Author: Sam K. Nkurunziza

Pierre Celestin Rwabukumba, CEO of the RSE, applauded Prime Energy’s bold move. “Green bonds are new in our market in Rwanda, particularly from the SME sector. Prime Energy is pioneering this space, and their proceeds will be reinvested into greening the environment where they operate,” he said.

Highlighting a growing global trend, Rwabukumba remarked that investors are increasingly looking toward greener investments, and this bond is a testament to that shift. The bond’s listing also opens opportunities for those who missed the primary issuance, as the bond is now tradable on the RSE’s secondary market.

Rwabukumba emphasized the significance of this green bond within the context of Rwanda’s broader financial landscape. In recent months, Rwanda has raised over 130 billion Rwandan francs, with local investors contributing more than 90% of the funding.

“It’s something to be proud of. This is the first time in our market’s history that we’ve seen multiple transactions of this scale and frequency, all oversubscribed and involving companies entering the market for the first time,” he said.

He viewed this green bond as part of Rwanda’s effort to increase its capital market’s share of the GDP, aiming to reach levels seen in countries like Botswana and South Africa, where stock market capitalizations surpass GDP.

Prime Energy’s listing aligns with Rwanda’s ambitious targets under the National Strategy for Transformation (NST2), which includes plans to double national savings rates within five years.

Rwabukumba believes capital markets will play an essential role in achieving this. “This is something we have not been able to accomplish in decades through traditional banking alone,” he noted, underlining how capital markets provide “patient capital” and long-term funds crucial for sustainable development.

Mutesi Linda Rusagara, Rwanda’s Minister of State in Charge of Resource Mobilization and Public Investments also acknowledged Prime Energy’s trailblazing efforts.

“Being a first mover is never easy, so I want to commend Prime Energy. You really could have chosen to seek more traditional financing but you chose to be bold. Today’s bond has shown that the green and sustainable agenda unlocks new types of capital for the private sector,” she stated.

Rusagara emphasized the role of green bonds in attracting fresh capital to Rwanda, assuring the public of government commitment in reducing barriers to sustainable financing to encourage more initiatives such as these.

Grace Kibuthu Ogola, the Operations Officer for Capital Markets at the International Finance Corporation (IFC), celebrated the listing as a major milestone, attributing its success to Prime Energy’s dedication to environmental responsibility and to all partners involved.

“The listing of this bond is a major milestone for Prime Energy. We are immensely proud of this success, having raised funds from global investors to support sustainable growth,” Ogola said.

She praised the green bond as an instrument that symbolizes Prime Energy’s commitment to sustainability and accountability, which align with the United Nations Sustainable Development Goals (SDGs).

“Our environmental and social strategy aligns with IFC performance standards and specifically supports SDG 7 on affordable and clean energy, SDG 9 on industry, innovation, and infrastructure, and SDG 13 on climate action,” she explained.

To maintain transparency, Prime Energy has set up a dedicated Green Bond Committee to monitor the allocation of funds, promising an annual Green Bond Report on its website to ensure accountability to investors and stakeholders.

Looking forward, both the RSE and Prime Energy see this green bond as a cornerstone for Rwanda’s sustainable financial future. It is seen as paving the way towards creating a greener and more sustainable future as this green bond is expected to inspire further eco-friendly financial ventures in Rwanda.

Prime Energy’s green bond, Rwanda’s first of its kind, reflects the nation’s strong commitment to environmental stewardship and sustainable development. This landmark listing positions Rwanda as a leader in the regional green finance movement and sets a high standard for future sustainable investments.

The event, aimed at advancing Sustainable Development Goals (SDGs) 11, 12, and 13, introduced participants to the UNLEASH methodology, guiding them through structured stages of problem framing, ideation, testing, and pitching.

This approach encouraged participants to view problems as opportunities, a perspective that Mahlet Bethel Syoum, the Lead Facilitator and Commercial Partner Liaison & Trade Data Analyst at AeTrade Group, emphasized at the end of the event.

“It’s not just about gathering for two days; it’s about doing something impactful. We want participants to approach solutions by first understanding the problem. When you look at a problem as an opportunity, it opens up a world of possibilities,” She said.

The participants formed teams to develop impactful ideas, culminating in pitches that addressed Urban environmental protection strategies and climate change mitigation innovative ideas.

The winning project, proposed by a team led by Mussa Tuyishime, a second-year architecture student from the University of Rwanda’s College of Science and Technology.

