Business

International body to audit vet. services

Experts from the World Animal Health Organisation (OIE) are here to ascertain whether veterinary services in the country meet international standards. Dr. Theogène Rutagwenda, Director General of Rwanda Animal Resources and Development Agency (Rarda) said government requested to be audited. The OIE...

Tuesday, May 6, 2008 - 12:00am

Cogebanque trades 40 per cent shares, to raise capital

Cogebanque has sold 40 per cent shares to Shorecap International, Africainvest and Belgium Investment Company (BIO). The three investors paid Frw6 billion, to recapitalising the bank that had failed to raise Frw5 billion, a legal reserve requirement set by the central bank if a financial...

Monday, May 5, 2008 - 12:00am

Nigeria’s insurance company to build a Frw5.4 billion hotel

Nigeria’s leading insurance company, Industrial and General Insurance (IGI) is to invest at least $10 million (Frw5.4 billion) to construct a hotel in Kacyiru, Kigali City. The investment comes days after the company acquired 35 percent stake in Société Nationale des Assurances au Rwanda (Sonarwa...

Monday, May 5, 2008 - 12:00am

Govt sourcing Frw109 billion to scale up agric. production

A least US$200m (about Frw109b) is to be injected in the agriculture sector. A move that may scale up crop production, boost household incomes and ensure food security in the country. According to officials from the Finance Ministry, the money will finance irrigation and help in soil conservation...

Monday, May 5, 2008 - 12:00am

Capital market: Business gains after a week’s lull

A trading report from the Capital markets advisory council (CMAC) shows that  the  Rwanda OTC market gained some momentum as investors came back to the market. Treasury Bonds worth Frw7.7 million were traded in 5 transactions at 100.00. At the close of business, there were BCR bank...

Friday, May 2, 2008 - 12:00am

Sonarwa partners with IGI

Govt plans to float shares of company Rwanda National Insurance Corporation (Sonarwa) has partnered with the Industrial General Insurance, a Nigerian insurance company positioning Sonarwa to remain the leading insurance company in the country and become competitive in the region. “The partnership...

Friday, May 2, 2008 - 12:00am

NISR scores high in World Bank evaluation

Surveys and data published on the National Institute of Statistics of Rwanda (NISR) website has made Rwanda score high in a World Bank evaluation to deliver data. The evaluation, ‘Statistical Capacity to Deliver Information’ published last year, indicates that Rwanda scored 71 percent, unlike in...

Thursday, May 1, 2008 - 12:00am

Kigali Investors’ Forum launched

The Private Sector Federation (PSF) in collaboration with Kigali City Council (KCC) launched an investor’s forum that will be addressing private business challenges. The Kigali Investors’ Forum (KIF) that brings together heads of private businesses and parastatals, security organs, development...

Thursday, May 1, 2008 - 12:00am

Common market: EAC sets date for consulting business community

East African Community (EAC) Secretariat is to consult the business community and government technocrats before signing the Common Market Protocol, a statement from the East African Business Council (EABC) says. If signed, it is hoped, the protocol will operationalise the East African Common Market...

Thursday, May 1, 2008 - 12:00am

Develop infrastructure, EAC governments told

East African member states should fast track the development of infrastructure to boost trade and investments in the region, the Ugandan Minister in charge of East African Community (EAC) affairs has said. Eriya Kategaya told journalists recently, “Through the development of roads, railways, civil...

Tuesday, April 29, 2008 - 12:00am

Gahaya processing silk, targeting Agoa

Gahaya Links, a leading basket weaving and exporting company is processing silk cocoons to make silk products with an intention to sell them to the American market through African Growth and Opportunity Act (Agoa). Janet Nkubana the Managing Director of Gahaya Links said in an interview in Kigali...

Tuesday, April 29, 2008 - 12:00am

Zigama advised to consider turning a commercial bank

National Bank of Rwanda has advised shareholders of Zigama Credit and Saving Society (CSC) to turn the financial institution into a commercial bank. Francois Kanimba, the Governor the national bank said CSC has every thing it takes to be a fully fledged commercial bank. The cooperative has a strong...

Tuesday, April 29, 2008 - 12:00am

Invest in Rwanda silk industry—Rhoda

Reports that samples of Rwanda’s silk were ranked the best in India should now be attracting the private sector to invest in this virgin sector. Opportunities are many. Government has played it’s part to find market and discover the economic potential the silk has, a Rwanda Horticulture Development...

Saturday, April 26, 2008 - 12:00am

EA business leaders move to boost trade

East African community business leaders are trying to boost competitiveness. Wary of renewed foreign invasion, they are exploring other ways of tapping the region’s vast resources to boost economic growth. Industry leaders, under the aegis of the East African Business Summit (EABS), said in Nairobi...

Friday, April 25, 2008 - 12:00am

Fina Bank leases 15 buses to Atraco

Fina Bank has leased 15 mini buses to Atraco,  a drivers and taxi owners’ association. The buses worth Frw340 million were yesterday handed over to Col. (RTD). Dodo Twahirwa at Nyabugogo in Kigali City. Steve Caley, the Fina Bank Rwanda boss said his banks interest rates are, “very attractive...

Thursday, April 24, 2008 - 12:00am

Africans urged to boost rice production

Two different groups of researchers have urged African countries to boost local rice production. Alliance for a Green Revolution in Africa (AGRA) and the African Rice Breeders Network said the he move is to check the increasing global food prices, fight hunger and poverty. Both consortiums bring...

Thursday, April 24, 2008 - 12:00am

German consortium buys 25 per cent stake in BRD

African Development Corporation (ADC) has purchased 1,750,005 shares in the Development Bank of Rwanda (BRD) at Frw2,528 each. The new investment group has bought 25 per cent shares worth Frw4.4b to recapitalise the 40-years-old financial institution, a move that will see the bank finance it’s long...

Thursday, April 24, 2008 - 12:00am

Govt to spend Frw21,6b on countrywide optic fibre cable

Government is to spend $40 million (Frw21, 6 billion) to roll out the national optic fibre cable to rural areas. Once fully operational, the number of internet users will increase, telecommunication costs will reduce and quality of services in the country improve. Patrick Nyirishema, Deputy...

Thursday, April 24, 2008 - 12:00am

RRA trains leaders on EAC customs union

Rwanda Revenue Authority (RRA) is training opinion leaders on the benefits of harmonizing the East African Community (EAC) Customs Union. A statement from RRA, says the trained group will help in disseminating similar information to the entire community. With a customs union, participants attending...

Wednesday, April 23, 2008 - 12:00am

Government expenditure increases by 3.5 per cent

With government’s spending set to increase by 3.5 per cent from Frw589 billion to Frw604 billion the Ministry of Finance has reviewed the 2008 budget. Elias Bayingana, the National Budget Director while addressing the 7th Joint Budget Support and Public Financial Management Review (JBSR) meeting...

Wednesday, April 23, 2008 - 12:00am