The UN Global Compact is a call to companies everywhere to align their operations and strategies with ten universally accepted principles in the areas of human rights, labor, environment and anti-corruption, and to take action in support of Sustainable Development Goals (SDGs).
SBL is proud to announce a move to join thousands of other companies in Rwanda and globally committed to taking responsible business action to create the world we all want.
“In line with our commitment to these principles, SKOL Brewery Ltd is proud to join the UN Global Compact, reaffirming our dedication to sustainable and responsible business practices that drive positive change both locally and globally,” said Eric Gilson, SKOL Brewery Ltd.’s General Manager.
As the company continues to expand and innovate, Gilson says that participation in the UN Global Compact will serve as a guiding framework for ensuring that their growth is aligned with the highest standards of corporate responsibility.
Launched in 2000, the UN Global Compact is the largest corporate sustainability initiative in the world, with more than 20,000 companies based in over 160 countries, and more than 60 Global Compact Networks.
The report released on August 31, 2024, shows that the decline was primarily driven by a 6.9% decrease in manufacturing activity prices, which contributed to the overall reduction.
The PPI is a crucial economic indicator that tracks the average change in prices received by domestic producers for their goods and services. Unlike consumer price indices, the PPI reflects price movements from the seller’s perspective, providing early insights into inflationary trends before they reach consumers.
Despite the downturn in manufacturing, the report highlighted contrasting trends in other sectors. The mining sector saw a 1.5% increase in prices.
Generally, this means that businesses in Rwanda paid less for goods and services used in their production processes.
On a monthly basis, the general PPI increased by 0.8% from June to July 2024, mainly due to a 1% rise in manufacturing activity prices.
Further analysis revealed that the local PPI, which measures prices for goods produced and sold within Rwanda, fell by 7.1% year-on-year in July 2024. This was largely due to a 9.1% drop in manufacturing prices. However, on a monthly basis, the local PPI saw a 0.9% increase, driven by a 1.2% rise in manufacturing prices.
The export PPI, which tracks prices for goods produced in Rwanda and sold abroad, decreased by 1.3% year-on-year in July 2024. This decline was mainly due to a 5.2% drop in coffee product prices, despite a 4.1% increase in tea prices and a 1.5% rise in mining prices.
On a month-to-month basis, the export PPI rose by 0.5%, with tea prices up by 1% and coffee prices up by 0.5%.
As the CEO of Temaco Builders, Tuyisenge is the only Rwandan who has made it to the top 20 finalists in the prestigious Africa Business Heroes (ABH) competition 2024.
He has contributed to the creation of some of Rwanda’s most iconic projects, including the external design of Amahoro Stadium and the development of the Nyandungu ECO Park.
Tuyisenge is now poised to take his success to new heights, bringing pride to his country and setting a powerful example for future generations of Rwandan entrepreneurs.
Temaco Builders began over a decade ago with a small team of inexperienced but dedicated individuals, including Tuyisenge himself. What started as a modest venture has grown into one of Rwanda’s leading construction companies, known for its innovative approaches and commitment to excellence.
“With the construction boom in Rwanda and the support from the government promoting ‘Made in Rwanda,’ we’ve been able to make a significant impact,” Tuyisenge says, reflecting on his company’s journey.
“To date, we’ve paved over 150,000 square meters, served more than 5,500 clients, and trained 400 young individuals. Our focus has always been on delivering top-notch, long-lasting products crafted with innovation in mind.”
Tuyisenge’s leadership has been instrumental in positioning Temaco Builders at the forefront of Rwanda’s construction industry. His ability to foresee and adapt to market trends has allowed the company to not only survive but thrive in a competitive environment.
The work on Amahoro Stadium, for instance, involved not just the execution of a high-profile project but also the integration of new technologies and design principles that set a new standard for construction in Rwanda.
Similarly, the Nyandungu ECO Park project showcases Temaco’s commitment to sustainability, aligning with global trends in environmental conservation and urban development.
The ABH competition, now in its 6th edition, is one of the most adored platforms for entrepreneurs across Africa. This year, over 2,000 entrepreneurs from various sectors across the continent vied for a spot in the competition. After a rigorous selection process, the pool was narrowed down to the top 50, and finally to the top 20, where Tuyisenge now proudly represents Rwanda as the sole finalist.
The ABH initiative is designed to recognize and support entrepreneurs who are making significant impacts in their communities, solving pressing problems, and contributing to a more sustainable and inclusive economy.
