Rwanda’s Presidency has revealed that Kagame met with the CEOs on Wednesday 3rd August 2022.
In 2016, Kagame received another delegation of 17 CEOs from the organization who spent days in Rwanda engaging in discussions with investors and representatives from public institutions to explore areas of investment.
At the time, the then CEO of Rwanda Development Board (RDB), Francis Gatare said that some of the young leaders invested in different projects in the areas of solar energy, technology and value addition for agricultural produce among others.
YPO is the largest global network of business leaders which comprises 30,000 members from 130 countries committed to improve lives and businesses.
In 2003, YPO bestowed the Global Leadership Award on President Kagame for his role in Rwanda’s transition to democracy and peace.
It is among construction projects conceptualized long ago as the idea to erect the complex building surfaced in 2004.
Eighteen years on, the project has not yet materialized mainly owing to misunderstanding between individuals owning plots of land in the designated area and the management of Kigali City.
The structures will be erected at former premises of Akagera Motors, Ets. Verma, Mironko and Mukangira between Kigali City Mall (former Union Trade Center) and Kigali City Tower.
Amarembo will be comprised of buildings extended on 120,000 square meters.
Initially, the complex building was expected to feature commercial buildings, offices, entertainment, upper and ground parking, a hotel and pool among others.
As of today, only one building is being erected while the remaining space is idle.
Speaking to the media on Wednesday 3rd August 2022, the Mayor of Kigali City, Pudence Rubingisa said that it has been three years since they engaged in discussions with investors in ‘Amarembo City Center’ project where the next course of action is to consider the application of land related law.
“An assessment of Amarembo City Center project was conducted three years ago. They are required to use the land properly, or else, it will be given to well-prepared investors,” he said.
Last year, the City of Kigali announced that discussions with individuals owning plots of land in the area were ongoing but some of them failed to get on common ground, hence necessitating the intervention of other investors.
At the time, it was resolved to seek other investors in collaboration with Rwanda Development Board (RDB).
Habi Ltd, one of investors in this project started construction activities in August.
The investor will raise a building under ‘The Nobelia’ project to feature structures opposite the main roundabout.
It is expected that the project will be comprised of water-efficient green buildings using renewable energy.
The 19-floor building will be extended on 12000 square meters. It will have offices to let and commercial buildings.
Initially, ‘Amarembo City Center’ was expected to be built by three investors with plots of land in the area but negotiations bore no fruits that each individual decided to raise a standalone building.
The wave left the latter divided into three projects aligning with Kigali City Master Plan.
Apart from Nobelia, another project retained the name of ‘Amarembo City Center’ to be built at former premises of Akagera Motors, down to former premises of Chez Venant and a space opposite to a former petrol station.
The third one is Mironko project to be executed at the opposite side of Rubangura.
On the issue of idle plots of land in the city centre and Muhima among other places, Rubingisa revealed that owners were notified of possible course of action where the government might withhold them or give them to investors in accordance with legal provisions.
The Chinese was robbed Rwf15 million but her driver was searched and found in possession of Rwf14,034,000.
The recovered money was handed over the rightful owner on Monday 1st August 2022. It was revealed that the money had been stolen on 22nd July 2022.
According to RIB, the investor left a bag containing the money inside his car with the driver and missed him as he returned.
He immediately reported the theft to RIB which launched investigation and arrested the driver at Gatuna Border.
Speaking to the media; the spokesperson of RIB, Dr. Murangira B. Thierry, revealed that the majority of filed theft cases involved people whose money was stolen at home or inside cars.
“This investor who received his money was robbed Rwf15 million but over Rwf14 million was recovered after reporting the theft. The money kept in a bag was stolen by the driver. He was arrested after buying a house. Those who sold the house also provided testimonies,” he said.
“He was tracked and arrested attempting to escape. He was brought back and is pending further legal process,” added Dr. Murangira.
He revealed that more Rwf42 million out of Rwf56 million stolen from a trader by a houseboy were recovered recently.
Dr. Murangira advised the general public against moving with huge amounts of money but rather take advantage of introduced digital banking channels to perform different transactions online lest they are exposed to theft.
After receiving his money, the investor thanked RIB for swift response and support extended to foreigners in similar circumstances.
RIB also warned people against theft lest they face the law.
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The Head of State was speaking at the swearing-in ceremony of two newly appointed cabinet ministers including the Minister of Public Investments and Privatisation, Eric Rwigamba and the State Minister of the Ministry of Agriculture and Animal Resources (MINAGRI), Ildephonse Musafiri.
The two officials joined the cabinet for the first time following a statement announcing their appointment on Saturday 30th July 2021.
