awards in the ‘Best Mobile Payment Solution’ category, has transformed lives of many farmers. This has increased the financial and digital inclusion for more than 10,000 tea farmers from across the country and is a testimony on how the company is transforming lives of those at the grassroots level. It also signals how important such mobile solutions have become in driving financial inclusion and the unstoppable march towards a cashless economy. Tigo Cash Mobile Financial Services is an enabler and accelerator for financial inclusion and improved livelihoods for so many people in Rwanda. Tigo Rwanda has demonstrated and continues to demonstrate an enormous amount of passion in linking innovation and technology to sustainable development and the improvements of people’s livelihoods. Tigo continues to research ideas in its endeavor to develop even more customer-centric mobile financial service solutions.





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Hope Magazine-Issue 72

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he Development Bank of Rwanda (BRD) on Friday signed a memorandum of understanding with the Private Sector Driven Agriculture Growth project (PSDAG) of the United States Agency for International Development (USAID), to increase agriculture financing. Through the agreement, BRD has reserved about Rwf 140 billion for loans to finance agricultural mechanization, modernization, and processing technologies. An additional Rwf 180 billion will be available to assist the export sector, including agricultural exports.

The two new partners shake hands after signing the agreement

Alex Kanyankole, the CEO of BRD said the partnership between the bank and USAID, which was developed through USAID’s PSDAG project, will strengthen agriculture lending, and provide a boost for the sector. The PSDAG project will provide technical assistance to BRD staff and its partners as a contribution to achieving the national objective of increasing agriculture financing. “Increased access to loans and other financing will create more investment by farmers and agribusinesses, and stronger market opportunities for smallscale farmers,” Kanyankole explained. He added that BRD will use the funds for many purposes, including providing low-rate, affordable loans for small farmers through microfinance institutions and community cooperatives. The bank will also finance commercial projects in livestock, fish, and feed production, and offer financial guarantees for export and agriculture investments. In addition, BRD will help bankroll projects in high-value crop and seed production, and more.

“We are grateful for this partnership with USAID, which is a timely boost of the bank’s efforts of financing development and modernization of the agriculture sector. As we embark on increasing lending and access to financial services for the sector, it is essential to provide technical support and capacity building to our staff and clients,” he said. USAID Rwanda’s acting mission director Leslie Marbury also said that they were delighted to partner with BRD to increase financing and leverage private investments in the agriculture sector.

Alex Kanyankole, the CEO of BRD, and Leslie Marbury, USAID Rwanda’s acting mission director, sign the agreement in Kigali last month

“Through this critical partnership, our support will expand markets, create more jobs opportunities and increase incomes in rural populations,” she remarked.

About the PSDAG program The Private Sector Driven Agricultural Growth (PSDAG) program is a five-year (2014-2019) project funded by USAID. The goal of PSDAG is to increase smallholder farmers’ incomes by promoting private sector investments and to facilitate the transformation of agriculture into a market-oriented, competitive, and high-value sector. PSDAG is the largest project in Rwanda under the U.S. government’s Global Food Security Strategy. Alex Kanyankole, the CEO of BRD, and Leslie Marbury, USAID Rwanda’s acting mission director, sign the agreement.


Hope Magazine-Issue 71


A participant asks a question during the workshop that took place at the Hotel Portofino in Kigali last month



fficials from the ministry of Infrastructure (MININFRA) have announced that the renewable energy fund project is nearing completion and will enable the Rwandan government achieve its goal of universal access to energy. The programme of scaling up rural electrification is implemented by the Rwanda Development Bank (BRD). Robert Nyamvumba, the director of the Energy Division in the Ministry of Infrastructure, said that their major task was to streamline financial mechanisms which aim at achieving universal access to energy in the country. He was speaking on Friday at a high level consultative meeting of stakeholders including REG/EDCL, RDB, MINIREND, RSB/NSD, EPD, commercial banks and SACCOs among others. Nyamvumba said all initiatives aim to increasing renewable energy supply, in accordance with the government’s goal of providing cheap and affordable energy. He said that the meeting exclusively focused on safeguard instruments rather than the technical and financial ones, adding that those, like the interest rates on loans to energy developers, would be addressed in other forums in the future. Dr. Livingstone Byamungu, the chief investment officer at BRD, said that $180 million out of $712 million for the entire project were meant to develop on- and off-grid energy, adding that they had in

