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  • Actis Weighs Sale of BCR

    Actis LLP, a London-based private- equity firm investing in Africa, Asia and Latin America, may sell its Rwandan bank to Kenyan lenders.

    Banque Commerciale du Rwanda, based in Kigali, the capital, is “a natural acquisition for one of the bigger East African banks wanting to expand their footprint,” Peter Schmid, Actis’s head of Africa, said in a May 12 interview at the firm’s London office. “That’s a probable exit scenario. ”

    Actis, which has $4.6 billion under management, bought an 80 percent stake of BCR in 2004 in a deal valuing the company at $6 million. The Rwandan government kept the rest of the previously state-owned bank. Kenyan lenders including Equity Bank Ltd. (EQBNK) and Kenya Commercial Bank Ltd. (KNCB) are expanding across East Africa, opening branches in Rwanda, Tanzania, Uganda and southern Sudan, as the region’s economies grow.

    The Rwandan investment was Actis’s first in the country. Gross domestic product has expanded an average 7.5 percent annually from 2004 and 2009, according to the World Bank. About 30 percent of Actis’s capital is invested in Africa, Schmid said.

    The Rwandan Stock Exchange “is a bit small for now” to list for an investment exit, Schmid said.

    Rwanda held its first initial public offering in November when the state sold 25 percent of Brassieries et Lemonaderies du Rwanda SA, a unit of Heineken NV (HEIA), the world’s third-biggest brewer. The stock is the only company listed on the Rwandan Stock Exchange, which started trading on Jan. 31. Kenya Commercial Bank and Nairobi-based Nation Media Group Ltd., East Africa’s biggest media company, are listed on an over-the- counter exchange.

    BRC increased profit almost four-fold in the nine months through September on reduced costs and higher revenue, Managing Director Sanjeev Anand said in December. Net income climbed to 1.7 billion Rwandan francs ($2.8 million) from 433 million francs a year earlier as sales rose 12 percent to 8.5 billion francs, he said. The bank expects full-year net income of 2.2 billion francs, Anand said.

    In 2004, Actis was spun out of CDC Group Plc, a U.K. government-owned investor in developing markets that was originally started 60 years ago as the Colonial Development Corp., to raise money from government, insurers and pension funds to invest in African and Asian companies.

  • HUAWEI to launch smartphones in Rwandan market

    Chinese telecommunications giant Huawei through its local subsidiary is soon to launch android powered smartphones in the Rwandan market through telco operators MTN Rwanda and TIGO.

    The smartphones to be powered by the popular android operating system offer a full range of remarkable features and applications. According to the Chief Operating Officer of Huawei Rwanda Adriaane Heine, the model expected to retail via the TIGO and MTN Rwanda operators is HUAWEI U8150 IDEOS.

    “Huawei will be dealing with provision and marketing of these products and ultimately, the operators will be selling to the markets,” says Heine,.

    Hein reveals that the Huawei smartphones have been well received in many countries across the world, a factor attributed to “the phones’ new, simple and incredible technology coupled with numerous amazing features.”

     “The handsets received a good response particularly in countries like Kenya where about 100,000 units were sold in the first few months. Since its release in January until February (2011), they (Huawei Smartphones) had already taken 45.4 percent of the market share surpassing that of even other more popular established brands such as Nokia with a market share of 33.3 percent,” Heine says.

    He says that the phones fitted with a range of powerful features from hardware to software.

    “The powerful android operating system will provide the user with categorised applications they can use, which are directly accessible from the android market feature on the phone,” he observes.

    During an exclusive interview with IGIHE.com, Heine demonstrated the brilliant applicability of the phone by opening Google Maps, an application that allows a user to trace topographic directions at their disposal via satellite communication.

    The phone’s uniqueness goes beyond the software and integrated hardware, It offers elements such as a capacitative touchscreen , powerful 3G connectivity and other powerful features such as a router.

    HUAWEI is a global telecommunication company specialising in the supply of a diverse range of telecommunication equipment. With its strong and broad network of around 110,000 employees worldwide, it has partnered with more than 470 operators in more than 130 countries. The company has been operating in Rwanda since 2005 and helped local telecommuinications firms like MTN to build the network infrastructure.

