During the event held at Sainte Famille Hotel in Kigali, participants were guided on effective loan utilization to ensure progress in their ventures.
Raissa Muyango, COPEDU PLC’s Managing Director, encouraged women to embrace entrepreneurship and leverage the institution’s financial support to advance their projects.
She stated, “Create your businesses and approach us for loans that support your ideas, helping you achieve your dreams.”
Simon Ndayisenga, a representative from the National Bank of Rwanda’s Department of Inclusive Financial Services, emphasized the significance of empowering women as key contributors to family and community development.
He underscored the importance of gender equality in financial access, improved livelihoods, and poverty alleviation, saying, “When you educate a woman, you educate the nation. Financial equality is crucial—laws that previously excluded women and favoured men must be eradicated.”
Ndayisenga also urged beneficiaries to use loans strictly for their intended purposes to avoid financial mismanagement.
Solange Uwingabire, COPEDU PLC’s Head of Business Development, highlighted the institution’s 27-year legacy of providing financial services, including savings, withdrawals, and loans. She called on more women to engage with the institution to meet their financial needs.
The session included training on project selection, compliance with legal frameworks, and responsible loan usage to prevent losses. The topics were delivered by COPEDU leadership and branch staff.
The event, attended by Rwanda’s Infrastructure and Transport Minister, Dr. Jimmy Gasore, representing the Government of Rwanda, along with development partners from the UK and the Netherlands, and Trademark Africa, marked the official commencement of operations for Rubavu Port. The port had been operating under a pilot phase since June 2024 by the consortium of contractors, JV Century Engineering Contractors – Yojaka India.
The state-of-the-art facility in the Nyamyumba Sector, Rubavu District, promises to enhance regional trade connecting all the adjacent towns with the Democratic Republic of Congo (DRC) while boosting regional economic exchange opportunities.
Driving this transformative project was EPC Africa Group, through its subsidiary Century Engineering Contractors (CEC). Contracted by Trademark Africa in partnership with the Rwanda Transport Development Agency (RTDA), the project was funded by Netherlands-backed Invest International and the UK government, in collaboration with the Government of Rwanda.
As a trusted civil engineering and electromechanical contractor, CEC leveraged its expertise in marine construction expertise which allowed it to deliver the two-hectare facility to the global standards.
Speaking during the inauguration of the facility, EPC Africa Group CEO, Ferdy Turasenga said the company managed to deliver the Rubavu Port project on schedule, despite the significant challenges they faced at the beginning of the COVID-19 pandemic outbreak.
“We are very grateful and happy today that we have handed over this historical project, the first of its kind in our country and perhaps in the sub-region of the Great Lakes region. We are thankful to the client.
“We started this project at the beginning of 2020 when COVID just knocked on the door of the world. It was a global shock, but we kept the resilience Spirit to this date,” the CEO remarked during the opening ceremony graced by Joan Wiegman, Ambassador of the Netherlands to Rwanda, and Alison Thorpe, UK High Commissioner.
The facility includes two modern terminals, one for cargo and another for passengers. The cargo terminal features advanced infrastructure, such as a wastewater treatment plant, a petrol station, and two quays capable of simultaneously handling 2X60m length vessels with a capacity of 500 deadweight tons each. The passenger terminal is equipped with modern offices and enhanced security checkpoints.
Rubavu Port is designed to handle 700,000 tons of cargo and 2.7 million passengers annually. It provides an essential waterways link between Rwanda and the DRC, offering a cost-effective alternative to road transport and streamlining cross-border exchanges and trade.
Key commodities such as cement, beverages, and agricultural products are now transported more efficiently, reducing long queues at border delays which is going to benefit passengers and traders.
The pilot phase already demonstrated the port’s impact, with businesses reporting smoother logistics and reduced transport costs. The port has also created employment opportunities, with around 150 workers currently involved in daily operations—a number projected to grow as trading activity increases.
Rubavu Port is part of Rwanda’s ambitious Lake Kivu Harbour Transport Project, which also includes planned facilities in Rusizi, Karongi, and Nkora. The ports aim to further bolster trade, tourism, and regional connectivity.
EPC Africa Group, through its construction arm “Century Engineering Contractors”, is also implementing the Rusizi project, continuing its contribution to Rwanda’s infrastructural transformation.