“All the efforts you see are geared at accelerating renewable energy to support the initiatives of the Rwandan government to provide cheap and affordable energy to all Rwandans,”

the recent past embarked on the development of off-grid energy. He added that BRD was closely working with all the stakeholders such as SACCOs, Solar companies, commercial banks and other private operators. All efforts, he added, will in the long term result in an increase in the number of clients to the banks and therefore creation of awareness of this programme was vital.

Reacting to concerns expressed during the meeting regarding expropriation compensation, the WB and BRD consultant on the resettlement policy framework, Theogene Habukubaho, assured that implementation will not start before the affected residents are compensated in accordance with the expropriation law that stipulates that compensation should be paid within 20 days after the valuers have assessed a property. Three commercial banks and 10 top performing SACCOs have already been selected as lenders by BRD and the list of financial institutions will grow in accordance to the growth in demand, officials said during the workshop. Robert Nyamvumba (second from right), director of the Energy Division in Mininfra, at the consultative meeting.

“The five-year project will stimulate demand and the banks will have more customers,” Byamungu said. He also said that lending will be done through SACCOs and commercial banks at a low interest rate that will be agreed upon by MININFRA and BRD. “It’s going to be cheaper and more affordable to energy suppliers,” Byamungu noted.



In 2016, the Bank intervened in financing of 4 projects to the tune of Rwf 3.3bn in the health sector

The bank invested Rwf 11.5billion for the construction of commercial buildings and other business infrastructure

BRD leading financing of key priority sectors to achieve Rwanda’s development agenda EXPORTS


s the leading financier of long-term projects, BRD is at the forefront of the emergence of strong private sector investments into the priority sectors of the Rwandan economy as enshrined in the national development agenda (Vision 2020 and the Second Economic Development and Poverty Reduction Strategy – EDPRS 2). Following a restructuring that was completed last year, BRD streamlined its internal structures to improve its role as a catalyst for Rwanda’s economic development. The bank changed its strategy, moving from being a product-based financier to a sector-based one, focusing on six key sectors: energy, housing, education, exports, agriculture, and special projects and infrastructure. The sectors were identified as the ones that will have the biggest impact on the economic and social conditions of Rwandans, hence fast-tracking the country’s development agenda. In this edition, we feature some of the key interventions the bank has made in all the mentioned sectors apart from education and agriculture which we will feature in the next.

Under the exports and import substitution sector, BRD’s financing seeks to enhance the growth of industries to increase production for exports and reduce the country’s imports. In 2016, BRD financed projects in tea and coffee, horticulture, manufacturing, agro-processing, artisanal mining and hospitality services. The bank signed a Memorandum of Understanding with the Ministry of Trade and Industry (MINEACOM) to manage the Export Growth Facility (EGF), which aims at facilitating export-oriented SMEs to access finance through interest subsidies, grants and credit insurance facilities to boost their exports. The EGF targets exporters including SME’s, who export up to 40% of their production, with a turnover ranging between, $50,000 (Rwf 41.8 million) to $1million (Rwf 835 million). It is designed as a single facility with three windows: an Investment Catalyst Fund, a matching grant fund for market-entry related costs, and a credit insurance guarantee facility. INVESTMENT CATALYST FUND

RWF 1.1billion

5PROJECTS | Direct interest Rwf 322 million

These projects are expected to trigger the injection of Rwf 3.4 billion into the economy, create 851 permanent jobs and 1,140 temporary ones as well as contribute to Rwanda’s balance of payment by Rwf 5.5 billion.