“The ABH competition has been a journey of learning and growth,” Tuyisenge reflects. “It’s not just about winning; it’s about the exposure, the networking, and the opportunity to connect with like-minded entrepreneurs across Africa. Being in the top 20 is an incredible honor, and it motivates me to push even harder to achieve my goals and make a difference.”
Tuyisenge’s success in the ABH competition is a source of national pride for Rwanda. It highlights the country’s growing reputation as a hub for entrepreneurial talent and innovation. His works are a testament to the potential for Rwandan entrepreneurs to create lasting change.
These projects not only enhance Rwanda’s infrastructure but also embody the spirit of progress and sustainability that is at the core of the country’s Vision 2050 development plan.
As a private-sector youth leader, Tuyisenge has been instrumental in supporting local entrepreneurs through various initiatives. These include TV and radio shows aimed at educating the public about entrepreneurship, training sessions that equip young people with the skills they need to succeed.
“Our goal is to lead the way in innovation, sustainability, and community development. With the support of the ABH competition, we are confident that we can achieve even greater things,” he affirms.
Temaco Builders’ innovative solutions address some of the pressing challenges in the construction industry, recognizing the issues of low-quality paving and sanitation.
The company has developed products that not only meet community needs but also align with global sustainability goals, with a focus on recycling concrete waste materials.
The creation of the Ecoteto toilet chair has provided a dignified solution for individuals with physical limitations in rural areas, further underscoring the company’s commitment to social impact.
As Rwanda’s representative in the top 20 of the ABH competition, Tuyisenge’s journey highlights the country’s growing reputation as a hub for entrepreneurial talent.
His work on Rwanda’s major projects coupled with his innovative approach to construction, positions him as a leader not only in Rwanda but across Africa.
His story is one of visionary leadership, transformative impact, and the promise of a bright future for Rwandan entrepreneurship. His success is a testament to the power of innovation and serves as an inspiration for the next generation of Rwandan entrepreneurs.
Since 2019, six Rwandan entrepreneurs have received a total of $485,000 in funding from the Alibaba initiative, the organizers of this event.
They include Albert Munyabugingo, founder of Vuba Vuba; Francine Munyaneza, founder of Munyax Eco; Yvette Ishimwe, founder and CEO of IRIBA Water Group, and Kevine Kagirimpundu, co-founder and CEO of UZURI K&Y.
The only Rwandan to have come closest to winning the overall crown is Christelle Kwizera, founder of Water Access Rwanda who finished third in the 2019 edition.
This year, the semifinal will take place in Cairo, Egypt in October and the grand finale will be held in Kigali in December 2024.
In an interview with IGIHE, Manzi shared his investment journey in Rwanda, his current progress, and his vision for the future.
{{IGIHE: What inspired you to establish [Manzi Finance->https://manzifinance.com/contact-us]?}}
Manzi Aloys: I once attempted to start a business and approached traditional banks for support. They initially agreed to help, but as the project progressed, they rejected my request. This experience isn’t unique to me; others have faced similar challenges.
I realized there was something lacking in Rwanda’s financial services; decisions tend to be delayed, and there’s a need for modernization. We aim to offer quick services, where if you have a project you want to implement, we can quickly give you our feedback. If we find it unfeasible, we promptly advise you to seek other institutions.
Another aspect is that small entrepreneurs often struggle to secure loans. Having been an entrepreneur myself, I understand the challenges, and I’m now providing solutions that our clients appreciate. We are continually improving our services so that everyone can benefit from them.
{{Why did you choose to invest in Rwanda?}}
I started running projects in Rwanda in 2014, establishing the Manzi Foundation to help the underprivileged and combat poverty. Sometimes, fighting poverty requires helping people become self-sufficient. I found it necessary to engage in activities that create jobs, contributing to Rwanda’s development.
Living abroad and forgetting your roots is a mistake because if you don’t know where you come from, you won’t know where you’re headed. I love Rwanda and desire to see it become one of the world’s leading countries, and the only way to achieve that is for Rwandans to take the lead in building it. That’s what motivated me to invest in Rwanda.
{{Where does Manzi Finance stand after more than two years of operation?}}
Manzi Finance is progressing well. Initially, we applied for the necessary approvals to operate as a recognized financial institution, and recently, the National Bank of Rwanda conducted an inspection and granted us permission to operate as an official financial institution.
We are no longer in the trial phase. We have started supporting entrepreneurs, particularly small business owners, and many others who seek our services. We plan to expand our operations to reach other Rwandans in the diaspora. That’s our next goal.
