In May 2024, football veterans from across the world will come to Rwanda to participate in the VCWC 2024. The tournament will be taking place in Africa for the first time.
In preparations of the tournament, a promotional tour dubbed ‘Legends in Rwanda’ kicked off in Kigali City on Wednesday 12th October 2022.
‘Legends in Rwanda’ tour seeks to promote the 2024 Veteran Clubs World Championship to attract global participation, mobilize the Rwandan and African to be part of the event, promote Visit Rwanda campaign and recruit business, institutional, operational and media partners as well.
The promotional tour was organized by the International Federation of Football Veterans (FIFVE).
The official launch of the promotional tour brought together legendary football players including Roger Milla from Cameroun, Khalilou Fadiga from Senegal, Patrick Mboma from Cameroun, Ghanaian Anthony Baffoe and French national Lilian Thuram.
The event was also attended by government officials, members of the private sector and other sports personalities.
As he addressed participants, the president of FERWAFA, Olivier Nizeyimana Mugabo said that the anticipated VCWC 2024 will coincide with Rwanda’s 30th Liberation Anniversary.
He explained that Rwanda is eager to host the tournament given that it has a mega project for the renovation of Amahoro Stadium to be completed during VCWC 2024.
“Amahoro Stadium will be completed in March 2024. It will be opened by Veteran Clubs World Championship. From 1994 to 2024, Rwanda will be hosting the 30th Liberation Anniversary. These veteran footballers will help to invite Rwandan diaspora in Africa and beyond to join us,” Mugabo said.
During the tour, the veteran footballers will interact with different officials, investors and representatives from the Civil Society to increase awareness about the historical tournament.
In light of this; Veteran footballers will visit 11 cities including Johannesburg, Nairobi, Lagos and Abidjan in Africa; Brussels, Berlin, Paris and London in Europe as well as Washington DC, Ottawa in the United States and Singapore in Asia.
The Minister of Sports, Aurore Mimosa Munyangaju requested participants to return to Rwanda after touring the world and ensure that the tournament leaves a legacy for future generations.
Legendary football players also delivered a talk revolving around the role of sports in development.
Once completed, the Amahoro Stadium being upgraded to international standards, will have the capacity to accommodate 45,000 people.
The new device is ideal for both home use and as a mobile hotspot for customers want to experience superfast 4G speeds.
Speaking at the launch recently, Airtel Rwanda Managing Director, Emmanuel Hamez said: “It gives me great delight to introduce this New, Portable, Superfast 4G enabled device at a reduced price of Rwf 25,000.
This device makes it possible for customers to enjoy our internet while on the move. This comes with a Welcome Stater Sim Card of 15GB, enabling the customer to start enjoying the device right away.”
The new device that is available across all Airtel Service Centers countrywide can use both a 4G and 3G SIM Card. It has a 3,000 Milliamp (mAh) Li-ion battery that can give a performance of up to 12 hours and can connect multiple internet users simultaneously.
The move will see customers initiate a reversal of own transfer without customer care involvement.
This is line with Mobile Money Rwanda’s commitment to offer its customers unmatched personalized services as enshrined in its overall mission.
The MoMo Self reversal will grant customers autonomy and flexibility to self-service and an improved experience in the digital age.
{{The reversal will follow the following simple steps to completion:}}
-* The approving account holder (the receiver of original transfer) will be notified about the reversal and can either approve or reject this reversal with User Approval operation.
-* If approved, the reversal transaction will be executed, and the amount will be transferred back to the sender.
-* The customer will enter the Momo pin code once initiating and approving the reversal
-* If rejected, the sender will be notified. The reversal amount will be reserved on the account of the receiver for 90days from the initiated date.
-* A transaction can only be initiated once for Self-reversal as per 1 transaction ID.
-* A notification to be sent to the initiator of the Self versal when found the transaction already withdrawn/transferred from the receiver’s account.
To initiate a reversal, a customer can dial *182*7# and follow the prompts to complete the process.
Commenting on the development; Chantal Kagame-Chief Executive Officer, MTN Mobile Money Rwanda said: “We are taking additional, deliberate steps to provide our customers with better transactional solutions. We are combining the power of technology and our innovative spirit to solve customer challenges.
MoMo Self reversal is just but a fraction of a better future for our customers. We look forward to a continued positive trajectory of offering timely and impactful solutions.”