RWF 235.5 million

3PROJECTS | Direct interest Rwf 471 million

with a total of Rwf 471 million injected into the national economy, creating 193 permanent jobs and 2,585 temporary ones as well as contributing to the balance of payment to the tune of Rwf 3.8 billion. Looking at increasing coffee exports, the bank financed 15 promoters to collect and process coffee cherries into green beans during the 2016 campaign. The expected impact from the campaign is to inject Rwf 2.99 billion in the economy, create and maintain 109 permanent employments and 886 seasonal ones as well as improve the national balance of payment by Rwf 3.7 billion by the end of last month. When it comes to promoting import-substitution products, BRD now focuses on financing projects aimed at recapturing the domestic market. CREDIT INSURANCE GUARANTEE

RWF 12.8 billion with a total of 1,173 permanent and 3,490 temporary jobs expected to be created in the next few years, hence playing vital role in reducing the country’s imports and saving the economy a lot in foreign exchange.

Hope Magazine-Issue 72


Special projects & infrastructure The Department of Special Projects and Infrastructure (DSPI) is one of the six new departments at BRD with a strategic mandate to support national growth through special projects outside the bank’s other five departments. Over the next five years, BRD plans to invest a total of US$ 712 million in the economy that will trigger at least US$ 1.6 billion worth of returns into the economy and create over 180,000 jobs; the DSPI will play a crucial role in enabling the bank meet this ambitious target. Financing from DSPI mostly covers public infrastructure such as community markets and commercial buildings, projects in the health sector and transport, ICT, water and sanitation, as well as other strategic projects where the government needs financial institutions to come in and bridge the gap. For the year 2016, the department surpassed the year’s targets by injecting Rwf28.6 billion into the special projects and infrastructure sector

In 2017, the department is determined to

Investment in Special projects & infrastructure, 2016 (in Rwf) Manufacturing

Commercial and Hotel

Transport and Warehousing

take on more projects to boost the economy. Service

A number of projects have already been lined up for funding, including Batsinda Modern market; a 7-storeyed shopping mall located in Kinyinya Sector, Gasabo District; a fivestoried commercial building in Kigali; a 4-level commercial market in Rusizi; construction of BAHO Clinic complex and Kabuga Taxi Park;

Total Performance

Total Performance

Total Performance

Total Performance

8,3 Billion

10,3 Billion

4,1 Billion

5,9 Billion

the purchase of a new bus fleet for RITCO transport company; and a commercial building in Rusizi by motorcycle cooperative

Total by sectors Performance 28,6 Billion


Affordable housing Affordable housing continues to be a priority for BRD’s financing following a 2012 study that indicated a very high housing market demand which requires national efforts and quick interventions especially for the city of Kigali. The study showed that Rwanda needs more than 344,068 housing units by 2020 to be able to meet the growing demand. At least 34,000 housing units on average per year must be constructed to meet this demand. BRD is therefore working to promote affordable housing based on the two pillars of mortgage finance and production of bankable housing, by focusing on both short, medium and longer term market interventions to address the challenges of housing finance in Rwanda. In its strategic plan 2016-2020, the bank will inject US$ 267 million to achieve its objective of providing affordable housing through housing finance mechanisms to spur mortgage lending. Some of the projects in the pipeline include Kagarama and Zinia Apartments, Rugarama


Park estates and the Ndera Affordable Housing Project, as well as housing development in the six secondary cities of Muhanga, Rubavu, Huye, Nyagatare, Rusizi and Musanze. So far, the bank has embarked on the construction of 2,900 housing units with its staff being specifically trained in real estate project finance. In addition, the bank introduced Land Banking, a facility that will see up to 57 hectares of land in Kigali used to develop 4,950 housing units in Kimisange, Ndera and Busanza Sectors. The bank is also engaging Moroccan investors in the Ndera and Millenial on Kimisange projects. Top of its priorities will be to continue to attract other potential investors in real estate development, identifying affordable building systems and technologies, setting up at least two housing finance vehicles that will guarantee the off-take a rental housing company/mortgage re-finance entity, accessing affordable housing incentives and building capacity for BRD staff and local real estate developers in critical skills.