Beyond its work on Rubavu Port, EPC Africa Group operates several other subsidiaries that contribute to its diverse portfolio. These include Energicotel Plc, which specializes in the development, maintenance, and operation of power plants across Africa; Afrilott, focusing on commodity trading, procurement and logistics; and EPCA Development, which offers expertise in the design, supervision, and maintenance of commercial infrastructure projects, including the construction of modern and low-cost houses.
The program, set to be implemented in partnership with [Gate Consulting Group->https://gateconsulting.rw/], was unveiled during WIFR’s end-of-year dinner in Kigali on Saturday, December 7, 2024. The event was organised to reflect on and celebrate the organisation’s achievements over the past year.
Dozens of representatives from leading institutions across banking, insurance, and related sectors attended the glamorous and highly interactive dinner. Organisations represented included Bank of Kigali, NCBA, BPR, I&M Bank, EcoBank, Old Mutual, ZEP-Re, One Acre Fund, Rwanda Finance, Access to Finance Rwanda, Urwego Bank, Mayfair Insurance, and Old Mutual among others.
Speaking at the event, Salma Nkusi, CEO of Gate Consulting Group, praised the partnership with WIFR, saying, “It was an easy collaboration because we both shared the same vision of supporting women’s development.”
According to Nkusi, the mentorship program is designed to bridge leadership gaps by overcoming existing barriers.
“While formal education is invaluable, this program opens up opportunities for employees to network, learn from leaders, and navigate challenges, all while becoming more strategic about their growth,” Nkusi stated.
Nkusi’s decision to pursue a mentorship program, dubbed ‘LiftHerUp’ two years ago, was influenced by her personal career journey as a woman and the valuable lessons she has learned over the years.
“I felt like what I missed, I really want to give it to younger women. One of our key goals is to shift mindsets, helping women realize that they have a voice and can contribute meaningfully at the table,” added the CEO.
In the new partnership, at least 20 women from WIFR’s membership will be onboarded into the nine-month program starting in March 2025. They will benefit from carefully crafted activities and interventions aimed at preparing them for career growth, unlocking their full potential, and building a pipeline of future women leaders.
According to a 2023 report from the World Bank, labour force participation in Rwanda stands at 55.1% for women and 66.4% for men, reflecting a gender gap in employment rates.
Nkusi acknowledged the government’s efforts in increasing women’s participation in the workforce and emphasized the need to boost the number of women in key decision-making positions, particularly in privately owned institutions, where the gap remains huge.
Lina Higiro, the Founding chair of WIFR, encouraged attendees to enrol in the mentorship program as mentors or mentees to build meaningful connections for their career growth.
“Opportunity dances with those already on the dance floor,” quipped Higiro, who currently serves as Regional Head of Business Operations at NCBA Group.
Sylvain Nsabimana, Senior Finance Manager at NCBA Bank Rwanda PLC, also encouraged women to take up the challenge. Having mentored young professionals at NCBA, he believes strongly in the benefits of mentorship in scaling and deepening the sector.
“Young women should step up and take on leadership roles, as they are fully capable of leading institutions,” said Nsabimana, who helps manage WIFR’s finances and accounts.
Meanwhile, during the Saturday dinner, 16 young women were recognized for completing courses undertaken in partnership with different institutions including [Chartered Institute of Securities and Investments (CISI)->https://www.cisi.org].
Since its launch in 2023, the foundation has extended scholarships to about 50 staff members in the banking sector.
Clarrise Mukantambara, a Loan Officer at BPR Bank Rwanda Plc, expressed her immense joy after successfully completing the scholarship course.
“Thanks to Women in Finance Rwanda and its co-founder Lina Higiro, I’ve had the opportunity to enhance my skills and grow professionally. The knowledge I’ve gained is invaluable, and I’m excited to apply it in my career,” shared Mukantambara.
Access to Finance Rwanda CEO, Iyacu Jean Bosco, announced that AFR, part of the [FSD network->https://fsdafrica.org/], will support the WIFR Research project on the State of Women in the Financial Sector in collaboration with the Central Bank (BNR). He emphasized that this initiative would be the first of its kind in Africa. As part of WIFR’s Data Pillar, the research findings will inform policy-making and enhance accountability in the sector.
Building on this momentum, Tony Francis Ntore, CEO of the Rwanda Bankers Association, commended the foundation’s efforts and expressed a strong commitment to continued partnership.
The evening’s program also highlighted the work of Belinda Bwiza, co-founder of WIFR, who spearheaded the Mentorship Pillar, further advancing the organization’s mission to empower women in the financial sector.
