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.
The agreement, formalized at the 2024 Lagos International Trade Fair, was signed between the Lagos Chamber of Commerce and Industry (LCCI) and Rwanda’s Private Sector Federation (PSF) on the sidelines of the ongoing trade event in Lagos. Kanamugire Callixte, Deputy CEO of PSF Rwanda, and Gabriel Idahosa, President of the LCCI, represented their respective organizations at the signing ceremony.
Under the MoU, LCCI and PSF Rwanda will collaborate in several areas, including facilitating trade by streamlining procedures, reducing barriers, and promoting the exchange of goods and services between Nigeria and Rwanda; and promoting investment by identifying opportunities in both countries, organizing trade missions, and fostering business partnerships.
Other priority areas include sharing information by exchanging data on market trends, trade regulations, and investment incentives to aid business decision-making; building capacity through joint workshops, training programs, and knowledge-sharing initiatives to enhance business competitiveness in both countries; and hosting events to organize trade fairs, exhibitions, and business forums for networking and partnership-building.
The MoU identifies specific sectors for collaboration, such as agriculture (with a focus on Rwandan coffee and tea production), energy, manufacturing, technology, and creative industries.
Rwanda’s High Commissioner to Nigeria, Ambassador Christophe Bazivamo, praised the agreement as a testament to the two countries’ shared vision of prosperity.
“This MoU is a testament to our shared vision—a vision of a vibrant and interconnected African business landscape where Rwanda and Nigeria stand as beacons of economic collaboration and mutual growth,” he said.
“The Rwandan government is fully committed to supporting this endeavour. We have implemented policies to streamline business procedures, enhance infrastructure, and promote a conducive investment climate.”
The Lagos International Trade Fair, which kicked off on November 1, 2024, is the largest international exhibition in West Africa. During the 10-day event, participants have a chance to network with potential buyers and create business partnerships.
This remarkable growth reflects Rwanda’s position as one of Africa’s top countries for ease of doing business, where new businesses can be registered in just one day.
According to the NISR’s 2023 Establishment Census, the number of businesses in Rwanda almost doubled from 154,236 in 2014 to 269,326 by 2023.
Of these, the vast majority (95.9%) are privately owned while 92.0% are owned by individuals. Additionally, 2,017 businesses were founded by local NGOs, 656 by international NGOs, 2,496 by cooperatives, and 2,047 through public-private partnerships.
During the same period, 3,830 state-owned enterprises involved in commercial activities were also registered.
The report confirms that all listed businesses are currently active and tax-compliant as of the data collection period. Since 2020, the number of businesses has grown by 15%, with the total increasing from 226,359 to 261,549 by 2023.
A significant number of businesses (92.2%) are classified as micro-enterprises, employing less than four workers.
Small enterprises, which employ between four and 30 people, make up 6.4% (16,730 businesses), while medium-sized enterprises employing 31 to 100 people total 3,103 (1.2%). Large businesses, with more than 100 employees, account for just 0.2% (537 businesses).
In terms of ownership, 93.7% of businesses are fully owned by Rwandans, while 1% are joint ventures between Rwandans and foreigners. The ownership of the remaining 5.2% is unidentified.
NISR’s analysis shows that businesses have continued to flourish, with 145,402 establishments founded between 2021 and 2023 still in operation. The business sector has been a key driver of employment, creating approximately 927,739 jobs, with women representing 43.6% of the workforce.
Four main economic activities account for 66.3% of total employment: wholesale and retail trade, repair of motor vehicles and motorcycles (26.2%), education (17.4%), accommodation and food services (12.9%), and manufacturing (9.8%).
Industries such as mining and quarrying (75.3% male workforce) and construction (85.6% male workforce) remain male-dominated sectors.
In 2023 alone, over $2.4 billion was invested in businesses, with most of the investments coming from Rwandan nationals, although there has been increasing interest from foreign investors.
It is particularly effective for relieving extreme fatigue, depression, and other conditions that may affect the brain.