As he presided over the ceremony, President Kagame said that some state-owned enterprises are set to be privatised soon.
“Firstly, the new Ministry of Public Investments and Privatisation will oversee the management of state-owned enterprises and eventually or soon be privatized. Some of them have to be privatized as soon as possible,” he said.
“The core mandate of the government or public institutions is not to engage in businesses or related activities but rather to facilitate the private sector to run businesses and thrive. I hope this is clear,” added Kagame.
Key responsibilities of the Ministry of Public Investments and Privatisation include among others; identifying opportunities for government investment, monitoring performance of the existing government investments in various companies and implementing privatization of public investments where necessary.
Kapwepwe was hosted on Tuesday 2nd August 2022 at Urugwiro Village.
Chileshe Kapwepwe who is on a visit to Rwanda was hosted at Urugwiro Village after meeting with officials from the Ministry of Foreign Affairs, Ministry of Trade and Industry as well as representatives from the Private Sector Federation (PSF).
As she was hosted at Urugwiro Village, Rwanda’s Presidency has revealed, Kapwepwe updated President Kagame on ongoing COMESA activities.
Also present at the event, was the Minister of Foreign Affairs, Dr. Vincent Biruta and the Minister of Trade and Industry, Dr. Jean Chrysostome Ngabitsinze.
Kapwepwe took office as COMESA Secretary-General in 2018.
COMESA was initially established in 1981. It comprises 21 African Member States that came together with the aim of promoting regional integration through trade and the development of natural and human resources for the mutual benefit of all people in the region.
The move follows the group’s acquisition of the Banque Populaire du Rwanda PLC (BPR), Rwanda’s second biggest bank from Atlas Mara Mauritius Limited and Arise B.V. last year.
The new transaction will see the group based in Kenya adding DRC to existing markets including Uganda, Rwanda, Tanzania, South Sudan and Burundi.
According to a joint statement released by KCB Group and TMB, the transaction is expected to close by the end of the third quarter of 2022, subject to regulatory, shareholders and other approvals. This will see KCB acquire 85% of the shares in TMB while the existing shareholders will continue to hold the balance for a period of not less than 2 years after which, KCB will acquire their shares.
KCB will pay a cash consideration for the shares determined based on the net asset value of TMB at completion of the proposed transaction, and using a price to book multiple of 1.49.
TMB, a public company limited by shares, is one of DRC’s largest banks with US$1.5 billion in total assets. TMB has a strong offering in Retail, SME, Corporate and Digital banking channels. It has over 110 branches and numerous agency banking outlets spread across DRC.
This acquisition is aligned with the Group’s strategic focus of scaling its regional presence. Once completed, this acquisition will complement KCB Group’s regional footprint with an asset base of KShs. 1.5 Trillion (USD 12.6 billion) and is expected to strengthen the Group’s Retail and Corporate banking franchises.
Andrew Wambari Kairu, KCB Group Chairman has said that the move is part of ongoing strategy to tap into opportunities for new growth while investing in and maximizing returns from the Group’s existing businesses.
“It gives us strong headroom to accelerate our growth ambitions to deliver better value for our shareholders and to bolster the push for deeper financial inclusion and social and economic transformation in Africa and beyond. We are excited that we can now play a role in catalyzing DRC’s and indeed East Africa’s economic expansion agenda,” he revealed.
Commenting on the development; Robert Levy, TMB Chairman expressed delight for inking the deal with KCB Group.
“We are very excited about the opportunities KCB offers in this transaction and we are proud to bring our unique DRC insights and experience to the KCB Group. We believe that by combining our local knowledge and standing with the size and expertise of KCB Group, we should be able to increase market share and shareholder value through unlocking our synergies and business opportunities,” he noted.
With the acquisition, TMB customers will benefit from best-in-class digital capabilities, transactional banking solutions, trade finance expertise and access to regional business opportunities offered by KCB Group. TMB will give KCB Group access to Africa’s second-largest country with a population of over 93 million people.
In the three months ending March 2022, KCB Group PLC profit after tax surged 54.6% to KShs. 9.9 billion. This rise from KShs. 6.4 billion in a similar period last year was boosted by growth in total income and reduction in loan loss provision.
Revenues increased by 26.0% to KShs. 29.0 billion on account of an increase in interest income, increase in non-funded income from lending activities and service fees and a 21.1% rise in earning assets.
One of the suspected traffickers identified as Safari Emmanuel Hafashimana, 25, was arrested red-handed in Karembo Village, Rwantonde Cell, Gatore Sector of Kirehe District with 3.5kgs of cannabis.
