Late last week, the Development Bank of Rwandan (BRD) has registered Frw744 million in net profits. According to Henry Gaperi, BRD Chairman Board of Directors, the profits represent 19 per cent increase from Frw596 million recorded in 2006. This is because of the 6.5 per cent growth of the Rwandan economy. The bank has also purchased more shares worth Frw12 billion in other companies. Théogène Turatsinze, Managing Director of BRD, said that the Frw12 billion equity investment was in projects like the Rwanda Free Trade Zone. Management also announced an increase in loan portfolio of 31 per cent from 18.4 million in 2006. Average interest rate of BRD in 2007 was recorded at 13.1 per cent while the market rate was 15.57 per cent.The loans to customers increased from Frw15.6bilion in 2006 to Frw22 billion in 2007. Turatsinze said that 30 per cent of the net profits will be allocated as guarantee fund while another 30 per cent will be paid to shareholders in dividends. A few months ago, African Development Corporation (ADC), a German group acquired a 25 per cent in BRD. Mushrooms to fight poverty Lin Zhansen, a Chinese agronomist, encouraged households in Rwanda to grow mushrooms to fight poverty and bolster food production. In Ninyxia, a Chinese province, mushrooms have changed the lives of residents. According to the agronomist mushrooms can grow on poor soils, produce high yields and be harvested several times a year. They have the potential to produce faster returns that any other crop, Zhansen added. The farm-gate price of mushrooms on average is Frw1,500 per kilogramme, meaning, from each square metre, a farmer can earn Frw67,500. Currently, five different varieties of mushroom have been introduced to Rwanda. Confidence in capital markets growsRwandans have gained confidence in trading on the Rwanda Over The Counter Market. 36 transactions worth Frw280 million in bonds have been traded since the market was launched in January, says Céléstine Rwabukumba, the operational manager at Capital Markets Advisory Council. The gain in confidence is attributed to the awareness being created among Rwandans. Ongoing sensitisation workshops involve topics like the role of capital market to the state, individuals and companies. 1,700 people have attended the seminars countrywide. BNR offers Frw255m for women loans The president of the National Women’s Council, Oda Gasinzigwa said the National Bank of Rwanda (BNR) has guaranteed Frw255 million to help women in business. This follows the National Women’s Council plea to women to acquire loans like their male counterparts. Gasinzigwa said that an individual can access Frw5 million, while a group or an association is entitled to Frw10 million. When paying back the loan, Government pays 50 per cent while women contribute 50 per cent. Rwandair switches to electronic ticketingRwandair Express switched to electronic tickets, meeting the International Air Transport Association (IATA) requirement. The flight company beat the June 1 deadline.E-ticketing, just like paper ticketing, is a way of documenting a sale for both the passenger and the airline. A paper ticket costs an average $10 (Frw5,400) to process while an e-ticket only costs a dollar. The new system is also expected to cut long queues at airline desks, travel agents and check-ins as all processes can be done online. Ends