{{About Mobile Money Rwanda Ltd}}
Mobile Money Rwanda Ltd is MTN Rwanda’s FinTech subsidiary, established on 27th April 2021 to provide and manage Mobile Money services in Rwanda.
The company has over 65,000 Mobile Money agents and over 85,000 MoMoPay merchants across the country.
The penetration of Mobile Money has seen a continuous rise with the enhancement of existing offerings such as MoMoPay, MTN m-Ticketing as a digital user-friendly ticketing solution, Tap&Go payments for bus services, Bill Payments, Bulk Payments, AgriTech services, Solar payments, Electricity purchase, Payment of Government services, Bank Push & Pull, MoKash Loans & Savings, and more.
The effects of the COVID-19 pandemic, ongoing geo-political tensions and their impact on global output and supply chain disruptions, have led to global inflationary pressures for many Commonwealth members.
In her opening remarks, the Commonwealth Secretary-General, The Rt Hon Patricia Scotland KC, emphasised the important role that fiscal authorities play in tackling some of these challenges.
“The economic challenges facing us necessitate concerted efforts to develop viable strategies to revive and revitalise our economies for the benefit and well-being of Commonwealth citizens. To achieve the future we want, a future that leaves no one behind, global and regional collaboration remains imperative.
We need to acknowledge that while the rising cost of living affects everyone, it disproportionately affects climate-vulnerable, small, developing, and low-income countries. More needs to be done to provide inclusive debt relief and financial support for them all. Furthermore, there is also the need to strengthen debt management systems to contain public debt at manageable levels,” she said.
Several Finance Ministers stressed the need for policy support measures to tackle the cost-of-living crisis as well as food insecurity, especially for member countries dependent on imports of basic commodities.
Chairing this year’s meeting, the Honourable Dr Uzziel Ndagijimana, Minister of Finance and Economic Planning from Rwanda said: “I am happy that today, one of the issues being discussed is tackling inflation from a fiscal policy stance. Fiscal authorities have important roles to play in combating inflation but not in isolation of the central banks. These fiscal tools should cushion the effect on vulnerable households and businesses, helping them to cope with the rising cost of living and cost of doing business; as well as safeguarding food and energy security.”
Focussing on a theme of ‘A Road to Economic Recovery: A Macroeconomic Perspective’, Ministers discussed the recommendations based on the following topical issues: Fiscal measures to tackle inflation, A Fiscal Framework for Resilient and Sustainable Development; and Managing elevated debt amid economic uncertainty.
Among Commonwealth nations, average inflation rose from 4.1 per cent in 2021 to an estimated 6.6 per cent in 2022. However, Commonwealth small states have experienced larger increases, with inflation doubling from 2.7 per cent in 2021 to 5.4 per cent in 2022.
{{Some key recommendations outlined in the meeting include:}}
-* {{The provision of fiscal support: }} Well-designed and carefully targeted fiscal support to reduce the negative impact on growth without adding significantly to inflation.
-* {{Provide support to address supply chain disruptions: }} Efforts must be directed at tackling the bottlenecks that are causing supply chain disruptions.
-* {{Re-examination of fiscal rules:}} a need to review the existing fiscal rules to assess their relevance in the current economic environment of persistent exogenous shocks;
-* {{A call for effective debt management and promotion of debt transparency}}
Ministers had frank discussions regarding the inflationary pressures facing their countries and considered the recommended measures that need to be taken to cushion the effects of inflation and boost economic growth.
Ministers also called for a holistic review of the fiscal rules since they are no longer relevant and do not reflect the extraordinary and peculiar economic conditions of today, which include ‘triple crises’.
Ministers welcomed the IMF’s newly introduced tool, the Resilience and Sustainability Trust, which is aimed at helping low-income and vulnerable middle-income countries build resilience to economic shocks. However, they urged the IMF to put in place realistic and practical eligibility conditions, particularly for small and vulnerable countries.
Charting the way forward, the Ministers agreed to establish a Commonwealth Working Group which provides an integrated advocacy strategy and solutions in addressing economic challenges.
{{About Commonwealth}}
The Commonwealth is a voluntary association of 56 independent and equal sovereign states. Our combined population is 2.5 billion, of which more than 60 per cent is aged 29 or under.