BRD is committed to support the Government’s targets for electricity access to all Rwandans. In 2016, the bank financed seven projects in the energy sector with a total of Rwf 32.3 billion that will lead to the addition of 97 MW to the national grid in the short term. BRD’s interventions have been designed to address key constraints in the sector such as high start-up costs and risks involved. Energy projects require significant time and financial investment, and their long-term nature requires specialized financing terms. These interventions are grouped into three main programs; energy generation, energy efficiency and technical assistance. In energy generation, the bank has financed hydro-power, bio-mass and peat-based energy projects and methane-gas plants. In collaboration with private sector players ready to invest in the sector, BRD not only finances the construction and completion of power plants but also provides technical skills in the early stage, development support, management and operations, and structuring of energy deals with the government.






igali, Rwanda. February, 2017. Airtel Rwanda and University of Rwanda have partnered to launch an innovation hub at the College of Arts in Huye district, commonly known as the Butare Campus. One of a kind facility equipped with all the equipment required by students to innovate, create and bring projects to life is set to boost sustainable innovation among university students. Airtel and University of Rwanda partnership aims to improve the quality of life of communities through their Corporate Social Responsibility work in education. Among other things the mission of the newly launched innovation hub is to promote, facilitate, and support the development of innovative ICT solutions by nurturing a vivid community of entrepreneurs and mentors in universities.


Hope Magazine-Issue 72


Speaking at the launch of the innovation hub, Airtel Managing Director Michael Adjei said, “We are proud and very excited about this partnership with University of Rwanda. We hope that this initiative will be able to connect thousands of students and empower them with IT skills that will enable them to be more digitally enlightened and ultimately become more competitive in today’s fast changing economy”

“Just as the government of Rwanda stipulates that the country should become an ICT hub in the near future, the innovation hub’s goals are to support development of ICT in Rwanda – as Airtel we pleased to be part of the journey”,

The facility is well equipped with brand new Apple Computers, Laptops, Video Conferencing capable television screens and a dedicated internet connection not to mention servers and storage devices for the students to store their projects. Among other advantages, Students will also have the ability to connect with other students or like-minded individuals to exchange ideas or consultations via video conferencing.



The Manor Hotel

to introduce Indian buffet for unique Oriental experience

Dubey Manish, Chef Shere Sardar Restaurant, The Manor


Hope Magazine-Issue 72



hen it comes to Indian cuisine, it seems diners in Rwanda aren’t very adventurous and will mainly stick to the known dishes such as Biryani or Chicken Tikka Masala.

Yet Manish Dubey, chef at the Shere Sardar Restaurant at The Manor hotel, is on a mission to change that, as he is convinced people choose ‘safe’ dishes as they think other Indian food is too spicy and hot. That is why the hotel will soon start the country’s first Indian buffet, and Manish guarantees that it will make Rwandans fall in love with all Indian cuisine. “Indian cuisine is a favourite of foodies all over the world and no wonder, with a big variety of flavours and regions, Indian food is vastly diverse, not to mention delicious,” he explains.

About The Manor Hotel The Manor Hotel is a 4-star boutique hotel in Nyarutarama, Kigali within close proximity to the most exclusive addresses – a two-minute walk from the golf club, a tenminute walk from the Kigali Convention Center and a fiveminute drive from the Genocide Memorial Center. With magnificent décor and contemporary design, the hotel’s lobby welcomes you to an experience to remember. The rooms are tastefully designed with an emphasis on comfort and style. Chic and contemporary, the bedrooms come complete with state-of-the-art amenities including complimentary broadband and wireless internet, LCD TV with international and satellite channels, airconditioning, mini-bar, and room service. The Manor Hotel has three gourmet restaurants and a roof-top bar. Choose from mouth-watering Indian and Pakistani cuisine at Shere Sardar Restaurant or a quintessentially English tradition of afternoon tea at Marcos Restaurant & Lounge where you can find Italian and continental cuisine.