  • Indian firm to invest US$1b in Rwandan Gold, Diamonds

    Rajesh Exports Ltd., India’s largest jewelry maker and exporter, said it may invest as much as $1 billion in Rwanda over the next five years developing the country’s gold industry and building a diamond-trading business.

    The company, based in Bangalore, India, is in talks with Rwanda’s government about proposals that include establishing a gold refinery within six months, Ravi Chandra, the company’s chief executive officer for mining, said in an interview in Kigali.

    Most of the gold mined in Africa is currently exported to South Africa or Europe for processing, Chandra said. Rajesh Exports is seeking to make Rwanda a continental hub for gold processing over the next three to five years.

    “Our aim is to try to bring the gold from most of Africa to Rwanda,” Chandra said.

     Rajesh has begun exploring a 2,000 square-kilometre gold concession in Rwanda that it wants to increase to 15,000 square kilometres, Chandra said. Eventually the company plans to export products including jewelry and coins. It also intends to set up a diamond business that may involve importing and exporting the gems as well as cutting and polishing, he said, without providing further details.

    Talks between the company and the Rwandan government are “still very exploratory” and may take six months to complete, Clare Akamanzi, chief operating officer of the Rwanda Development Board, said in an interview. The projects envisaged by the company may cost $500 million to $1 billion, she said.

    Rajesh Exports is also working with the Rwandan government to establish a legal way to import gold from neighbouring Democratic Republic of Congo. In March, Rwanda banned the purchase of so-called conflict minerals including gold, tungsten, coltan and tin from Congo after the U.S. passed a law aimed at halting the trade.

    The Dodd-Frank law will require American companies to report any purchases of gold, tin, tungsten and tantalum that might have come from conflict zones in Congo, according to a draft of the regulations on the U.S. Securities and Exchange Commission’s website. Fighting has raged in eastern Congo for more than 15 years and armed groups often support themselves by taxing or trading in minerals.

    “We are hopeful to find a legal solution,” Chandra said.

  • Czech Republic minister calls for closer ties with Rwanda

    The Czech Republic Deputy Minister of Foreign Affairs, Tomas Dub yesterday held discussions with Defense Minister Gen. James Kabarebe about strengthening defense ties between his country and Rwanda.

    “In the recent months, we signed a memorandum of understanding on defence cooperation” Dub said after the meeting. “Leaving aside the MoU signed recently, the two countries can exchange a lot of fighting techniques,” Dub said.

    He however noted that the pact between the two countries is not fully implemented hence the continuous visits and discussions on how to strengthen defense ties between Rwanda and Czech Republic.

    “I would like my visit to simply focus on continuing our cooperation,” he said.

    Defence and military Spokesperson, Lt. Col. Jill Rutaremara, told reporters that Dub’s visit at the ministry aimed at looking into how the Rwanda-Czech defence pact can be implemented.

    He added that Rwanda could learn a lot from the Czechs mainly in fighting techniques, particularly through its air force.

    Dub later invited the defense and foreign affairs ministers to the Czech Republic to pick out what Rwanda could learn from them.

  • Karugarama briefs US varsity delegation on Rwandan justice system

    The Minister of Justice, Tharcisse Karugarama, yesterday received in his office 15 students and three professors from the department of International Peace and Conflict Resolution of Arcadia University in Pennsylvania, the United States.

    The delegation is in Rwanda on a week-long study tour to gain a deeper understanding of the country’s conflict resolution management.

    “They are here to find out how genocide survivors managed to reconcile with the genocide perpetrators, “Minister Justice Tharcisse Karugarama told reporters.

    Karugarama told the delegation that the country’s judicial system during the pre-genocidal era was inept where to become a judge or prosecutor never required any academic qualification.

    “There was no fairness at all and to become a judge or prosecutor never required you to present your papers ; but through the will of the then President, he could appoint you (as judge or prosecutor) because he had full powers,” he pointed out.