It focused on enhancing urban food security by utilizing low-cost materials like old vehicle tires and plastic containers to create home-based gardens. These gardens provide a means for urban households to grow their food while also tackling waste issues.

Tuyishime described the importance of their solution. “The solution we bring is cheap, requires little investment, and is applicable in urban centers. Our goal is to address food shortages in Kigali through home gardens and urban farming, contributing to sustainable food security, improved nutrition, and environmentally responsible consumption.”

The winning team’s efforts were rewarded with a three-month incubation program with the University Innovation Pod (UniPod) and a leadership mentorship with AIESEC in Rwanda.

According to Syoum, this opportunity will allow the team to refine and scale their innovative project. “This is such a huge opportunity for them to take their ideas to the next level,” she shared with pride.

The event also honored a first runner-up team, whose project presented a digital platform offering real-time weather updates/patterns and disaster alerts targeting urban residents in flood-prone areas to prevent potential losses due to adverse unpredictable weather.

Their prize included a one-month mentorship with AIESEC in Rwanda and climate action training with the Treescape Planet Organization, which would further their commitment to environmental protection.

Other notable projects include one that focused on sustainable waste management. They proposed development of a mobile app concept called “Clean Kigali”, aimed at connecting Kigali’s residents with waste disposal options in urban neighborhoods.

The app would offer information on waste transport services and the locations of nearby disposal sites, providing a user-friendly solution to waste management in the city.

Another group proposed building aqua reservoirs and promoting rainwater harvesting to support urban agriculture, contributing to food security in Kigali’s rapidly growing urban environment.

The collaboration and ambition demonstrated by these young innovators impressed Syoum and her team of facilitators.

“The teamwork, collaboration, and ambition were truly inspiring. Seeing their projects evolve in just two days was a testament to their potential,” she noted.

As a facilitator, Syoum took responsibility for gate-checking the teams, ensuring they met each stage’s requirements while providing guidance rather than instruction.

“It’s a learning process for everyone, including myself,” she shared, emphasizing the leadership and adaptability required to guide the teams through challenges. “Sometimes things don’t go as planned, but the real skill lies in how fast you can adapt and move forward.”

Reflecting on the event’s success, Syoum highlighted the potential of Rwandan youth to drive meaningful change. “They’re change makers. Give them the right methodology and environment, and they’ll surprise you with what they can accomplish.”

A member of the organizing team identified as Theoneste Ndayizeye expressed optimism that UNLEASH Hack Kigali has set an example of how structured, collaborative innovation can inspire sustainable solutions to urban challenges.

What began as a controversy involving Donald Trump’s camp soon spread to include Democratic President Joe Biden, reflecting the hostile and fear-driven tone that has come to define this unusual and tension-filled campaign season.

{{Trump Camp’s Controversial Rally Incident}}

At a major Trump rally held on October 27 at Madison Square Garden, the campaign found itself on the defensive.

During the event, a comedian shocked the crowd with a tasteless joke, referring to Puerto Rico as a “floating island of garbage.”

The backlash was swift, with Puerto Rican celebrities and Latino community leaders condemning the remark. This incident risked alienating a crucial Latino electorate, especially the sizable Puerto Rican community in Pennsylvania—a key battleground state.

Vice President Kamala Harris quickly seized on the moment, criticizing Trump’s team for insulting Puerto Rico, which forced Trump to distance himself from the comedian, Tony Hinchcliffe.

{{Biden’s Verbal Slip-up}}

Just as the controversy seemed to settle, President Joe Biden found himself in hot water after appearing to call Trump supporters “garbage” on October 29.

Although Biden clarified that he was criticizing the comedian’s offensive remarks, not Trump’s supporters, the damage was done.

According to The Guardian, this blunder undermined the unifying message Harris had delivered that same day. Republicans were quick to capitalize on the gaffe, with echoes of Hillary Clinton’s infamous “basket of deplorables” comment from 2016.

Trump’s campaign seized on the opportunity, sending out a fundraising email titled, “You are not garbage! I love you!” Trump even appeared the next day in a sanitation worker’s vest, dramatically posing on the front of a garbage truck.

{{From “Stupid” to “Petty Tyrant”}}

In this closing stretch, the campaign has devolved into a series of personal attacks and outright insults.

Trump’s campaign rhetoric has included calling Kamala Harris “stupid,” questioning her sobriety, and dismissing her as a “garbage vice president.”