It spans the globe and includes both advanced economies and developing countries. Thirty-two of our members are small states, many of which are island nations.
The Commonwealth Secretariat supports member countries to build democratic and inclusive institutions, strengthen governance and promote justice and human rights.
the bloc’s work helps to grow economies and boost trade, deliver national resilience, empower young people, and address threats such as climate change, debt and inequality.
Member countries are supported by a network of more than 80 intergovernmental, civil society, cultural and professional organisations.
The Commonwealth admitted Gabon and Togo as its 55th and 56th members respectively at the Commonwealth Heads of Government meeting in Kigali, Rwanda in June 2022. Prior to this, Rwanda was the last country to join in 2009.
The Customer Service Week is celebrated in the first week of October every year.
The tree planting exercise took place recently on 8th October 2022 in Ayabaraya Village, Ayabaraya Cell, Masaka Sector of Kicukiro District in the City of Kigali.
The area is often hit hard by drought during the dry spell. The majority of planted trees are Eucalyptus.
Speaking after the tree planting exercise; Managing Director of Equity Bank Rwanda PLC, Hannington Namara urged residents to take good care of them given that the environment contributes largely to improved humans’ health.
Beatrice Cyiza, the Director General in charge of Environment and Climate Change at the Ministry of Environment reminded residents on the many benefits of trees and requested them to preserve environment.
“Planting trees, preserving the environment has a direct positive impact on our health. Our good health also goes hand in hand with the economy where you can seek services from Equity Bank Rwanda PLC to prosper,” she said.
Beatrice Mukamana, one of residents who participated in the tree planting exercise commended the bank for joining them and expressed optimism that they will provide relief during the dry spell.
“It is our responsibility to protect these trees. It is apparent that they will mitigate climate change effects and increase rainfall which is rare in this area,” said another resident identified as Alphonse Nteziryayo.
Equity Bank Rwanda PLC plans to plant 5 million trees by 2025.
The goods smuggled into Rwanda from the Democratic Republic of Congo (DRC), included 100kgs of second-hand clothes and 60kgs of shoes.
Chief Inspector of Police (CIP) Mucyo Rukundo, the Western Region Political and Civic Education Officer (RPCEO) said that three other accomplices fled during the operation.
“It was a group of four people, who were intercepted at about 10:30 p.m after they crossed into Rwanda, following information provided by a resident in Bugeshi Sector. One of them, Tuyishime, was arrested but his three accomplices dropped their luggage and fled back to DRC,” said CIP Rukundo.
Tuyishime said they were hired by a trader operating in Mahoko trading centre to smuggle the second-hand clothes and shoes from DRC, for Frw3,000, each.
CIP Rukundo warned against illegal cross-border and fraud. He lauded the impact of the public in fighting smuggling and other cross-border crimes.
A taxpayer, who commits fraud, is also subject to an administrative fine of one hundred percent (100%) of the evaded tax and a likely imprisonment of between six months and two years
In article 199 of the East African Community Management Act, which is also applicable in Rwanda, smuggled goods are auctioned.
Rwanda’s Ministry of Defence has revealed that training of the local population in making their own household vegetable gardens, was among the initiatives made by the peacekeepers.
Ms Sabina Methew, one of the beneficiaries, thanked Rwandan and Thailand peacekeepers for the training and pledged to expand the initiative to the wider community.
Karanganwa was arrested at her retail shop where the Anti-Smuggling and Organized Crime department recovered 121 pieces of assorted skin whitening products, commonly known as mukorogo.
Chief Inspector of Police (CIP) Sylvestre Twajamahoro, the Police spokesperson for the City of Kigali, said that Karanganwa was suspected to be working with those who traffic and sell skin bleaching cosmetics.
“On Monday, the Anti-Smuggling and Organized Crime department got information that Karanganwa had received a new consignment of the banned skin bleaching cosmetics from one of her suppliers. Police officers searched her shop in Downtown where 121 pieces of skin whitening creams were recovered, leading to her arrest,” CIP Twajamahoro said.
Karanganwa said that her suppliers sneak them into Rwanda from the Democratic Republic of Congo (DRC) through porous borders.
The search for her suppliers is still underway.
Karanganwa is one of the many traffickers and sellers of the outlawed skin whitening creams and oils, who have been arrested in different RNP operations across the country.
There are 1,342 listed cream and oil brands with hydroquinone and mercury, which are prohibited in Rwanda.