As a gesture of gratitude, the WIFR leadership extended appreciation tokens to key partners, including the heads of the Rwanda Bankers Association, Access to Finance Rwanda, and IGIHE, for their unwavering support. Diane Karusisi, CEO of the Bank of Kigali, presented the tokens, while Amanda Musiimire served as the MC for the event.
With nearly 15 member institutions signing the WIFR Gender Diversity Charter—a framework for measuring and monitoring progress annually—the Rwandan financial sector now leads the way in promoting accountability for gender equality.
Officially launched on December 6, 2024, the modern facility is located in Gasabo District’s Kimihurura Sector, Rugando area, near the iconic Kigali Convention Centre.
As Rwanda continues to grow as a regional hub, investors are leveraging opportunities to foster development in key sectors such as tourism. T-Stone Apartment Hotel aims to enhance this momentum, offering premium services tailored to both local and international clientele.
T-Stone Apartment Hotel provides options for short-term and long-term stays, featuring Executive Suites priced at $200 per night or $2,000 per month.
The hotel also offers airport transfer services for international guests, ensuring convenience and seamless experiences.
Guests can enjoy a wide array of amenities, including a sauna and massage centre, a restaurant with affordable dining options, and other features expected of a high-end establishment.
Speaking during the opening ceremony, Daniel Niyomugabo, the General Manager of T-Stone Apartment Hotel, emphasised the hotel’s dedication to delivering exceptional service.
“Our unique value lies in delivering quick and high-quality services. While we acknowledge competition in the area, we are set apart by the quality of our offerings and our prime location. We aim to create a standout experience, ensuring efficient and friendly service unlike any other.”
Niyomugabo added that the hotel’s trained staff are committed to ensuring guests receive top-tier service, from the moment they arrive to the time they depart.
Founder and CEO Muhirwa Gashugi expressed the company’s ambition to contribute to Rwanda’s tourism growth, aligning with the government’s efforts to position the country as a premier destination in Africa.
For reservations or inquiries, T-Stone Apartment Hotel can be reached via:
The October 2024 report highlights a significant shift in Rwanda’s import dynamics, with imports from Kenya soaring to $121.45 million—a staggering 241.55% increase compared to September 2024 and a 361.43% rise year-on-year.
The growth propelled Kenya to the second spot among Rwanda’s top import partners, contributing 19.29% of total imports.
Meanwhile, Tanzania experienced a notable decline, with its exports to Rwanda plummeting by 39.04% month-on-month to $57.38 million, representing just 9.11% of Rwanda’s total imports.
Tanzania’s sharp drop from its previously dominant position indicates a significant shift in Rwanda’s import landscape, as it has long been Rwanda’s primary partner due to its geographical proximity and the role of the Dar es Salaam port.
Kenya’s performance has been attributed to increased trade in key commodities such as food products and manufactured goods, sectors in which it is highly competitive. By contrast, Tanzania’s decline reflects reduced trade volumes in categories like crude materials and other traditional export items.
China remains Rwanda’s top import partner, supplying $142.08 million worth of goods in October 2024. However, Kenya’s surge underscores its growing role in the regional trade landscape.
The shift also highlights Kenya’s robust trade infrastructure and strong bilateral relations with Rwanda. Enhanced trade agreements, improved logistics, and competitive pricing are likely contributing factors to Kenya’s rise.
Other notable import partners include India, the United Arab Emirates, Uganda, Malaysia, Belgium, Egypt, and Japan.
In the export market, the United Arab Emirates led as the largest destination, accounting for 67.44% of exports, despite a 15% month-on-month decline. Other notable export partners include the Democratic Republic of Congo (DRC), Luxembourg, and Uganda.
In October 2024, Rwanda’s trade deficit stood at $363.65 million, reflecting a 7.37% decrease compared to September 2024 but an 11.89% increase compared to October 2023.
Rwanda’s total exports displayed a mixed performance during the same month. While exports declined by 12.29% month-on-month, they showed a remarkable 45.49% increase year-on-year. Domestic exports followed a similar pattern, with a 15.75% month-on-month decline but an impressive 61.81% rise year-on-year. Meanwhile, re-exports recorded modest growth, increasing by 1.63% month-on-month and 8.87% year-on-year.
Among export sectors, animal and vegetable oils, fats, and waxes stood out with exceptional growth, registering a 42.43% increase month-on-month and a staggering 6347.55% increase year-on-year. Similarly, miscellaneous manufactured articles performed strongly, growing by 23.76% month-on-month and 57.26% year-on-year.