Additionally, the Treadmill was introduced, allowing people to run without leaving their location. It strengthens bones, clears the veins for better blood circulation, and enhances physical endurance. Other machines available include the G-Vibration Plate, Portable Sauna, G-Body Shaker, and G-Advanced Chair, all of which support overall body function.
The nutritional supplements on offer include ‘Best Man Prime,’ which helps men prevent prostate cancer, increases testosterone levels, and boosts sexual desire. The ‘Best Lady Care’ supplement helps women regulate hormones, protect the uterus, and enhance sexual urge.
There is also ‘Best Kids Brain Gummies,’ which aid in children’s development and increase intelligence. Other supplements for different groups include Best Fish Oil, Best Fit & Detox Tea, Best X Power Coffee, and Best Brain Booster, which support various bodily functions.
Marie Rose Uwimana, known as Solina from the radio drama Urunana, shared her experience with nerve issues and low blood pressure, which almost led to paralysis. She said the use of Mega Global Market’s supplements and machines restored her health. “I was very ill and almost ended up in a wheelchair,” she revealed.
After diagnosis, she was found to have nerve issues, low blood pressure, and other brain-related conditions such as unexplained memory loss experiences until she tried the machines and food supplements and a bit of physiotherapy.
Mental health expert Rukundo Arthur cautioned the public to take great care for their health by embracing the use of these machines and food supplements to keep track of physical and mental well-being rather than wait only to recognize the value of health when already ill.
Mega Global Market’s CEO, Dr. Francis Habumugisha, told IGIHE that they plan to open more markets in different parts of the world to help people live healthier lives. He confirmed that those interested in these products can visit their headquarters in Kigali City or purchase them through their online platforms.
He remarked, “During COVID-19, we learnt a strong lesson when people were not allowed to engage in physical exercise. We decided to bring in machines that anyone can use at home, even while doing other household activities.”
He also highlighted the travel services offered to enable people visit various destinations such as Dubai, Europe, Canada, the USA, and many more. Anyone interested in traveling abroad for leisure or study is supported by this company, and the process is expedited.
“Additionally, those who refer clients to us are granted free Visas and can travel abroad at no cost,” he disclosed.
Habumugisha explained that the services provided are backed by contracts signed in the presence of a certified notary, ensuring that if there is any issue with the travel documents, such as Visa denial, the client is refunded easily.
The project aims to streamline cross-border trade by removing Non-Tariff Barriers (NTBs) and automating trade processes, providing a much-needed boost to Rwanda’s economic growth. A key component of the new project is the automation of cross-border trade processes.
Rwanda has already implemented an Electronic Single Window system to simplify international trade, and the project will enhance this system further. The upgraded system will allow businesses to submit all required import and export documents through a Single Transaction Portal without physically visiting different agencies.
Approvals will be granted within 24 hours, and traders will benefit from advance clearances for their goods. The Commissioner General of the Rwanda Revenue Authority, Ronald Niwenshuti, expressed confidence in the project’s ability to simplify trade processes.
“RRA has embraced technology not only for customs modernization but also for its entire operations. This phase of Rwanda’s Electronic Single Window builds on the very impactful and successful first phase, and we are confident that it will simplify service delivery and further reduce the cost of doing business with Rwanda,” he said.
Boneza Ubucurizi is implemented by IBI, a U.S. business that works with local experts to drive the interventions. Jackie Zizane, Chief of Party, acknowledged the spirit of collaboration and commitment among stakeholders, which she believes will be vital to achieving the project’s objectives.
“We recognize the importance of partnership and cooperation in overcoming the challenges posed by non-tariff barriers. I believe that this collaborative effort will drive significant progress in promoting cross-border trade and economic growth in Rwanda,” Zizane stated.
Keisha L. Effiom, the USAID Mission Director for Rwanda and Burundi, highlighted the significance of a strong private sector for Rwanda’s development.
“Projects like this one are key for development: with its laser-focus on fixing the obstacles, it will bring benefits to the private sector, the government, and the Rwandan consumers,” she noted.
Effiom emphasized the holistic approach that USAID takes towards development, saying, “When the private sector grows, the country as a whole prospers, because businesses reinvest their earnings into operations and local communities.”