Manish, 26 and of North Indian descent, is a highly qualified and experienced chef specializing in Indian cuisine. After his studies in India at the Netherlands’ United Education Institute in India, he has since 2009 worked in several of India’s 5-star hotels such as the Taj Holiday Inn and Marina Hotel. He moved to Rwanda in 2014, where he worked as a chef in other establishments before joining The Manor Hotel. Manish now wants to use his vast experience to expose guests of the hotel the wide range of different tastes that exist in Indian cuisine. “We want to go beyond Chicken Tikka Masala – depending on a customer’s taste, we make them food that suits their preferences,” he explains. And with a new Indian food menu made this month, The Manor Hotel is going to be Rwanda’s best Indian Cuisine destination.

If that is not enough to choose from, why not try the hotel’s famous Chinese cuisine at Silks Restaurant. The O’Connells Bar and Pub offers a selection of alcoholic and non-alcoholic drinks and appetisers in a stylish atmosphere. Home to a fitness centre, sauna, steam room, swimming pool, and spa, The Manor Hotel is a beautiful sanctuary of wellness and fitness, offering different hair-cuts and treatments, facial, body treatments and massages by talented therapists. The Manor Hotel has two meeting and events rooms, which are an ideal venue for a business meeting, private dinner, grand ceremony or wedding. Shere Sardar or Marcos are perfect venues for more personal and intimate events.

Located in the Heart of Nyarutarama Tel:0786 654 435 | 0786 650 129



Hope Magazine-Issue 72






Now Available at




Our Stores Countrywide




Addresse: 2000 House Quarter Commercial P.O. Box 190 Kigali, Rwanda Call: 0783 853 277 , 0731 340 421 /


Hope Magazine-Issue 72 konkaproducts













is making oral health affordable to rural Rwandans


lean walls and a tiled floor, a modern dental chair and three equipped consultation rooms manned by three specialized dental therapists, the dental clinic at Byumba health centre though still work in progress is a spectacle to observe. The therapists have undergone intensive training and go about their daily duties skilfully and gracefully. This once dilapidated, unsanitary and underserved clinic of the Byumba district hospital in present day Gicumbi district is now one of the busiest and well equipped units thanks to a project supported by the Heineken Africa Foundation (HAF) through its local subsidiary BRALIRWA implementing since 2015. The project is implemented by Fondation Aide Dentaire Afrique (fADA) through its Rwandan subsidiary Aide Dentaire Afrique (ADA). “About two years ago, the dental clinic’s services were either to conduct a tooth extraction or transfer a patient to the University Teaching Hospital in Kigali (CHUK).


Since then however, things have changed significantly; the clinic has been equipment with modern dental tools, therapists given additional training, and the whole clinic given a facelift with additional furnishings to improve its hygiene standards,” Seruhire Theoneste the Director of Human resource and administration at the hospital explains. As a result, more patients are attended to each day and services on offer have increased. While only extractions were possible in the past, Uhawenimana Theressa a dental therapist and the head of the dental clinic service at the hospital explains that with the improved skills in conducting quality diagnostics and the availability of modern equipment, they now conduct tooth scaling, specialised extractions, root planning and permanent filling for damaged teeth. All these are reinforced by the extra safety offered by the hygienic environment. “Currently, the dental clinic has the capacity of treating 60 patients per day from 11 in 2015”. Since the upgrading in 2015, the dental clinic at Byumba District Hospital has served more than 9,620 patients.

Emphasising skills transfer to increase accessibility and affordability of oral healthcare Through the project to upgrade oral health for rural Rwandans in Gicumbi district, there has been strong emphasis on the transfer of skills from local and foreign dental health specialists to not only the district hospital staff but also to therapists in health centres for select sectors of the district with the objective of getting services closer to the people and in so doing make them affordable. Dental healthcare skills have been transferred to local staff from the able and skilled doctors of from the ADA clinic in Kigali. One instrumental individual has been Dr. Tom van der Colk, a dental surgeon-acupuncturist and trainer for the ADA clinic in Rwanda. Through his skilled hands and under his guidance, dental therapists in Gicumbi have acquired new oral health skills in the use of modern equipment to serve the community as best possible. After two years of training therapists in Gicumbi, Dr. Tom and his Rwandan

