REITs allow individuals to invest in income-generating real estate without directly owning properties. Investors purchase shares in a trust that manages, owns, or finances real estate assets, receiving profits distributed to them. This structure makes REITs an attractive investment option for those seeking steady returns.
The introduction of REITs in Rwanda opens new avenues for enhancing capital markets and creating investment opportunities. It enables both institutional and retail investors to engage in real estate, an area historically dominated by large developers and affluent individuals.
By lowering entry barriers, REITs can democratize access to real estate investment and contribute to broader economic growth.
The Chief Executive Officer of Rwanda’s Capital Market Authority, Thapelo Tsheole noted that “Building investor confidence depends on strong governance. A robust regulatory framework will protect investors and ensure the long-term success of REITs.”
The CEO of the Rwanda Stock Exchange, Pierre Celestin Rwabukumba, described this initiative as a major milestone. He emphasized that REITs would empower more citizens to participate in wealth creation, fostering economic equity.
Geoffrey Odundo, Chairman of the REITs Association of Kenya, highlighted the importance of regional cooperation. He noted that REITs could facilitate cross-border capital mobilization, address infrastructure challenges, and promote sustainable development.
“Through collaboration, African countries can create a cohesive investment ecosystem that attracts both local and international capital,” he remarked.
Guido Giachetti, Chairman of the Realestate Group and Vice Chair of RDC Properties in Botswana, pointed out the transformative potential of REITs for Africa’s real estate sector. He stressed that integrating REITs into Rwanda’s capital market is essential for unlocking investment opportunities and enhancing infrastructure.
The introduction of Real Estate Investment Trusts signifies a transformative opportunity for Rwanda’s financial markets.
By providing a more accessible, diverse, and liquid investment option, REITs hold the potential to drive significant economic growth and promote inclusivity, allowing citizens from all backgrounds to contribute to national development.
Central Bank Governor John Rwangombwa made the announcement following a meeting of the Monetary Policy Committee (MPC) earlier this week.
Addressing members of the press, Governor Rwangombwa noted that in the third quarter of 2024, headline inflation decreased to 4.1 percent, down from 5.1 percent in the second quarter, and is expected to remain within the target range, averaging around 4.6 percent for the year.
Looking ahead, the Central Bank revised its inflation projection for 2025 upwards, from 5.0 to 5.8 percent, due to expected pressures on food prices from unfavourable weather conditions.
“Due to unfavourable weather conditions this season, we expect the performance of maize and key agricultural products for Season A, beginning in December, to be less favourable than initially projected,” he explained.
The Governor also warned that the projections could be affected by various risks and shocks. Heightened global geopolitical tensions, including conflicts in the Middle East and between Ukraine and Russia, could create uncertainties around international commodity prices.
Looking at the components of inflation for the third quarter, core inflation decreased to 5.3 percent, down from 6.4 percent in the second quarter of 2024. This was mainly due to a reduction in food prices, including rice and sugar.
Energy inflation slightly increased, with the Central Bank Governor attributing the rise to the base effect of solid fuels.
“The prices were very low in the same quarter last year,” he noted.
Fresh food inflation decreased to 0.2 percent from 1.6 percent, due to strong agricultural performance in the first two quarters.
The decision to maintain the country’s benchmark lending rate at 6.5 percent is expected to make borrowing more affordable compared to last year, encouraging increased spending and investments.
Smyth, who passed away in 2018, was accused of abusing boys in the 1980s and 1990s.
The controversy surrounding Welby’s resignation highlights the challenges facing the Church of England.
Archbishop Laurent Mbanda, leader of the Anglican Church of Rwanda and Chairman of Global Anglican Future Conference (GAFCON), shared his insights on the implications of Welby’s resignation, the challenges within the Anglican Communion, and ongoing issues in Rwanda’s Shyira Diocese.
{{Leadership transition}}
Archbishop Mbanda emphasized that Welby’s resignation, while unfortunate, does not leave an insurmountable gap in the Anglican Church.
“Leadership changes, whether planned or sudden, are normal,” he stated. “The Church of England has systems to address such gaps, and the global Anglican family is praying for Welby and his family.”
The Archbishop stressed that while Welby’s departure marks the end of an era, it does not directly impact GAFCON’s mission.
The movement has previously distanced itself from certain practices within the Church of England, particularly its acceptance of same-sex relationships.
On the prospect of working with Welby’s successor, Mbanda remained firm: “If the new leader seeks to realign the church with biblical principles, placing God’s word at the center of teachings, we are open to collaboration. However, if they continue down the same path, we will maintain our course.”