NTBs are obstacles that increase the cost of doing business, unrelated to the direct payment of tariffs. For landlocked Rwanda, issues such as paperwork and wait times along the major transport corridors to Mombasa and Dar es Salaam ports are a significant burden.
Goods are often delayed for days at border points, resulting in higher costs that ultimately affect consumers.
As such, the Rwandan government has established National Monitoring Committees on NTBs to identify and eliminate these barriers.
The Feed the Future Rwanda Trade Facilitation project will work closely with these committees, strengthening Rwanda’s strategy for removing NTBs and improving the overall trade environment.
Another major improvement is the expansion of ASYCUDA World, the Rwanda Revenue Authority’s customs software, which will include new features like an Advance Ruling Mechanism. This mechanism allows customs decisions to be made online before the goods even reach the border, reducing wait times and improving efficiency.
The Feed the Future Rwanda Trade Facilitation Activity is a four-year project funded by the United States through USAID, with a budget of $5 million. Its goal is to eliminate NTBs, increase the automation of cross-border trade, and promote seamless and efficient trade processes that benefit Rwandan businesses and consumers alike.
By improving the efficiency of trade and reducing the costs associated with border crossings, this initiative will position Rwandan companies for greater success in international markets and contribute to the overall economic growth of the country.
Rupert, the chairman of the Swiss-based luxury goods company Richemont and the South Africa-based company Remgro, made headlines in late August after toppling Dangote, who had topped the list for years.
However, the latest Billionaires Index published by Bloomberg on September 8, 2024, shows that Dangote has reclaimed the top spot with a total net worth of $13.2 billion, compared to Rupert’s $13.1 billion.
The Bloomberg Billionaires Index is a daily ranking of the world’s richest people. The figures are updated at the close of every trading day in New York. Another popular ranking platform is Forbes magazine, which ranked Dangote as Africa’s richest man for the 13th year in a row in January this year.
Before overtaking Dangote last month, Bloomberg reported that Rupert’s net worth had surged by $1.9 billion to $14.3 billion over the past year, placing him 147th globally, 12 places ahead of Dangote.
The latest ranking, however, shows that both billionaires’ wealth has fallen, with the Nigerian’s fortune dropping by $1.84 billion this year. He currently ranks 159th globally, while the South African ranks 163rd.
The decline in Dangote’s wealth over the past year has been attributed to Nigeria’s challenging economic environment, where his conglomerate primarily operates.
Nigeria is grappling with a high inflation rate, which stood at over 30% in August. The removal of fuel subsidies by President Bola Tinubu when he assumed office in 2023 is said to have contributed to the high inflation and the sharp fall in the value of the naira, which has significantly affected Dangote, whose wealth is largely tied to assets denominated in the local currency.
Dangote, 66, made his wealth in the cement and sugar industries. In recent years, he has expanded his empire with investments in oil, gas, and fertilizer plants.
On the other hand, Rupert and his family are known for their company Richemont, which deals in luxury goods such as jewellery, watches, fashion, and accessories. The company owns various brands, including Cartier, Montblanc, Vacheron Constantin, and IWC Schaffhausen.
Additionally, the South African’s Remgro Ltd has interests in healthcare, consumer products, financial services, infrastructure, industrial, and media sectors.
Besides Dangote and Rupert, other African business magnates listed among the top five include Nicky Oppenheimer (South Africa), Nassef Sawiris (Egypt), and Natie Kirsh, with fortunes of $11.1 billion, $9.42 billion, and $9.14 billion, respectively.
Since the launch of Prime Insurance medical cover in December 2021, Prime Insurance medical insurance is growing at a promising rate thanks to the partenrship with service providers in this space.
In 2023, Prime Medical Insurance generated RWF 3.5 billion, while by August 1, 2024, it had already earned over RWF 2.8 billion.
Col (Rtd) Eugène Murashi Haguma, the CEO of Prime General Insurance, emphasized that medical insurance plays a crucial role in the well-being of the population and should be improved to provide clients with quality services.