Hope Magazine-Issue 72

counterpart Dr. Longin Rudasingwa are enthusiastic that the trainees have gained ample skills in conducting quality diagnostics and offering quality treatment to the patients. “Besides enabling the clinic to offer high quality dental services to the people, the project also sought to empower Gicumbi District hospital to become a centre of excellence and dental health training for therapists. I have good reason to believe that the hospital is on track to achieving this objective,” Dr. Tom shared. Other than Tom and Longin, staff from the ADA Clinic in Kigali offer regular follow-up and support to their colleagues in Gicumbi through weekly visits. During a visit at the hospital, Dr. Alphonse Karangwa an experienced therapist from the ADA clinic in Kigali was on the rotational shift to support the district dental therapists.

“Looking at the quality of services being offered today and given that they benefited from an intensive training at the clinic in Kigali where there are more experienced personnel and modern equipment, the therapists at the dental clinic in Byumba district hospital are well positioned to train others in the near future,” Getting oral health services closer to the people Besides the district hospital’s dental clinic, the project to upgrade dental health in Gicumbi also supported the establishment of dental clinics in three health centres of Manyagiro, Rutare and Mukono. In these health centres, a dental therapist has been recruited and basic equipment installed in addition to uplifting the hygiene conditions of the clinics. As a result, more locals have been able to access lifesaving dental care services and have learnt how to care for their teeth though regular mobilisation efforts made by the dental therapists.

In Manyagiro health centre located about 25km from Gicumbi town, a recently recruited dental therapist Pascal Izere is said to have turned a new leaf of better health for residents of this and neighbouring sectors. Since July 2016, Izere’s register shows he had attended to 1,950 patients until January 2017.

Way forward

Among beneficiaries of this service is Hakizimana Laurent’s wife and three children. “My wife used to have tooth problems all the time and would spend several sleepless nights when the toothaches were at climax. However, whenever we went to the health centre, they would say she needed to go to Gicumbi where her complicated teeth would be extracted. That was a big challenge as it required fare to get to Gicumbi and at least a whole day in the best case scenario if she could go and be attended to that day or more than a day if she was not to see the therapists that same day.”

confides that there is need to invest in extending

Hakizimana explains that she was unfortunate because the day she went there, the therapists said she was to come back another day and she resolved to return home and live with her pain.

and are able to get quality services, they

“But ever since we got this Godsend doctor, she was treated and three of our seven children have also benefited since they too were suffering albeit not as their mother. We are glad that we do not have to struggle with making the long walks to Gicumbi for dental healthcare anymore.” Similar to Manyagiro, the dental clinic in Rutare health centre has seen 2,951 patients benefit from dental care services since its establishment in July 2016. Combining beneficiaries from Manyagiro and Rutare health centres with those from the dental clinic at Byumba district hospital, close to 14,521 people have benefited from improved dental healthcare services in hardly two years.

Despite the impact that the project has had particularly building the capacity of the clinic at the district hospital both through skills transfer and provision of modern equipment, Seruhire dental clinics to at least another four health centres so that eight of the 24 sectors of the district have quality services and can thus serve a bigger population. “With only the district dental clinic and the three additional health centres, the demand still outweighs our capacity to deliver. Since people now know more about dental health are seeking them more. This leaves the available clinics overwhelmed by visits from both within Gicumbi and from neighbouring districts hence the need to increase the number of health centres that can offer the services and as such ensure that the referral system for dental healthcare in the district operates efficiently.” With an objective of upgrading dental health in Gicumbi, the Heineken Africa Foundation funded project has ended up improving access to affordable and quality oral healthcare not only for the district of Gicumbi but also for neighbouring districts of Rwamagana, Rulindo, Gasabo and Gatsibo.