On the imports side, total imports experienced a slight decline of 1.92% month-on-month but rose significantly by 23.99% year-on-year. The food and live animals category contributed notably to this growth, increasing by 19.21% month-on-month and 22.00% year-on-year. Additionally, chemicals and related products exhibited robust performance, with imports rising by 21.42% month-on-month and 35.15% year-on-year.
Located in the vibrant Remera neighbourhood, the hotel opened its doors in 2014 and has since become a key player in the country’s hospitality sector, helping shape the experience of both travellers and business professionals.
Since its inception, Grand Legacy Hotel has been committed to providing world-class accommodation, hosting international conferences, and offering a wide range of amenities. These include two restaurants, a gym, aerobics facilities, a steam room, sauna, massage services, and a pool for guests to enjoy.
The hotel has also established itself as a trusted venue for events, offering catering services for meetings and private parties, ensuring guests’ needs are met with unparalleled hospitality.
With 43 rooms, including 33 superior rooms, and exclusive facilities for business conferences and meetings, Grand Legacy Hotel has earned a stellar reputation for its professional and welcoming service. The hotel has hosted over 3,000 guests at notable events, such as the African Development Bank’s Annual Meeting, earning accolades from both customers and international organizations.
In 2015, just one year after opening, the hotel won the prestigious “Best 2nd Hotel for Excellent Service” award at the Gateway Tourism Expo in Nairobi, surpassing some of the world’s largest hotel chains. This recognition was followed by glowing reviews on platforms like Tripadvisor and Booking.com, where the hotel earned praise for its exceptional service and guest satisfaction.
Reflecting on this milestone, Christian Ndagijimana, CEO of Grand Legacy Hotel, said, “When we started, there were few hotels in Rwanda. Our goal was to contribute to the development of the country’s hospitality and tourism sectors, and we are proud of the progress we’ve made. Today, we’ve seen our hotel grow in both reputation and clientele, and we look forward to continuing our support for Rwanda’s tourism industry for years to come.”
François Nsengimana, Development Manager at Salvation Army and one of the hotel’s most loyal clients, expressed his satisfaction with the hotel’s services, saying, “Grand Legacy Hotel is a modern establishment with professional staff who pay attention to every detail. Its location—close to the airport and Kigali’s key attractions—makes it an ideal place for both business and leisure.”
To celebrate this significant achievement, Grand Legacy Hotel will host a special anniversary event at its premises in Remera on December 6, 2024.
The event will bring together local dignitaries, loyal clients, business partners, and media representatives to reflect on the hotel’s journey and future endeavours.
During the event, the management will unveil plans to expand its offerings with a new eco-friendly resort on Nkombo Island, reinforcing the hotel’s commitment to environmental sustainability and Rwanda’s tourism development.
Looking ahead, Grand Legacy Hotel plans to continue expanding its influence on both the local and international hospitality landscape. With several new projects in the pipeline and an unwavering dedication to excellence, the hotel is poised to play an integral role in shaping the future of Rwanda’s tourism industry.
The two-day forum, co-organized by the Government of Rwanda and TradeMark Africa (TMA), will bring together Heads of State, government officials, development partners, academicians, multilateral organizations, and private sector leaders from 14 TMA implementation countries and beyond.
TMA focuses on promoting trade and regional integration across a range of countries, including Burundi, the Democratic Republic of Congo (DRC), Djibouti, Ethiopia, Kenya, Malawi, Rwanda, Somalia, South Sudan, Tanzania, Uganda, Zambia, Zimbabwe, and Eritrea. These nations form the core of TMA’s efforts to enhance trade facilitation, reduce barriers, and drive economic growth through innovative projects and partnerships.
Held under the theme ‘Digital Trade,’ this year’s forum will highlight transformative digital trade practices and technologies. The forum will be officially opened at the Kigali Convention Centre by Rwanda’s Prime Minister, Édouard Ngirente.
According to the organizers, key discussions will explore the interoperability of digital payments, the use of distributed ledger technology (DLT) and artificial intelligence in trade processes, and the role of automation in supporting green trade initiatives. The sessions aim to address leveraging technology to streamline trade facilitation, enhance policy frameworks, and foster sustainable development across Africa.
This marks the first time the forum will be held in Rwanda, following previous editions in Kenya (2011, 2012, 2014, and 2019) and Uganda (2018).