Article 266 of the law determining offenses and penalties in general, states that any person, who produces, sells, or prescribes harmful products; cosmetics or body hygiene substance or any other products derived from plants, commits an offence.
Upon conviction, he/she is liable to imprisonment for a term of not less than one year and not more than two years and a fine of not less than Rwf3 million and not more than Rwf5 million or one of these penalties.
He started his journey from humble beginnings, pouring his life savings into setting up his own company – the African Press Organization (APO) – in 2007. His goal was to provide international and African media with access to reliable news about the continent’s economy, business, and investment news.
It might have seemed like a gamble, but Nicolas defied the odds. He soon abandoned his career as a journalist for online Gabonese media ‘Gabonews’, and, over the last 15 years, APO Group (as the company is now known) has grown into the leading Pan-African communications consultancy and press release distribution service.
APO Group is changing the narrative about Africa, helping communicators relay compelling, uniquely African stories to audiences all over the world.
With close to 100 employees, and more than 300 clients, APO Group reported increased revenue of 88% in the first semester of 2022, versus the same period in 2021.
Some of APO Group’s prestigious clients include FIFA, Facebook, Nestlé, NBA, the Basketball Africa League (BAL), Canon, Coca-Cola, DHL, Marriott Group, Ecobank, Liquid Intelligent Technology, Siemens, Standard Chartered, Orange, Jack Ma Foundation, African Development Bank, World Health Organization, Islamic Development Bank, Rotary International, Kaspersky, Greenpeace, the Association of National Olympic Committees of Africa (ANOCA), the governing body of the Olympic Movement in Africa, among others.
Nicolas is also a judge at the Africa’s Business Heroes (ABH), Jack Ma Foundation’s flagship philanthropic program spotlighting and celebrating Africa’s entrepreneurial talent and promoting entrepreneurship skills.
He was among six judges who recently came to Rwanda for the semi-finals held at Kigali Convention Center on 30th September 2022, during which a Rwandan, Francine Munyaneza, emerged among ten finalists to share Jack Ma’s US$1.5M Prize.
Her company, Munyax Eco Company targets solving Rwanda’s energy challenges in rural and urban areas by providing solar equipment made and tested in Africa.
During his week-long stay in Rwanda, IGIHE sat with Nicolas to talk about his entrepreneurial journey, the efforts needed to shape a positive narrative about Africa, APO Group’s partnership with the Catholic Church in Africa, and other topics of interest.
{{Excerpts: }}
{{APO Group has been in operation for the past 15 years. Briefly tell us what the journey has been like?}}
APO Group was created in 2007 as a press release distribution service.
Today, we have two business units: A press release distribution division and a Public Relations division. We are Pan-African in everything we do. We operate in each of the 54 markets of the continent – including Eritrea and Somaliland, where establishing relationships with media can be very challenging. There is not a single country on the continent where we have not delivered our services.
We provide services to more than 300 hundred clients, many of them multinational companies such as Canon, Ecobank and Liquid Intelligent Technology. We are also working with international institutions, Non-Governmental Organizations (NGOs) and Sports Organizations, with organizations like FIFA, the Jack Ma Foundation, and the African Development Bank (AfDB) among our customers.
We are the Main Official Sponsor of Rugby Africa, the governing body of rugby in Africa, and the strategic partner of the Association of National Olympic Committee of Africa (ANOCA). We are also an Official Partner of Olympic de Marseille, and of Team Qhubeka, the only African professional cycling team.
Our work is to provide Public Relations, media relations, and digital marketing services to our clients all over Africa.
{{Where did you get your inspiration and how is APO Group contributing to job creation and Africa’s economic growth?}}
That’s an interesting question. Two days ago, here in Kigali, I was visiting someone who is very dear to me, without whom I wouldn’t have created APO and be what I am today.
The person is Donald Kaberuka. He was the President of African Development Bank in 2007 and 2008 when I started APO Group. I reminded him of what he told me in 2008 when the company was six months old. It is something that was completely instrumental to our success.
He told me that “the dissemination of information about the African economy can participate to the development of the continent”. In other words, making sure people in the USA, UK, China, Belgium, Brazil and Russia – everywhere – are able to receive information about the economy of the continent will drive potential international investment, and participate in the growth of Africa.