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Hope Magazine-Issue 72


The All New Pajero Sport 2016 The new Pajero Sport is an off-road superior SUV that comes with new safety features to provide Pajero lovers with a unique experience as they move about. The new model has a superior off-road capability that comes with a new powerful engine that guarantees the ultimate safety, performance, fuel efficiency and comfort. Adventure beckons you from the well-appointed cockpit, which surrounds you with solid craftsmanship, supportive comfort, intelligent features and a wide open view. From refined meters to sophisticated floor console, every feature is fine-tuned to enhance driving pleasure and keep you in confident control.


ambient light outside the vehicle. The level of light is determined by a rain/light sensor that can distinguish between overpasses and tunnels. The vehicle’s handling is second to none with its assured stability and accuracy on and off road, in all kinds of weather and driving conditions, thanks to selectable 2WD and 4WD modes, an OFF ROAD MODE button that conveniently enhances traction on demanding off road surfaces, intelligent assistance in challenging conditions, an advanced suspension and outstanding all-around clearance.

The Pajero Sport’s sophisticated LED headlamps and daytime running lights contribute to an appealing, high-quality personality. Its dynamic LED rear combination lamps boldly proclaim this is no ordinary SUV.

By utilizing the drive mode selector dial, you can switch between 2WD (2H) and 4WD (4H, 4HLc) with shift-on-the-fly convenience at up to 100km/h. When the going gets rough, lock the center differential by entering the 4HLc setting for rugged terrain or the 4LLc setting for inclines, mud, sand and snow.

Its Auto Lighting feature contributes to both convenience and safety by automatically turning the headlamps on and off depending on the level of

The all new Mitsubishi Pajero Sport is definitely the Rwandan family ultimate sports car.

Hope Magazine-Issue 72

Motoring by Joshua Nshuti

10 Steps to Responsible Driving for All Motorists Since you cannot control the actions of other road users, you must rely on your own driving skills and experience. Following these ten rules ensures that you’re driving is safe and courteous to all who share the road with you. 1.

1. Plan Your Route: Know where you’re going ahead of time so that you can avoid delays or allow extra drive time. For longer trips, include a rest stop every two hours. Stop sooner if you are tired.


Maintain Your Vehicle: Read your vehicle’s owner’s manual and follow the recommended schedule for maintenance service. Conduct your own routine check-ups on: tires, brakes, lights, wipers, and fluid levels. For good visibility make sure your mirrors, windows and outside lights are clean. Secure any loose items or cargo that could become a hazard.


Focus Your Attention: Being a safe driver means being both physically and mentally prepared to drive. Being well rested, alert and attentive enables you to respond quickly when other drivers do not make that choice. Take a break if you have difficulty focusing. Remain calm—don’t let your temper or frustration cause you to act recklessly.


Minimize Your Distractions: Taking your hands off the wheel, your eyes off the road or your mind off of the driving task puts you and others at risk. People, objects, or events inside and outside your vehicle can distract you. Driving demands total concentration. Any activities that interfere with your driving are more than you can safely manage.


Know Your Surroundings: Look out for trouble. Scan the roadway continually for hazards. Keep your eyes moving, looking from one side to the other. Know what is happening well ahead of you, watch for taillights. Know what is to the rear and sides of your vehicle. Use the mirrors to keep an eye on traffic behind you.


Share Your Space: Many crashes could be prevented if drivers behaved courteously to other road users. You share the road with drivers of various ages and skill levels. You also share the road with pedestrians, bicyclists, motorcyclists, and vehicles of varying sizes. Be aware of special needs and limitations of other drivers and roadway users.


Watch Your Speed: Posted maximum speeds are for ideal driving conditions. Adjust your speed for traffic, road and visibility conditions or when not operating at your best. Higher speeds magnify your errors and provide less time to identify and react to a hazard, stopping distances are longer and crashes are more severe.


Keep Your Distance: Give yourself room to maneuver. You’ll need it in a crisis. To protect yourself, keep a large “safety cushion” around your vehicle. This will enable you to change lanes safely and give you room to take evasive action in emergencies. Keeping a safe distance between vehicles increases your ability to see and to be seen by other drivers.


Signal Your Intentions: Driving can be a stressful business. Be courteous and signal your intentions so other road users know what you plan to do next. Be predictable. Don’t hesitate to use your horn or headlights to establish eye contact, when needed. Remember to express your thanks, by a wave of the hand or a flash of your lights.