{{What makes Manzi Finance stand out?}}
Manzi Finance offers loans to those looking to build, purchase land, or expand their businesses. We provide funds quickly compared to other financial institutions in Rwanda. That’s our unique feature. We offer swift services, and if we find that someone’s application is not satisfactory, we quickly inform them.
{{What other investment projects are you planning?}}
We are now looking to build houses for people in the diaspora and have launched a company called ‘Black Rock Construction’ to handle this. These houses will meet the preferences of Rwandans in the diaspora.
In the first phase, we will construct these homes in Kanombe, Busanza, building two-storey houses that cater to the needs of those investing in Rwanda without being physically present. We will also manage these houses to ensure they find clients once completed, offering full support to the owners.
We also have a factory in Kayonza that produces fortified maize flour (kawunga), supplying schools, and we plan to bring it to the market for everyone to access in Kigali, other provinces, and even abroad. We’ve obtained the ‘S Mark’ quality certification, and we’re progressing well.
{{What message do you have for other Rwandans living abroad?}}
I would encourage my fellow Rwandans living abroad and those interested in investing in Rwanda not to delay, as the country is secure, and no one would invest without confidence in their safety. The country is in good condition, and Rwandans have faith in the country’s future. This progress can’t be achieved by one person alone; it requires everyone’s contribution.
That’s why my partners and I are committed to continuing to expand our investments because there are benefits, including providing jobs and contributing to Rwanda’s development. Rwanda is secure and has everything needed for profitable investments.
He said this during an exclusive interview with IGIHE where he highlighted Rwanda’s rapid progress under the leadership of President Paul Kagame.
“Rwanda’s transformation in the real estate sector is nothing short of remarkable,” Dr. Moses said.
“The strategic vision that has guided this nation’s development, particularly in infrastructure and urban planning, has not only attracted global attention but has also established Rwanda as a model for sustainable growth in Africa,” he emphasized.
Dr. Moses, originally from Edo State, Nigeria, and now based in London, has built a successful career in property investment and wealth creation. His recent focus on Rwanda signals his recognition of the country’s success in creating a stable and attractive environment for real estate development.
This follows his recent appearance on Rwanda’s National Broadcasting Network (RBA), where he first expressed his admiration for the country’s progress. However, his engagement with Rwanda extends beyond this.
On August 4, 2024, Dr. Moses was honoured as a keynote speaker at the 100 Most Notable Icons event held in Kigali, where he received the International Business and Property Developer of the Year award.
This recognition highlights his growing involvement in the African real estate market and his interest in contributing to Rwanda’s continued success.
Moses elaborated on his future plans in Rwanda, including a sensitization workshop scheduled for December 2024 in Kigali. The workshop aims to empower local real estate professionals and investors with insights and strategies for success in the sector.
“I see tremendous potential in Rwanda, and I am committed to contributing to the growth of its real estate market,” Moses stated. “This workshop is just one step in what I hope will be a long-term partnership with the country.”
Moses also expressed his admiration for Rwanda’s consistent policies that foster growth while ensuring that development benefits the broader population.
“Rwanda’s success in the real estate sector is a testament to what can be achieved with visionary leadership and strategic planning,” he noted.
Underscoring Moses’s deepening connection to Rwanda and his belief in the country’s potential, his plans for future investments and initiatives are seen as a vote of confidence in Rwanda’s economic stability and its prospects for continued development in the real estate sector.
As Rwanda continues to position itself as a leading destination for real estate investment in Africa, Moses’s involvement is an indication of a critical role in shaping the market’s future.
His upcoming workshop and potential investments are anticipated to not only enhance the local real estate industry but also contribute to the broader economic landscape.
This highlights the importance of Rwanda’s achievements in real estate and the growing interest from international experts who are eager to be part of the country’s success story.
As per statement issued by the bank on Friday 23rd August 2024, this initiative aligns with global trends towards responsible investment and sustainable development, reinforcing BRD’s commitment to environmental protection and economic growth.
“This second bond issuance will raise Rwf 30 billion, with an additional option to issue up to additional Rwf5 billion. It is part of BRD’s broader Rwf 150 billion Medium Term Note [MTN] program,” reads part of the statement.
The Rwanda Capital Market Authority has approved this issuance, highlighting the strong regulatory support for innovative financial instruments that promote sustainability.
Building on the success of BRD’s first SLB, the bank states, this second issuance will further strengthen its focus on environmental, social, and governance (ESG) initiatives. It is also expected to improve access to capital for key sectors such as women-led businesses and affordable housing.