{{Addressing allegations and accountability}}
The crimes associated with John Smyth have raised concerns about the Church’s accountability and the role of leaders.
However, Archbishop Mbanda clarified that these incidents primarily occurred in England, with Smyth later relocating to Africa.
“So far, we know of no GAFCON leaders who were aware of or involved in these incidents,” he noted, adding that media reports have implicated other figures, such as South Africa’s Anglican Archbishop, but these remain allegations.
For Mbanda, Welby’s resignation demonstrates a recognition of responsibility.
“When a leader steps down to prevent harm to the church or resolve a significant issue, it is an act of courage and accountability,” he affirmed.
“This is not a crisis for the Anglican Church but an opportunity to reflect and strengthen its commitment to integrity.”
{{Mismanagement in Shyira Diocese}}
Archbishop Mbanda also addressed the suspension of Bishop Dr. Mugiraneza Mugisha Samuel of the Shyira Diocese over allegations of financial mismanagement.
While some have described the situation as divisive, the Archbishop dismissed such claims, emphasizing that challenges are part of any organization.
“Where people work, challenges sometimes arise. What matters is how we address them,” Mbanda explained.
He assured that the matter is being handled at all levels by those responsible, with steps in place to resolve it effectively.
“There is no issue so significant that it would cause the church to crumble,” he stated confidently.
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.
The report revealed that China reached a robot density of 470 units per 10,000 employees in 2023, a notable jump from 402 units the previous year. This figure has more than doubled since 2019, demonstrating the rapid growth of automation in the country.
“China has made significant investments in automation technology,” said IFR President Takayuki Ito. He emphasized that China’s progress is remarkable, considering the country only entered the top 10 rankings in 2019.
The global leader in robot density remains South Korea, with 1,012 robots per 10,000 employees in 2023. Singapore ranks second, while Germany now sits in fourth place, with a density of 429 robots per 10,000 workers, according to the report.
Robot density serves as a critical measure of automation levels in manufacturing, reflecting a country’s commitment to technological advancement in industrial production.
The draft, put forward by the council’s 10 non-permanent members, demanded an immediate, unconditional and permanent ceasefire, as well as the immediate and unconditional release of all hostages.
The 15-member council voted 14-1 in favor of the resolution, and the United States used its veto as a permanent council member to block it.
Speaking after the vote, Robert Wood, deputy U.S. ambassador to the United Nations, said that Washington had made clear it would only support a resolution that explicitly calls for the immediate release of hostages as part of a ceasefire.
“The resolution would have sent a dangerous message to Hamas that there was no need to come back to the negotiating table,” he said.
The U.S. move to block the resolution drew harsh criticism from most of the members.
Russia’s permanent representative to the United Nations, Vassily Nebenzia, said it is “shocking” that the United States vetoed an effort to save Palestinian and Israeli lives, though “we should not be surprised.”
He lamented that for months, the United States has obstructed and stood in the way of the council action to address the catastrophic situation in Gaza and played on one side of the conflict to advance its own political objectives at the expense of Palestinian lives.
“It is a sad day for the Security Council, for the United Nations and the international community as a whole,” Algerian Ambassador Amar Bendjama told the council members.
It has been five months since the adoption of resolution 2735, during which the Security Council remained idle and hand-tied, he added, noting that the draft resolution was far from ideal, but it represented “the bare minimum that should have united us.”
“Today’s message is clear to the Israeli occupying power — you may continue your genocide … with complete impunity. In this Chamber, you enjoy immunity,” Bendjama said.
“To the Palestinian people, it is another clear message — while the overwhelming majority of the world stands in solidarity with your plight, others remain indifferent to your suffering,” he added.
Majed Bamya, deputy permanent observer of the State of Palestine, said that there is “no right” to the mass killing of civilians, starve an entire civilian population, forcibly displace them and annexation.
“This is what Israel is doing in Gaza. These are its war objectives. This is what the absence of a ceasefire is allowing it to continue doing,” he said, calling for an immediate and unconditional ceasefire in the region.
“It is deeply regretted that due to the use of the veto this council has once again failed to uphold its responsibility to maintain international peace and security,” Malta’s Ambassador Vanessa Frazier said after voting.
“It represented the bare minimum of what is needed to begin to address the desperate situation on the ground,” she added.
Guyana’s Ambassador Carolyn Rodrigues-Birkett said that the suffering of Palestinians must end, adding that her country would continue to work with fellow council members to try to achieve tomorrow what could not be achieved today.
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 veteran opposition politician was arraigned alongside his ‘comrade,’ Hajj Obeid Lutale, and remanded until December 2 on charges related to security, including illegal possession of two pistols and eight rounds of ammunition.