Harris responded by labeling Trump a “petty tyrant.” The Wall Street Journal columnist Daniel Henninger lamented that the 2024 campaign has deteriorated into “pure hostility” with no substantive discussion, featuring endless personal attacks and vulgarity.

{{A Campaign of Fear}}

Both candidates have increasingly played on negative emotions, particularly fear, to mobilize voters.

As the Wall Street Journal noted in an article translated by Courrier International, this election season has sparked a “national panic attack” just days before the vote.

With dramatic twists—including Biden stepping back, assassination attempts on Trump, and Harris’s late entry into the race—the race to the White House has remained extremely close, fueling anxiety on both sides.

For many Americans, the stakes feel existential, with the future of the nation resting on the outcome of Tuesday’s vote.

The hackathon, which began on November 2, 2024, brings together a diverse range of participants, including university students, recent graduates, and professionals, all eager to address Kigali’s unique climate challenges such as flooding, heat waves, and infrastructure strain.

During the launch, Justice Oyakhilome Anthony, the Team Leader of UNLEASH Hack Kigali, highlighted the importance of the event in building awareness and fostering collaboration around urban resilience.

“UNLEASH Hacks Kigali is a call to action for young minds to come together and co-create sustainable solutions that can withstand climate impacts. This platform not only raises awareness about climate resilience but also builds the skills and capacity needed to develop actionable solutions for Kigali’s urban spaces.” Anthony stated.

“We aim to create practical, innovative strategies that can contribute to a better quality of life for the city’s residents,” he added.
The hackathon, themed “Climate Resilient Urban Areas,” encourages participants to develop solutions tailored to the challenges faced by Kigali and similar urban centers in developing countries.

The event structure includes ideation workshops, team-building exercises, mentorship sessions with climate experts and urban planners, and a final pitch session where teams will present their solutions to a panel of judges.

One of the participants, Tahel Imena, a student from Bridge2 Rwanda Academy, shared her passion for climate action, reflecting on her past experiences and aspirations.

“I was a facilitator in the Climate Economy class at school, where I learned about the global urgency of climate change mitigation. It’s something we all need to act on,” Imena said.

She explained that developing countries are faced with climate change issues, from air pollution to floods, especially in vulnerable areas like slums. “I’m here to learn more and understand how we can address these challenges. It’s intriguing to think about what people need and how governments can help,” she pointed out.

As participants dive into solution development, mentors and facilitators guide them through design thinking and problem-framing workshops.

By the end of the event, the goal is to produce innovative solutions and actionable plans to improve climate resilience in Kigali. Selected solutions will receive recognition and potential support for implementation.

The UNLEASH Hacks Kigali has garnered support from multiple partners, including the government, local universities, and sustainability-focused companies, signaling the city’s commitment to fostering a climate-resilient future.

The event, hosted by the Ministry of Commerce of the People’s Republic of China, the World Trade Organization, the United Nations Industrial Development Organization, and the International Trade Center, provides Rwanda with a unique platform to strengthen its foothold in one of the world’s largest markets.

Since its inception in 2018, the CIIE has been a catalyst for Rwanda’s trade engagement with China, contributing to significant growth in both exports and investment. Rwanda’s Ambassador to China, H.E. James Kimonyo, underscored the importance of the expo in fostering economic ties between the two nations.

“Our participation in the China International Import Expo is not just about showcasing our products; it’s about building strong bridges for lasting partnerships and opening more doors for Rwandan businesses in one of the world’s largest markets,” he said.

“This event symbolizes China’s commitment to global economic cooperation, and Rwanda is seizing the opportunity to deepen its trade relationships,” he added.

Rwanda’s participation has seen marked success in previous years, with export values to China increasing from $39 million in 2018 to $131.2 million in 2023. China has also emerged as Rwanda’s top source of Foreign Direct Investment (FDI) over the past five years, underscoring the robust economic partnership between the two nations.

The 2024 expo will feature a strong presence from Rwanda’s agribusiness sector, with exporters keen to capitalize on China’s demand for high-quality agricultural products.

The Rwandan delegation, led by Hon. Prudence Sebahizi, Minister of Trade and Industry, aims to secure further investment opportunities while promoting tourism through side meetings, live-streaming events, and roadshows.

Rwanda’s relationship with China has flourished over the past five decades, culminating in a recent upgrade to a comprehensive strategic partnership, a milestone achieved in September when leaders from both countries met at the Forum for China-Africa Cooperation Summit in Beijing.

This strengthened partnership reflects the enduring and multi-faceted cooperation between Rwanda and China, spanning education, health, infrastructure, manufacturing, and trade.