By tying the bond’s performance metrics to specific sustainability targets, BRD is setting a new standard for responsible investment and positive societal impact. The first SLB, issued last year, was oversubscribed by 110.59%, raising Rwf 30 billion. This success has given BRD the confidence to continue using capital markets to fund its growth initiatives.
“By issuing our second sustainability-linked bond, we reaffirm our commitment to incentivizing borrowers to set meaningful sustainability targets while maintaining the innovative step-down coupon from the first tranche,” said Kampeta Sayinzoga, CEO of BRD. “Investors are increasingly looking for opportunities that offer both financial returns and positive societal impact. With this SLB, BRD aims to attract responsible investors who share the principles of sustainable finance.”
Like the first issuance, this bond is part of the World Bank’s lending operation to the Government of Rwanda through Hatana- Economic Recovery Fund (ERF2). The bond structure includes a partial credit enhancement, and it comes with a 7-year tenor.
The offer will open on September 2nd, 2024, and close on September 20th, 2024, with a minimum subscription of Rwf 100,000. Investors are encouraged to take part in this unique opportunity that promises both financial returns and positive environmental and social outcomes.
Once the offer opens, the Prospectus and Pricing Supplement will be available for download on BRD’s website: https://www.brd.rw. Hard copies may be requested or obtained free of charge at BRD’s offices.
BRD is Rwanda’s foremost development finance institution, dedicated to supporting the country’s socio-economic development by providing long-term financing to key sectors of the economy.
Established in 1967, BRD has been instrumental in financing projects that drive Rwanda’s growth, particularly in infrastructure, agriculture, affordable housing, and export sectors. BRD is committed to sustainable development and continues to innovate in providing financial solutions that support Rwanda’s Vision 2050.
Dubbed the Global AI Summit on Africa, the event will be held on the 8th and 9th of October 2024 and will be hosted by the Centre for the Fourth Industrial Revolution Rwanda, in collaboration with the World Economic Forum.
According to the organizers, the summit will bring together distinguished government and business leaders, along with experts from academia and civil society, to engage in an in-depth, collaborative dialogue on AI’s transformative role in shaping Africa’s future.
The summit will be held under the theme ‘AI and Africa’s Demographic Dividend: Reimagining Economic Opportunities for Africa’s Workforce.”
The Centre for the Fourth Industrial Revolution Rwanda explained that the theme underscores the urgency of leveraging AI to bolster the productivity of Africa’s youthful workforce, unlock new economic opportunities, and foster inclusive growth across the continent.
“Home to the largest and fastest-growing workforce in the world, Africa is poised to play a consequential role in shaping the global AI agenda. Maximising the benefits, and mitigating the risks, will require multi-stakeholder engagement and inclusive dialogue. This summit aims to advance an ambitious vision for Africa’s leadership in the age of AI,” the organisers said in a statement.
The summit is expected to offer a platform for the exchange of practical insights, collaborations, and the showcasing of innovative AI applications.
“Participants will have the opportunity to interact with cutting-edge technologies and chart an actionable roadmap for the continent,” the statement adds.
“The objective is to translate discussions into tangible actions that can bring about real-world impact, benefiting Africa’s industries, economies, and societies.”
Rwanda has become a hub for high-profile conferences in recent years. Last year alone, the country hosted 165 conferences, attracting over 65,000 delegates from around the world.
The annual Africa CEO Forum is one of the high-level conferences that have been held in the country this year. Hosted in May, the event brought together more than 2,000 business leaders from over 75 countries.
The Rwanda Development Board (RDB) co-hosted the event alongside the International Finance Corporation (IFC), a member of the World Bank Group focused exclusively on the private sector in developing countries.
Luke Lundberg, CEO of Masaka Farms, states that the company employs over 40 Deaf individuals, who make up 60% of the workforce.
“Since the company was founded in 2016, we have intentionally provided employment to the Deaf community and now have over 40 Deaf employees,” Lundberg emphasized, affirming the company’s commitment not only to continuing its inclusive workforce culture but also to delivering quality dairy products in Rwanda.
This inclusive workforce has not only enriched the company’s operations but also set an example worth emulating for the entire corporate community.
Serge Ndabikunze, an Assistant Production Manager at Masaka Farms, confirms that the lives of employees with disabilities have significantly improved since joining the company located in the Kigali Special Economic Zone.