The prosecution told the General Court Martial, chaired by Brig. Freeman Mugabe, that the two committed the offences in Nairobi (Kenya), Athens (Greece), and Geneva (Switzerland).
In the first count, the prosecution alleges that Besigye, Lutale, and other suspects still at large held meetings in Geneva, Athens, and Nairobi between October 2023 and November 2024 to solicit logistical support and identify military targets in Uganda, with the intent to undermine the security of the Uganda People’s Defence Forces (UPDF).
In the second and third counts, the two are accused of illegally possessing two pistols, contrary to Uganda’s Firearms Act, at Riverside Apartments in Nairobi, Kenya, on November 16, 2024. The prosecution alleges that they were found with two pistols: one model 27KAL No. 765 and another HB 10414 1953, which are ordinarily the monopoly of the Defence Forces.
They also face an additional count of unlawful possession of eight rounds of ammunition.
The defence lodged a primary objection to the charges, arguing that the charge sheet was defective since the alleged offences were committed outside the jurisdiction of the UPDF and Uganda’s army.
“All the acts highlighted in this charge sheet do not constitute criminal offences under the laws of Uganda. The UPDF Act is not applicable in Kenya, Switzerland, or Greece. Unlawful possession of firearms? Firearms Act of which country? The charge sheet is ambiguous in nature. This is a defective charge sheet that should not sustain any criminal proceedings before this tribunal. It’s our prayer that this honourable tribunal strikes out this charge sheet accordingly,” the lead counsel for the defence, Erias Lukwago, told the court.
Lawyer Lukwago further argued that the accused persons had travelled to Kenya lawfully for a legitimate meeting.
The martial court ordered Besigye and Lutale to be remanded to prison until December 2, 2024, when their case will be mentioned.
Reports of Besigye’s arrest went viral on Tuesday night following revelations by his wife that he had been abducted from Nairobi and was being held in a military detention facility.
Winnie Byanyima, the Executive Director of the Joint United Nations Programme on HIV/AIDS (UNAIDS), condemned the detention and called for her husband’s immediate release.
“I request the government of Uganda to release my husband, Dr. Kizza Besigye, from where he is being held immediately. He was kidnapped last Saturday while he was in Nairobi for Hon. Martha Karua’s book launch. I am now reliably informed that he is in a military jail in Kampala,” Byanyima said in a post on X. She added, “We, his family and his lawyers, demand to see him. He is not a soldier. Why is he being held in a military jail?”
Human rights groups in Nairobi have questioned the circumstances surrounding Kizza Besigye’s abduction, accusing Kenyan authorities of complicity in the act.
The newly introduced system enables phone users to make calls without the typical interruptions associated with older technologies. Traditionally, phone calls relied on 2G or 3G networks, which sometimes resulted in poor connectivity and distorted audio.
Additionally, using these older technologies was often more expensive due to the limitations of outdated systems. The company CEO, Emmanuel Hamez, says that this new VoLTE service aims to enhance Airtel’s voice call services.
“This is a significant milestone for Airtel Rwanda as we lead the way in bringing Voice Over 4G to the country, delivering an exceptional calling experience with HD-quality voice, faster call setup, and uninterrupted internet usage during calls. Best of all, there’s no additional cost for switching to our VoLTE service,” he said.
Hamez added that Airtel’s extensive 4G network, which covers 95% of the country, ensures all Rwandans can access fast and reliable internet. He also assured that Airtel offers affordable 4G-enabled smartphones available, eliminating barriers to accessing the new technology.
The nationwide 4G coverage offered by Airtel provides fast and affordable internet, even in remote areas. VoLTE also reduces calling costs as it allows for quicker, more efficient calls without the additional expenses associated with older 2G or 3G technologies.
Charles Gahungu, the Director of Technology at the Rwanda Utilities Regulatory Authority (RURA), commended Airtel’s innovative efforts, noting that government policies have created an enabling environment for telecom companies to invest in and adopt new technologies.
“This has provided opportunities for telecom companies to embrace and utilize advanced technologies, and we applaud Airtel for seizing these opportunities,” he said.
Yves Iradukunda, the Permanent Secretary at the Ministry of ICT and Innovation, praised Airtel for aligning with Rwanda’s vision of adopting cutting-edge technology.
He emphasized the importance of partnerships in achieving such milestones, saying, “We commend Airtel for recognizing our shared objectives and making them their own, working with us to bring these innovations to life.”