David Beer, CEO of TradeMark Africa, emphasized the forum’s significance in advancing Africa’s economic prosperity.
“TradeMark is driven entirely by generating practical results to remove trade barriers and drive up exports within and from Africa. While we have seen serious progress from trade facilitation interventions in the last decade, there is another big step forward to take,” he said.
“The 2024 forum will focus on propagating digitization successes more widely and introducing cutting-edge technologies. We look forward to sharing lessons and presenting innovative ideas to help governments and the private sector further drive down the cost and time of trade.”
The forum is expected to drive Africa’s trade integration, leveraging digital solutions to build sustainable, seamless trade systems that enhance regional and global competitiveness.
This year’s conference will culminate in the development of the Africa Trade Development Forum Kigali Declaration, which will capture the key insights and decisions arising from the event’s discussions.
Additionally, TradeMark Africa (TMA) is set to unveil the Trade Facilitation Flagship Document, a report that outlines emerging trends in Africa’s trade facilitation and showcases innovative technologies designed to streamline and enhance trading processes.
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The route marks RwandAir’s eighth cargo destination across Africa and the Middle East.
Other destinations include Kigali (Rwanda), Nairobi (Kenya), Entebbe (Uganda), Brazzaville (Republic of the Congo), Bangui (Central African Republic), Djibouti, and Sharjah and Dubai in the United Arab Emirates (UAE).
“We are thrilled to introduce Harare, Zimbabwe, as our eighth cargo destination! This milestone inaugural ad-hoc cargo flight highlights our commitment to enhancing connectivity, supporting global trade, and solidifying our position as a leading cargo carrier in the region,” the airline announced in a statement on Wednesday.
RwandAir plays a crucial role in Rwanda’s economy, facilitating the transportation of fresh produce, medical supplies, and other essential goods. The new destinations will enhance market reach, offering cargo services to a wider range of businesses and consumers, thereby driving the diverse and growing economy of both the country and the continent.
In November 2022, RwandAir acquired its first dedicated freighter, significantly improving its cargo services. Previously, the airline relied on passenger planes to transport goods. The Boeing B737-8SF freighter, with a capacity of approximately 23.9 tons and a range of 2,620 kilometers, offers cost-efficient operations compared to other cargo aircraft.
Later, in May 2023, RwandAir further strengthened its cargo services through a partnership with Qatar Airways. This collaboration led to the establishment of a new cargo hub in Kigali, aiming to position the city as a central air cargo hub in Africa. As part of the initiative, Qatar Airways introduced a Boeing 777x freighter to Kigali, enhancing the airline’s capacity for regional and international cargo transport.
The airline’s continued commitment to expanding its cargo services is set to bolster Rwanda’s economic growth and strengthen its position as a vital logistics hub in Africa.
In a statement, Ecobank Group revealed that the bond was oversubscribed by more than 2.1 times, reflecting strong investor confidence in the institution’s financial growth and strategy.
The issuance marks a major milestone for ETI, as it is the first public Eurobond issuance by a financial institution in sub-Saharan Africa since 2021.
The bonds, also known as notes, will mature in October 2029 and offer an interest rate of 10.125%, payable semi-annually in arrears to the investors who have lent Ecobank $400 million.
Jeremy Awori, CEO of Ecobank Group, emphasized the importance of the bond’s success, saying, “Our successful Notes issuance demonstrates how Ecobank is blazing the trail for sub-Saharan African financial institutions and corporates in accessing the international capital markets.”
The CEO added that the strong demand for the bond from both international and African investors is a testament to the growing trust in Ecobank’s ‘Growth, Transformation, and Returns Strategy’.
The net proceeds from the bond will be used for general corporate purposes, including refinancing a $350 million Senior Bridge-to-Bond Loan Facility secured earlier in the year. This move is expected to further enhance Ecobank’s financial position and support its strategic initiatives.
Ayo Adepoju, the Group’s Chief Financial Officer, thanked the bank’s partners, including Absa, Africa Finance Corporation, and Standard Chartered Bank, who acted as Joint Lead Managers and Bookrunners for the bond issuance.
“We deeply value and appreciate the strong support from our Development Finance Institution partners and bond investors,” he said.
With a presence in 35 African countries and a growing international footprint, Ecobank’s latest bond issuance strengthens its position in the global capital markets and supports its long-term growth objectives.
The market opening ceremony at the LSE was attended by members of the ETI board and management, celebrating a key achievement in Ecobank’s ongoing expansion and commitment to African financial growth.