Africa needed to share its good economic news with the world. Once investors would receive that information, they will come forward to invest.
During the past fifteen years, I believe we have had an impact on employment in the African continent, maybe not directly, but through supporting our clients and multinational companies.
We have supported some of the biggest companies in the world as they expand across Africa. Through our partnerships with Bloomberg, Thomson Reuters, Lexis Nexis and Factiva – among many others – we make sure information about African economies reaches all the major stock exchanges across the world. That has undoubtedly driven investment in Africa.
By contributing heavily to the dissemination of information about the economy of the continent, we have definitely had an impact on investment and employment.
{{APO Group registered a growth of 88 per cent in revenue in the first half of 2022, compared to the first half of 2021. To what efforts do you attribute this success?}}
In the first quarter of this year, the company’s revenues grew by 70% compared to the first quarter of 2021. In the first semester of this year, the company’s revenues grew by 88% compared to the same period last year. By the end of the year, we expect the growth to hit three figures.
A lot of that growth can be attributed to multinational companies investing heavily in Africa, and specifically on communications.
As an example, I am a member of the Advisory Board of the Africa Hotel and Investment Forum (AHIF) which is the largest event for the hospitality industry in Africa.
Before and during COVID-19, I heard a lot of comments from people who were obviously concerned that the tourism and hospitality industry in Africa might go into decline. But we’ve actually seen the opposite result. APO Group works with Marriott, the leading hospitality group globally. We also have other clients like Radisson, Hilton and Accor. All of these organizations continue to work with us, and are maintaining or increasing their communication spending.
By looking at our growth, you can ascertain a lot about the dynamism of the continent and the appetite of multinational companies developing their presence in Africa.
Usually, people say that if a company is reducing investment, the first thing they cut is communications. If APO Group is growing, it means that there are many multinational companies investing in their PR and Communication. That’s good news for the continent.
{{What should be done for the continent’s communication industry to thrive and promote positive narrative about Africa?}}
Both the media and the Public Relations industry have an important role to play, but it is a long road ahead.
Africa is often portrayed in a negative light by the international media. They tend to play to the negative preconceptions of the western audience. Mostly, the news is of poverty, famine, conflict and corruption.
That is not an accurate depiction of what I see when I am travelling across Africa.
Public Relations Agencies like APO Group have an opportunity to carry positive news that can change the narrative about the continent. But then, the responsibility is passed on to the media.
I am very worried about the increasing expansion and influence of the international media in Africa. We are witnessing an increasing number of international media creating African subsidiaries, opening offices and so on, and perpetuating their own preconceived opinions and bias.
The so-called “international” media – I am referring to CNN, BBC, Aljazeera, TV 5 Monde, France 24, and so forth – are not truly “international” at all. Really, they are “national” media with “international” geographical coverage.
So here is the problem: If I go to my room at the Radisson here in Kigali, I can watch CNN, BBC, Aljazeera and more. If I go to Europe, what Pan-African equivalent media can I watch?
I do not want Africans to be condemned to simply listen to what the “international” media are saying about them.
{{APO Group recently signed a partnership with the Symposium of Episcopal of Conferences of Africa and Madagascar (SECAM). What does it this mean for African countries like Rwanda where a large number of the population is Catholic?}}
At the Vatican, in May this year, APO Group signed a partnership with the Catholic Church in Africa through their governing body, the Symposium of Episcopal of Conferences of Africa and Madagascar (SECAM).
APO Group is providing two main services: The first is media relations capacity building. As we speak, APO Group is planning online training for more than 150 delegates across all the Church’s episcopal conferences with sessions held in English, French and Portuguese. I recently met Cardinal Kambanda at the General Assembly of the Catholic Church in Accra, and we had a very productive meeting in Kigali a couple of days ago. Rwanda will be part of that training.
By doing that, we will increase both the quantity and the quality of the content produced by the Catholic Church in Africa. We will show the Church’s communication managers how to draft proper press releases, the importance of images and video, how they can use smart phones to produce content, and so on.
With the training in full flow, there will be a huge increase in the amount of Catholic Church content by the end of the first quarter next year.
The second part of the agreement is that APO Group will distribute all the content these communications professionals produce, including text, images, videos and soundbites from all echelons of the Church, from parishes, dioceses, episcopal conferences, regional episcopal conferences, and of course the governing body of the Catholic Church in Africa, the SECAM.