Irakudunda also acknowledged the ongoing efforts needed to raise awareness and encourage the use of this new service among the population. He expressed confidence that Airtel customers would experience significant improvements in their calling experience with VoLTE.
“There is a line that must not be crossed,” President Kagame said during the 17th Unity Club Forum.
He pointed out that some individuals who were pardoned have repeatedly ignored cautionary advice, leaving the government no choice but to consider stricter measures.
Although he did not explicitly mention her name, his remarks clearly alluded to Ingabire, reflecting growing national frustration with her actions.
{{Misplaced international recognition}}
In a recent development, James Cook University in Australia invited Ingabire to speak on “Justice and Political Reforms in Rwanda,” describing her as a “champion of democracy, human rights, and the rule of law.”
This characterization has sparked widespread criticism from those familiar with her past, questioning how someone with a documented history of genocide denial and divisive politics could be elevated to such a status.
Ingabire’s controversial history is well-documented. In 2010, during a visit to the Kigali Genocide Memorial, she infamously called for recognition of a so-called “Hutu genocide,” remarks that were widely condemned as denial of the 1994 Genocide against the Tutsi. Her actions during and after her imprisonment have consistently undermined the spirit of reconciliation and unity in Rwanda.
Despite requesting clemency while in prison, Ingabire later publicly denied doing so, even though her written appeals for a pardon remain on record. Following her release, she resumed political activities through her unregistered party, FDU-Inkingi, which has been linked to individuals and groups involved in destabilising Rwanda.
{{A legacy of division}}
Far from promoting inclusivity, Ingabire has been accused of advancing an agenda rooted in ethnic division. In 2019, during a meeting in Kirehe District, she allegedly directed her supporters to recruit new members but explicitly excluded Tutsis. Witnesses reported that she focused her recruitment efforts on unemployed Hutu youth, further fueling concerns about her divisive rhetoric.
To obscure scrutiny, Ingabire rebranded her political platform, renaming FDU-Inkingi as DALFA-Umurinzi in late 2019. Critics, however, argue that the underlying ideology of her party remained unchanged. This was evident when affiliates of her former party were implicated in an attack carried out on October 4, 2019, in Musanze District that claimed the lives of 14 innocent civilians.
{{Manipulating global platforms}}
Since her release, Ingabire has leveraged international media and institutions to criticize Rwanda, portraying the country’s political and judicial systems as repressive. While positioning herself as a victim of political persecution, her rhetoric often aligns with narratives promoted by subversive groups against Rwanda.
In an October interview on a YouTube channel, she criticised Rwanda’s legal system and claimed it was the reason the UK delayed deporting asylum seekers to Rwanda. She also dismissed calls from Rwandan citizens for stronger security measures as “warmongering,” ignoring the broader national interest in safeguarding stability.
{{Ties to armed groups}}
Ingabire’s connections to armed groups have repeatedly come under scrutiny. Her former party, FDU-Inkingi, has been linked to the Coalition of Democratic Forces (CDF), an offshoot of the genocidal FDLR militia. Court testimonies and evidence have highlighted her involvement in funding and planning activities designed to disrupt Rwanda’s peace.
Ingabire has publicly praised the Wazalendo militia, a group operating in the eastern Democratic Republic of Congo (DRC). Despite its well-documented atrocities, including attacks on civilians, she has described the group as defenders of their rights and resources.
She has also been named in various UN Group of Experts reports on the DRC for her connections with the infamous FDLR. Notably, the 2009 report documented that Ingabire and her party, FDU-Inkingi, maintained regular contact with FDLR leaders.
In 1998, Victoire Ingabire was appointed as the Netherlands coordinator of the RDR, a so-called “political party” formed in the Mugunga refugee camp in the former Zaire by members of the genocidal government. As a leader of the RDR, Ingabire’s primary objective was to deny the Genocide against the Tutsi.
{{Unchanging patterns of defiance}}
Since her arrival in Rwanda in 2010, Ingabire has consistently pursued a narrative of defiance, often dismissing national reconciliation efforts. Her continued disregard for the law and national values has strained Rwanda’s commitment to fostering a culture of tolerance and forgiveness.
Her actions highlight the challenges of addressing individuals and groups that exploit international platforms to destabilise Rwanda. Despite the strides Rwanda has made in rebuilding from its tragic past, Ingabire’s rhetoric and affiliations serve as a stark reminder of the persistent threats to national unity.
As Rwanda navigates these challenges, it remains crucial to prioritise national stability while ensuring accountability for those who undermine peace and security. Ingabire’s case underscores the importance of vigilance and the collective responsibility to safeguard the nation’s hard-earned progress.