In addition to highlighting Rwanda’s distinctive exports, such as specialty tea, coffee, and chili, the expo offers Rwanda the chance to engage directly with Chinese consumers and e-commerce platforms.

“Since 2019, Rwanda has used creative marketing approaches like live streaming to attract e-commerce users in China, which has led to valuable market opportunities for our products,” noted Ambassador Kimonyo.

The strategic collaboration through initiatives like the Belt and Road Initiative (BRI) and the Forum on China Africa Cooperation (FOCAC) has further solidified China’s commitment to African development.

As the trade volume between Rwanda and China reached an impressive $551.9 million in 2023, up from $300.1 million in 2019, both nations anticipate continued economic growth and closer cooperation.

The CIIE provides Rwanda an invaluable platform to showcase its potential and strengthen its economic engagement with China.
With the groundwork already laid through years of bilateral cooperation and strategic investments, Rwandan businesses are set to leverage this expo as a gateway to even greater economic opportunities.

While speaking at a high-profile discussion on African agriculture held in Des Moines, Iowa, on October 30, 2024, Samia unveiled a strategic roadmap focused on three main pillars: irrigation infrastructure, technology access, and market expansion.

Her commitment is clear: Tanzania aims not just to feed its own people, but to play a key role in securing food for the region.

“The first cornerstone in this agricultural revolution is a massive investment in irrigation infrastructure. By prioritizing large-scale irrigation projects, the Tanzanian government seeks to transform seasonal farming into year-round productivity,” she said.

This approach not only bolsters resilience against erratic rainfall patterns but also enables a stable supply of crops, addressing both local consumption needs and the potential for export. With this infrastructure, Tanzania is preparing to increase food production sustainably and efficiently, aiming to put more Tanzanian crops on African tables.

With eyes also set on innovation, President Samia’s administration is driving initiatives to connect farmers with cutting-edge agricultural technology and high-quality inputs. By collaborating with development partners, Tanzania plans to supply farmers with tools and methods that promise better yields and healthier crops.

“This shift to modernized farming will empower Tanzanian farmers to produce higher-value crops with quality that meets both local demands and global standards. It’s a vision that sees farmers at the forefront of economic progress, using technology to build prosperity and independence,” said the Head of State.

For Tanzania’s agricultural growth to reach its full potential, President Samia says that market access is key. By opening up both domestic and international markets for Tanzanian products, her administration is creating pathways for farmers to earn more from their efforts.

According to her, expanding markets means more than economic gain; it’s about creating a dynamic agricultural sector that can fuel Tanzanian development, attract global partnerships, and position Tanzania as a food powerhouse in Africa.

“We intend to position Tanzania as a central player in the quest for food security in Africa. With strategies that encourage sustainable practices, promote innovative technology, and open new market opportunities,” she emphasized.

She said that her country’s agricultural transformation is more than a national agenda it’s a plan to uplift communities across the continent and through her leadership, President Samia intends not only to transform Tanzania’s agricultural sector but is also set a powerful example of how strategic action in agriculture can be a cornerstone for growth and resilience across Africa.

Tanzania’s international trade has experienced a striking 84% increase, rising from USD 17.4 billion to USD 31.4 billion in just over three years. Exports have nearly doubled, from $8.4 billion to $15 billion. Imports have also increased from $9 billion to $16.4 billion. The country’s external debt increased from $24.4 billion to $32.6 billion, a 33% rise.

Globally, emerging economies have recently adopted calculated borrowing as it supports critical investments in infrastructure, healthcare, education, and technology. This benefits not just today’s population but also generations to come.

Right from kickoff, Amavubi charged forward, determined to reverse their fortunes. Just two minutes into the game, Kevin Muhire launched a powerful attempt, narrowly missing the target but setting the tone for an aggressive offensive.

As the game settled, Rwanda’s Olivier Dushimimana, affectionately nicknamed “Muzungu,” took the stage. At seven minutes, he claimed the game’s first corner kick, pressuring Djibouti’s defense and rallying the crowd.

The breakthrough came swiftly in the 10th minute when Muzungu drove a sleek tap into the net, throwing the crowd into ecstatic celebration. Muzungu, who was arguably the game’s standout player in its opening stages, nearly doubled the lead three minutes later with a powerful cross that Djibouti’s defense narrowly blocked.

On 23 minutes, he made no mistake, once again finding the net to double Amavubi’s lead and solidify his status as the match’s early hero.