One of the things most Africans know but sometimes need to be reminded of, is the importance of the Catholic Church in Africa. 20% of the entire African population is Catholic, and, while the number of Catholics globally is decreasing slightly, in Africa it continues to rise.
The Catholic Church in Africa is deeply involved in development activities across the continent, managing countless schools and hospitals.
The Church has a huge impact on the African continent in terms of education, health and conflict mediation.
Commenting on the development; TDB Group President Emeritus and Managing Director, Admassu Tadesse said: “We salute Agaciro Development Fund as the first sovereign wealth fund to invest in TDB Group equity capital.
This investment illustrates the growing interest and confidence of institutional investors in TDB’s opportunities. We are proud to be able to continue attracting and making African capital work for Africa’s development, while delivering competitive returns.”
Agaciro Development Fund Chief Executive Officer Gilbert Nyatanyi said that, since inception, Agaciro has principally been reliant on receiving voluntary contributions from Rwandans and friends of Rwanda.
“With the recent phasing out of the contributions Agaciro is rebalancing and diversifying its investments be it in terms of asset classes as geographically in order to further grow the fund with return on investments. Investing in TDB fits perfectly into this approach,” he noted.
In 2013, TDB introduced Class B shares to mobilize capital from institutional investors. This asset class has drawn a lot of interest from investors because of the Bank’s consistent capital growth, impact, and solid profit base.
TDB’s net asset value has grown to USD 13,846 as of 2021, at a 5-year compound annual growth rate (CAGR) of about 7%, and its dividend yield has averaged about 3% over the past 5 years. Since its inception, close to 258 million has been invested in the Class B shares by institutional investors.
The Bank’s shareholding comprises 23 member states, two non-regional members countries, and with Agaciro Development Fund,19 institutional shareholders.
TDB Group Executive Corporate Affairs and Investor Relations Mary Kamari said that it is an honor for TDB Group to welcome Agaciro Development Fund in its family of institutional shareholders.
“With this new investment, and with Rwanda as one of our founding member states, AgDF becomes our second Rwandan institutional shareholder after the Rwanda Social Security Board [RSSB] and we are proud of the sustained confidence in TDB Group to deliver results,” she stated.
Agaciro joins a group of 18 other institutional investors from Africa and the rest of the world, mainly Europe and Asia, which include pension funds, insurance companies, development finance institutions, special funds and now, a sovereign wealth fund.
With an estimate of over US$ 600 billion in pension fund assets in Africa, organizations like RSSB and Agaciro Development Fund have the opportunity to diversify their portfolios by investing in Class B shares.
As TDB expands its geographic footprint, it remains committed to providing innovative financing solutions, crowding in institutional capital and promoting integrated sustainable development for the region.
{{About TDB}}
Established in 1985, the Eastern and Southern African Trade and Development Bank (TDB) is a multilateral, treaty-based, investment-grade development finance institution, with 41 sovereign and institutional shareholders and assets of US$ 8 billion.
TDB serves 23 economies in its region, with the mandate to finance and foster trade, regional economic integration, and sustainable development through trade finance, project and infrastructure finance and asset management.
TDB is part of TDB Group, which also comprises the Trade and Development Fund (TDF), the Eastern and Southern African Trade Fund (ESATF), TDB Captive Insurance (TCI), and TDB Academy
{{About Agaciro Development Fund}}
As one of the many home-grown solutions playing a significant role in Rwanda’s transformation, Agaciro Development Fund (Agaciro), Rwanda Sovereign Wealth Fund, was born out of the Rwandans’ need to protect the country against economic shocks, to build savings for future generations and to accelerate socio-economic development. Agaciro was officially launched on 23 August 2012 by His Excellency Mr. Paul Kagame the President of the Republic of Rwanda.
Fully owned by the people of Rwanda and named “AGACIRO”, meaning dignity which was embraced as Rwanda’s key moral value in its journey towards sustainable socio-economic development, further summarised as “Prosperity for generations” – “Umurage w’ubukungu”, it started with approximately US$ 18,000,000 capital contributed by Rwandans and friends of Rwanda.
By the end of 2021, Agaciro has grown to approximately US$ 250,000,000, including fixed income investments (Treasury Bonds, corporate bonds, commercials papers, term deposits, …) and equity investments in 30 companies.
