FOCAC: Africa, China commit to mutually beneficial cooperation

President Paul Kagame on Wednesday, June 17 joined Heads of State from across Africa and the Chinese leader for the Extraordinary China-Africa Summit on Solidarity against Covid-19. The meeting was co-hosted by South Africa’s President Cyril Ramaphosa, Chinese President Xi Jinping and...

Thursday, June 18, 2020, 1:16 AM

Rwanda, UK financial firms commit to closer cooperation

Ties between Rwanda and the United Kingdom grew a notch higher as the two countries’ financial institutions signed a partnership agreement with an aim of stimulating economic development. Kigali International Financial Centre (KIFC) on Tuesday June 16, gained a new partner following the...

Wednesday, June 17, 2020, 12:27 AM

Kigali International Financial Centre inks deal with UK‘s finance institute

Kigali International Financial Center has on Tuesday 16th June signed a partnership agreement with CDC Group, the UK’s development finance institution and impact investor. The agreement signed virtually among other things provides for KIFC to gain and benefit from CDC Group’s...

Tuesday, June 16, 2020, 6:55 PM

Covid-19 should not hold back Africa’s progress, Kagame says

Efforts to curb the Covid-19 pandemic should not hold back the African continent from implementing existing and new development programmes geared towards the African Union’s Agenda 2063, President Paul Kagame has said. The President was speaking at a virtual meeting of the African Union...

Friday, June 12, 2020, 1:04 AM

Rwanda receives a further $111m from IMF

Rwanda will receive a further $111.06m from the International Monetary Fund as part of the Rapid Credit Facility (RCF) to support recovery amidst the Covid-19 pandemic. The IMF Board on Thursday, June 11 approved the disbursement of the funds bringing the total to IMF COVID-19 support to...

Thursday, June 11, 2020, 10:31 PM

Rwanda rolls out Rwf100 billion Covid-19 recovery fund

Local businesses have been invited to apply for funding under the Economic Recovery Fund (ERF), a two-year facility established by the Government to accelerate the recovery of Covid-19 hit businesses. The Fund is an intervention designed to revive business activity and safeguard employment in...

Wednesday, June 10, 2020, 12:00 AM

World Bank warns of worst recession since WWII

The World Bank Group has forecast that the global economy will this year experience its worst recession since the Second World War and is expected to contract by 5.2 per cent. According to the World Bank Group’s June 2020 Global Economic Prospects, the swift and massive shock of the...

Wednesday, June 10, 2020, 12:00 AM

Covid-19: Businesses invited to apply for bailout as govt rolls out Rwf100bn fund

Local businesses have been invited to begin applying for funding under the Economic Recovery Fund (ERF), a two-year facility established by Government to cushion businesses affected by the Covid-19 Pandemic. The recovery fund is an intervention developed to support businesses that...

Tuesday, June 9, 2020, 1:08 PM

Covid-19: How recovery funding will be disbursed

The National Bank of Rwanda has issued guidelines on disbursement of bailout funding meant for businesses hit hardest by the novel coronavirus pandemic. Government has put in place the Economic Recovery Fund aimed at shoring up business as the country emerges from months of tough Covid-19...

Friday, June 5, 2020, 12:00 AM

Central Bank issues guidelines for Economic Recovery Fund

The Central Bank has issued guidelines for the Economic Recovery Fund estimated at over $200 million (approximately Rwf186bn) aimed at supporting local businesses that are hardest hit by the coronavirus pandemic. The regulator has released a directive on the operationalization of the...

Thursday, June 4, 2020, 4:21 PM

Lift sanctions against Sudan, Zimbabwe -- Kagame

President Paul Kagame has called for the review and consideration of sanctions against two African countries, Sudan and Zimbabwe, to support their ability to respond to the Covid-19 pandemic. Kagame was speaking at the first Extraordinary Intercessional Summit of Organisation of African,...

Thursday, June 4, 2020, 12:41 AM

One in nine Rwandans owns business

The Rwandan business scene has grown over the last 4 years with about 800,000 Rwandan adults owning a business, the recently released 2020 FinScope Survey Report shows. The survey established that the number of Rwandans who own businesses had grown by 200,000 from 2016. Going by the survey...

Tuesday, June 2, 2020, 12:00 AM

Study: Over 90% of Rwandans financially included

The number of Rwandan adults who have access to financial services increased between 2016 and 2020, largely driven by the rise in informal savings groups as well as the rise in mobile money services. According to the FinScope 2020 survey, 93% of Rwandans have access to formal financial services...

Monday, June 1, 2020, 12:00 AM

South Africa’s RH Bophelo firm cross-lists on Rwanda Stock Exchange

A top South African firm, RH Bophelo Limited has cross-listed on the Rwanda Stock Exchange (RSE). This is the first cross-listing on the local bourse by a company incorporated and listed outside the East African region. The company is primarily listed on the South African bourse. Cross-...

Sunday, May 31, 2020, 11:05 PM

I&M Bank registers Rwf 1.5b profit in first quarter

I&M Bank (Rwanda) Plc recorded an after-tax profit of Rwf 1.5B in the period between January and March 2020, unaudited financial results show. The Bank maintained progress in most aspects despite the covid19 pandemic which has had social and economic impacts as well as hindered productivity...

Friday, May 29, 2020, 9:27 AM

All Kigali taxi motos to use cashless payments

All taxi motos operating in Kigali will from June  1, use only cashless payment platforms when charging their clients, according to Rwanda UtilitiesRegulatory Authority (RURA). This is part of the efforts to reduce  the risk of spreading Covid-19 throug cash handling. With taxi...

Thursday, May 28, 2020, 12:07 AM

BPR raises unsecured loans limit, extends mortgage repayment period

Banque Populaire du Rwanda (BPR) Plc is seeking to ease its credit access terms and has since reviewed key lending conditions. The bank has adjusted its unsecured loans up to Rwf 15M from Rwf 6M previously a move that the bank says is in response to consumer demands and market trends. The...

Wednesday, May 27, 2020, 12:00 AM

How NAEB’s interventions could save Rwanda’s horticulture exports recovery

To resume normalcy of horticulture export, the volumes of weekly exports will have to rise from a  current export capacity of 30-35 Metric tonnes  to between 80-100 Metric tonnes as was the case prior to the COVID-19 pandemic. Following weeks of slowed business activity resulting from...

Tuesday, May 26, 2020, 12:00 AM

Mobile Money transactions grow by 450% in 3 months

The value of funds transferred via Mobile Money grew by 450 per cent between January and April this year to reach Rwf 40 billion (over $ $42 million), data from Rwanda Utilities Regulation Authority shows. This means that there was a sharp decline in the use of cash in payment of goods and...

Friday, May 22, 2020, 12:00 AM

How Rwanda will raise resources for 2020/21 budget

The government expenditure is expected to rise in the coming fiscal year [2020/2021] by about Rwf 228 billion. The total expenditure for the year is estimated at over 3.2 trillion.   Rwanda has set out strategies to mobilize the resources, here is how.  The...

Friday, May 22, 2020, 12:00 AM

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