10. Always Wear Your Seat Belt: Seat belts are your best defense in a crash. Being properly secured keeps you in control of your vehicle and ready to react to a hazardous situation. So buckle up ... and that includes your children and other passengers in front and rear seats.




The Ecobank Group CEO, Ade Ayeyemi (L) makes a transaction using Ecobank_ON as the Ecobank Rwanda CEO, Kilonzo (R) looks on

Various Ecobank Rwanda clients such as Sarah Doukoure, the Engen Rwanda MD (R) and Urwibutso Founder, Gerard Sina (C) were in attendance at the launch


BNR Governor, John Rwangombwa addresses guests at the Ecobank mobile application launch at the Radisson Blu Hotel

From right to left, Ecobank Group CEO, Ade Ayeyemi, Minister of Youth & ICT, Jean Philbert Nsengimana and the BNR Governor, John Rwangombwa at the launch

Hope Magazine-Issue 72

Whenever, Wherever


cobank Rwanda has launched a mobile banking application, Ecobank_ON, that will allow its clients to make transactions wherever they are and transfer and receive money across the 33 different countries the bank has a presence in.

The application, which was this week, will also enable people to open Express accounts on it and pay for goods and services in various shops.

The Governor of the National Bank of Rwanda, John Rwangombwa, who was one of the guests of honor at the launch, noted that the application will further develop Rwanda’s financial sector. “This digital solution will boost our target of becoming an entirely cashless economy,” he said, commending the pan-African bank for investing in the best digital solutions that are easy to use by customers and reduce the need for cash transactions. The Ecobank_ON application

Speaking during the launch, Ade Ayeyemi, the Ecobank Transnational Incorporated Group CEO, said the new application is one of Ecobank’s many digital banking solutions that will be easy to use for all customers.

“And importantly, it will reduce the use of cash and lead to more inclusive development of the country,” he said. Alice Kilonzo Zulu, Ecobank Rwanda’s Managing Director, said they are proud to launch the innovative digital product in Rwanda. “Known as Ecobank_ON, the array supports our drive to digitalize banking in the country and across the continent. By leveraging the power of digital, we are enabling our customers, including our important merchant segment, to grow their businesses and live life with convenience. As the government continues to grow the nation’s economy, Ecobank Rwanda is here to support that expansion,” she said.

The Ecobank mobile app enables customers to send and receive money instantly across 32 other African countries, in addition to Rwanda. Customers can also use the app to open a free digital account – Ecobank Xpress Account. It can be opened instantly with no references or paperwork. Ecobank is also the first bank in Africa to partner with Mastercard, a leader in global payments and technology, to bring its customers Masterpass QR. This new, cashless solution makes payments possible in stores and online via a mobile phone. Ecobank Rwanda provides products and services through 19 branches and 48 ATMs in Rwanda. With the app, customers now have the opportunity to carry out various transactions on their phones. The Ecobank mobile app was first launched in Lagos, Nigeria, on 20th October, 2016.


SAFINTRA RWANDA LIMITED wish to inform all customers that we have shifted our factory and sales office to Plot 2156 & 2157, Prime Economic Zone, Masoro, effective 01/12/2016 SAFINTRA RWANDA LIMITED Iramenyesha Abakiriya bayo bose ko yimukiye Imasoro muri Free Zone kuva itariki 01/12/2016 mu kibanza no. 2156 & 2157. Ubucuruzi bwose niho buzajya bukorerwa.

Safintra Rwanda Limited Plot 2156 & 2157, Prime Economic Zone, Phase 1, Masoro, Gasabo Dist. P.O. Box 6959, Kigali-Rwanda. Tel: +250 727 888070, +250 788 317072 Email: Web: 46

Hope Magazine-Issue 72


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Hope Magazine-Issue 72

Hope Magazine issue 72  

I&M Bank Shares on sale through an initial public offering (IPO) at the Rwanda Stock Exchange (RSE).

Hope Magazine issue 72  

I&M Bank Shares on sale through an initial public offering (IPO) at the Rwanda Stock Exchange (RSE).