In Nyagatare, Police seized 23kgs from another trafficker, who fled during the operation conducted in Rutoma Village, Ndego Cell, Karama Sector.
Superintendent of Police (SP) Hamdun Twizeyimana, the Police spokesperson for the Eastern region, said that the suspects were reported by residents.
“The drug dealers were reported by area residents that they were attempting to sneak narcotics into Rwanda from neighbouring countries. Operations were conducted concurrently and Hafashimana was arrested in Rwantonde cell with 3.5kgs of cannabis, which he was sneaking into Rwanda from Tanzania,” SP Twizeyimana said.
Hafashimana and his exhibits were handed over to RIB at Gatore station for further legal process.
In an operation conducted in Nyagatare, SP Twizeyimana said the drug dealer, who escaped, dropped a sack of 23kgs of cannabis, which he had trafficked into Rwanda from Uganda.
SP Twizeyimana warned of the severe consequences of dealing in narcotic drugs and urged the public to report anyone they suspect to be engaged in such high impact crimes.
The Ministerial order No. 001/MoH/2019 of 04/03/2019 establishing the list of narcotic drugs and their categorization classifies cannabis in the category of “very severe narcotics.’’
Article 263 of law No 68/2018 of 30/08/2018 determining offenses and penalties in general states that any person, who unlawfully produces, transforms, transports, stores, gives to another or who sells narcotic drugs and psychotropic substances, commits an offence.
Upon conviction for “very severe narcotics,” the offender faces between 20 years and life imprisonment, and a fine of between Rwf20 million and Rwf30 million.
The appointment of the two new cabinet members was announced on Saturday 30th July 2022.
The swearing-in ceremony which took place on Tuesday 2nd August 2022 at the parliamentary building in Kimihurura was attended by government officials and envoys accredited to Rwanda.
The Ministry of Public Investments and Privatisation led by Rwigamba follows the establishment of the Ministry of National Unity and Civic Engagement in July last year. This has brought the number of ministries to 22.
Meanwhile, Musafiri replaced Dr. Jean Chrysostome Ngabitsinze who was named the Minister of Trade on the same day.
Similar event was last held in February this year when President Kagame officiated the swearing-in of the Minister of Infrastructure, Dr. Ernest Nsabimana and the State Minister in the Ministry of Infrastructure, Patricie Uwase.
As he addressed participants of the event, President Kagame assured support to the new leaders. The Head of State said that they are not new in government positions and urged them to continue serving the nation.
The new Ministry of Public Investments and Privatisation will focus on public investments that are profit oriented.
Key responsibilities include among others; identifying opportunities for government investment, monitoring performance of the existing government investments in various companies and implementing privatization of public investments where necessary. Kagame has stressed the need to complete the privatization of some state-owned enterprises with urgency.
He also recommended reforms in the agriculture sector aimed at strengthening the country’s response to emerging situations of global concern.
Currently, Inzozi Lotto has Jackpot lotto which is a weekly drawing game held on Sundays. The new game will offer Inzozi Lotto players an opportunity to win big every day.
“We expect the new game to engage more players, offer an opportunity to change the financial lives of many but also accelerate revenue generation for our sport projects. By adding a fourth game to Inzozi Lotto, it will help players win even bigger when playing the lottery,” said Thierry Nshuti, the Deputy Managing Director of Inzozi Lotto. It will also help generate faster-growing winnings amount on a daily and weekly basis.
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Igitego Lotto offers players a day drawing, which means any player, has a chance to win. Every day at 5:00pm, one ticket will be drawn from the tickets purchased that day, and the winner will receive 47% of the total IGITEGO LOTTO tickets purchased that day, excluding tax.
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• The player chooses two digits from the 6 numbers that make up a ticket.
• The player can decide if they want their 2 digit numbers at the beginning, middle or last place or they can choose to write their own 6 digits a whole number.
• Once you have selected your two numbers, you are presented with a list of all remaining tickets with the numbers you have selected, and confirm when you are happy with your numbers.
• Igitego lotto ticket costs just Rwf200 and you can buy as many tickets as you want.
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The Ministry of Sports in partnership with Carousel LTD launched the Rwanda National Lottery with a goal to develop professional sports in the country. The Lottery operates under the commercial brand – Inzozi Lotto.
Inzozi Lotto has 3 other games including; Quick Lotto that is drawn every 10 minutes, Quick 10 that is drawn every 5 minutes, and the Jackpot Lotto that is drawn every week. Inzozi Lotto tickets range from Rwf300 – 500 and can be purchased from agents on the streets, from mobile by dialing *240# or through the Inzozi Lotto website https://www.inzozilotto.rw