He stated, “Insurance is a way for many people to pool their money together. The money they contribute is not ours; it belongs to our clients. What we aim for is to ensure that people never lack medical care because we manage that money well and provide treatment until the agreed-upon term ends.”
Mike Byusa, the Commercial Director at Prime General Insurance, noted that the growth of medical insurance at the company is promising, as it accounted for 20% of the total income in the first six months of 2024.
He mentioned that discussions with their partners aim to assess how well the services are received, exchange ideas, and determine where to focus efforts for further improvement.
From the discussions, he revealed that Prime Insurance identified areas for further enhancement, such as speeding up the reimbursement process for medical claims, accelerating service delivery, and improving communication with partners.
Umutoni Carine, a representative from a hospital working with Prime Insurance, highlighted that meetings with the company’s management reinforce collaboration and are expected to improve.
She said, “It is a good initiative for Prime Insurance to bring us together to exchange ideas. These discussions are beneficial for expanding our cooperation. We talked about suggestions and areas needing more effort, and we hope these will be addressed.”
Aimé Lambert Kadende Shyaka, an employee at Kipharma Pharmacy, emphasized that both parties should work to strengthen their cooperation, particularly in stabilizing fluctuating medicine prices in the market.
In the six months ending June 2024, Prime General Insurance earned over RWF 11.6 billion, with RWF 2.5 billion coming from medical insurance.
Prime Insurance anticipates that by the end of 2024, it will generate over RWF 4 billion from medical insurance services.
Currently, Prime Medical Insurance offers individual and family medical insurance services, as well as coverage for various organizations.
Heifer International provided this equipment through the ‘Mechanization for Africa Initiative,’ a project that offers agricultural machinery on a loan payment plan. This initiative has been operational in three African countries since 2022, and Rwanda becomes the fourth, following Uganda, Kenya, and Nigeria.
The handover event was officiated by the State Minister in the Ministry of Agriculture and Animal Resources, Eric Rwigamba, who expressed that the project is expected to accelerate agriculture in Rwanda.
He said, “It will help farmers cultivate faster and on time, enabling them to achieve higher yields. When you look at a farmer cultivating 10 or five hectares, they can hire manual labor, but often the delay causes them to miss the rainy season.”
In the next phase, an additional 15 tractors will be distributed to help farmers cultivate larger areas in a shorter time, increasing both the quantity and value of the yield.
Heifer International’s Vice President for Africa, Adesuwa Ifedi, stated that the organization is pleased to launch this program to uplift Rwandan farmers and noted that in other parts of Africa where it operates, the initiative has already advanced the level of local farming.
She said, “It helps farmers cultivate larger areas, which translates into higher income. We are pleased that, over the last two years, this program has improved agriculture in other countries. For instance, one testimony we received here was from a farmer who increased his cultivation from one hectare to five hectares thanks to the machine.”
Heifer International’s Director in Rwanda, Verena Ruzibuka, mentioned that the project will also create job opportunities for the youth across the country by connecting them with farmers who need these services.
However, Ruzibuka urged more partners to join the initiative to assist more farmers in accessing these loans.
She said, “We’ve provided the initial funding for the project, but we encourage financial institutions to explore how they can also get involved. We’ve seen interest from other donors, but we invite more partners to join us on this journey to help provide mechanization for more farmers.”
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Heifer International will provide the tractors in collaboration with a company called Hello Tractor, which connects the owners with farmers in need. A farmer who requires the tractor must cultivate at least 500 hectares annually, and cooperatives must have 500 hectares under cultivation.
Farmers are required to make an initial payment of 5% of the machine’s cost and sign a contract with Hello Tractor, which outlines the terms and conditions of collaboration. They typically pay for three to five years; after which they own them outright. Those who meet the criteria can register on the Hello Tractor website, undergo an assessment, and be connected with the providers.
A facility for machine maintenance will soon be built in Kayonza District in the Eastern Province.
Each tractor provided has a value ranging from Rwf45million to Rwf50 million. They come with large plows that can cultivate, harvest, and perform other functions depending on the farmer’s needs.