His two goals provided much-needed confidence to Rwanda’s midfield trio comprising of Bosco Ruboneka and Gilbert Mugisha, whose creativity and agility brought balance to the squad after a disappointing first leg encounter.

Though Amavubi’s pace waned slightly toward the end of the first half, they almost clinched a third goal in stoppage time, with Muzungu, again narrowly missing a hat-trick opportunity before the half time whistle.

As the second half prepared to commence, excitement erupted as President Paul Kagame entered Amahoro Stadium. The Head of State’s arrival energized both players and fans alike, elevating the atmosphere to a fever pitch.

The second half began with Rwanda maintaining their offensive pressure. Kevin Muhire came close to extending the lead in the 57th minute but missed a one-on-one chance with the Djibouti goalkeeper.

Djibouti’s attempts at retaliation were quickly quashed by Gorilla FC’s skilled goalkeeper Gad, who denied Djibouti a glimmer of hope at the hour mark.

Rwanda appeared to seal their third goal when Mugisha scored at the 78th minute, but the celebration was cut short by an offside call. The close call only intensified Rwanda’s determination.

As the game neared its end, Amavubi showed relentless resolve to secure their place in the next round. In the 90th minute, Mugisha skillfully delivered a through pass to Arsene Tuyisenge, who confidently slotted in Rwanda’s third goal, ensuring an aggregate victory and a resounding near qualification.

With three minutes of added time, Rwanda held their line firmly, finishing the game with a decisive 3-1 on aggregate. The final whistle marked a triumphant moment, as Amavubi kept their CHAN qualification dreams alive and set their sights on the next challenge.

The next game in this campaign will be a showdown with the winner of the Kenya and South Sudan tie, slated for November 3, 2024 at Mandela National Stadium in Kampala, Uganda.

For Rwanda, this match was more than a win; it was a declaration of resilience, team spirit, and national pride and some fans say, Amavubi stands ready with their eyes fixed firmly on a place in the finals jointly hosted by Uganda, Kenya, and Tanzania between February 1 to 28, 2025.

With the aim of driving progress towards SDG7 (affordable and clean energy), the AEE will focus on furthering the Africa Power Vision goals and objectives, and is organized by Informa Markets.

Ade Yesufu, Exhibition Director – Energy, Informa Markets said that this Expo represents a significant milestone for Africa’s energy sector since for the first time, high-level audiences, including government ministers, regulators, and utility CEOs, will come together to collaborate on transformative strategies for Africa’s energy future.

It also seeks to encourage investment in renewable energy projects and accelerate the adoption of cutting-edge technologies across the continent.

Boasting a top-calibre line-up, this event is set to become a regular feature on Africa’s energy and utilities calendar. Our specific thanks go to Tetracore for demonstrating their commitment to the sustainable growth of the industry in their role as a Gold Conference Sponsor,” Yesufu said.

Scheduled to take place from November 4 to 6 at the Kigali Convention Centre, the AEE promises to be a truly Pan-African event that features more than 150 exhibitors representing the continent’s rapidly expanding energy sector.

Exhibitors include providers of renewable and clean energy, transmission and distribution, energy consumption and management, backup generators and critical power, and smart solutions.

Some of the international actors expected to attend include National Energy Regulatory Authorities in Tanzania, Morocco, Nigeria, Malawi, Uganda, Namibia, Eswatini, Zambia, Ghana, to mention but a few.

The 3-day event includes a Technical Seminar that will serve as a knowledge hub to learn and share industry best practices and scientific developments, and several roundtable discussions that will delve into some critical issues requiring attention from various stakeholders.

An exclusive Leadership Summit, themed ‘Investments, integration, infrastructure, and governance to fuel the energy transition’, features an impressive line-up of esteemed speakers, interactive deep-dive sessions, roundtables, and networking opportunities.

Under discussion at the Leadership Summit will be critical themes shaping Africa’s energy future, including the development of a roadmap to universal electrification and the creation of robust policy frameworks through the African Single Electricity Markets.

Speakers will explore enhancing feasibility studies and business plans to reduce financial risks in large-scale infrastructure projects, as well as the significant role of innovation in advancing last-mile rural electrification through decentralized renewable energy (DRE).

Additionally, experts will discuss strategies for designing effective carbon market mechanisms that reduce emissions while boosting investment.

The potential of green hydrogen in facilitating a low-carbon transition, the importance of financing energy access, and the role of gas-to-power infrastructure as a catalyst in the energy transition will also be key focus points.