“Some of us are now able to rent houses, and those who were living in difficult conditions are now able to improve their lives. Thanks a lot to Masaka Creamery,” Ndabikunze revealed.
Masaka Farms values the skills and contributions of hardworking employees like Ndabikunze, who play a vital role in ensuring the quality and innovation of their products. The company promotes continuous development for these employees by offering advanced training and educational opportunities.
The company’s commitment to an inclusive work environment has not only made it a household name but also earned it several prestigious awards, including the UNHCR Gold Seal for Gender Equality and recognition as Disability Advocate of the Year.
As Masaka Farms continues its impressive growth, Brand Marketing Specialist Peace Tumusiime told IGIHE that the company is rebranding to reflect its growth, innovation, and commitment to offering high-quality products.
The rebranding will include a new logo, updated packaging, and the introduction of new flavours to their line of dairy products. Currently, the company produces yogurt (flavoured, plain, and Greek), fresh cream, sour cream, mascarpone, butter, cow ghee, and fermented milk products.
“The rebrand represents an evolution of the company’s identity as it expands its product range beyond dairy,” Tumusiime revealed.
She added, “The updated brand aims to connect more deeply with consumers by showcasing a fresh, modern look and emphasizing quality, inclusivity, and local heritage.”
IGIHE understands that the rebranding is also a strategic move to strengthen Masaka Farms’ presence in the market, ensuring that its products resonate with both existing and new customers.
With the rebranding, Gilbert Abagiraneza, Sales and Business Development Manager at Masaka Farms, assures that the company will continue delivering new and high-quality products traditionally imported from abroad.
The grant, offered by the Organisation of African, Caribbean, and Pacific States (OACPS) will benefit agripreneurs from dozens of other states on the African continent.
“Through our Matching Grant Fund (MGF), you can secure funding to realize your project idea. For all MGF projects, the maximum contribution provided through Agri-Business Facility (ABF) can cover up to 50% of the total project budget, with contributions reaching up to €100,000,” the organization said in a statement.
OACPS noted that while all its 79 member states are eligible to apply, priority will be given to projects from countries with no or few previously selected projects to ensure regional balance.
Agripreneurs from Rwanda stand a better chance of receiving the grant, as no project has been selected from the country before.
Seventy-one projects have been awarded the fund previously. Some of the countries that have benefited from the funding before include Tanzania (9 projects), Democratic Republic of Congo (6), Kenya (5), Côte d’Ivoire (5), Zambia (5), Uganda (4), and Nigeria (2).
To qualify for the grant, the submitted idea should aim to make the sector more inclusive, particularly for women and youth.
{{Who Can Apply?
}}
OACPS encourages group applications, as single-applicant submissions will only be considered in exceptional cases.
According to the organization, lead applicants must be legally registered private sector entities, such as processing companies, agricultural producers/farmers’ organizations, or national and international retailer companies.
Additionally, consortium partners may include private sector foundations, qualified NGOs, training or research institutions, or extension agencies.
Interested agripreneues are required to submit their applications, comprising a concept note, letter of intent and proof of legal registration of the lead applicant by 12:00 pm on August, 18, 2024. The application documents should be submitted via email using the address abf-fund@giz.de.
Mega Global Link has announced plans to establish a branch of its ‘Mega Global Market’ in New York, USA. The new branch will include both an office and a store, designed to make it easier for customers to access a wide range of products and services.
Mega Global Market operates as both an online market and a physical store, offering a variety of products sourced from factories in China, the United States, and India.
Dr. Francis Habumugisha, CEO of Mega Global Link says the company’s ongoing expansion efforts are aimed at ensuring faster service delivery and creating new business opportunities.
“We are excited to bring Mega Global Market to the United States, offering our top seven products just as we have in Canada, Rwanda, and soon in Europe,” Dr. Habumugisha stated. “This expansion includes seven premium services and state-of-the-art body workout machines.”
The company’s offers range from leisure travel and study abroad programs in the US, Canada, and Europe to work-related travel and medical tourism. Mega Global Market also provides opportunities for individuals to engage in business ventures, including the chance to represent the brand and sell its products in different cities or countries.
Dr. Habumugisha further explained that individuals have the option to create their own branded products through a notarized agreement with the company. The African headquarters for Mega Global Market is located in Rwanda, where the company offers seven original nutritional supplements certified by global standards organizations.
Additionally, Mega Global Market provides advanced equipment designed to improve health and well-being, including foot and full-body massage machines, chairs that align the spine, equipment to support muscles, bones, and joints, and other modern implements.