    Minister told the US delegation that Rwanda’s justice system is today based on truth, equity, fairness and transparency, adding that the present government laid emphasis on training of judges and prosecutors to try the colossal backlog of genocide perpetrators in the country’s prison facilities.

    The minister briefed the delegation on the Gacaca courts system which had tried many perpetrators compared to the contemporary justice system which led to delays. He further attributed notable peace in the country to the unprecedented success of the Gacaca which resolved 1.5 million Genocide-related cases.

    Karugarama underlined that Rwandans today believe in forgiveness and tolerance where both perpetrators and survivors live in harmony.

    He allegorically underscored that though Rwanda has 1000 problems, it correspondingly has 1000 solutions.

    The delegation also nods in the agreement for the introduction of Gacaca courts. I think how we are told, if that’s how it works, it is then efficient,” Connor Moriaty a student part of the delegation noted.

    A member of the delegation and a student at the university Connor Moriaty lauded the role of Gacaca courts.

    “Basing on the account given to us, the Gacaca court system is efficient,” he said.

  • President Kagame meets U.S health experts

    President Paul Kagame yesterday at Village Urugwiro met with representatives from a consortium of 16 top medical, nursing and health management schools universities from the U.S through the Clinton Health Access Initiative.

    The delegation of 38 health experts is in the country on a week long study tour to explore ways of enriching the Rwandan health sector.

    Ira Magaziner, the Chief Executive Officer and the Vice Chair, Clinton Health Initiative (CHAI), who is the head of the delegation, said their discussions with the President centred on the benefits that would arise out of a partnership with the Ministry of Health.

    “We discussed with the President about the ways of promoting good health in Rwanda while analysing the cheapest means of bringing Rwanda’s heath sector to the top,” Magaziner pointed out.

    He revealed that through a Memorandum of Understanding signed with the Ministry of Health, the CHAI would work alongside their Rwandan colleagues to offer world class training.

    “By the end of seven years, Rwanda will have a world class health education system,” Magaziner said.

    He noted that the programme is in line with the vision President Kagame shares with Clinton – to build a quality, world class healthcare system in Rwanda.

    “The need is also to develop a base of highly educated people that can lead to the creation of research in health industries and the health economy of Rwanda, that is what we are working on with the leadership of the Ministry of Health,” Magaziner said.

    The group will focus on several areas of specialty such as dentistry, nursing, obstetrics, paediatrics and many others providing diverse expertise.

    The representatives were drawn from Harvard, Yale, Brown, Dartmouth, Duke, Virginia, Colorado, Texas and Maryland universities as well as leading nursing schools. 

    Chantal Kabagabo, the Dean of Students at the Kigali Institute of Health said that lectures based on the partnership would be instituted within a year. The training would be conducted in health training institutions and hospitals to equip local health workers like physicians and nurses with modern skills.

  • Swiss firm advances Rwf 591 million to Urwego Opportunity bank

    responsAbility Social Investments AG, an investment company based in Switzerland recently made local-currency loans totalling the equivalent of USD 2 million to microfinance institutions (MFIs) Middle East Micro Credit Company (MEMCC) of Jordan and Urwego Opportunity Bank (UOB) of Rwanda.

    rAMLF invested approximately RWF 591 million (USD 999,000) in UOB. Created as a result of a merger between Urwego Community Banking
    and Opportunity International Bank of Rwanda, UOB is a microfinance institution
    headquartered in Kigali, Rwanda. Its services include loan and savings
    products, business training, HIV/AIDS training and insurance coverage. UOB’s
    shareholders include nonprofit organizations Hope International, Opportunity
    International, World Relief and World Relief Canada. In 2009, UOB reported to
    US-based, nonprofit Microfinance Information Exchange (MIX) total assets of USD
    10.8 million, a gross loan portfolio of USD 6.4 million, return on assets (ROA)
    of -6.57 percent, return on equity (ROE) of -16.5 percent and 33,900 borrowers.

    Founded in 2003, responsAbility Social Investments AG is a Swiss investment company whose products aim to enable investors to earn a financial return while assisting people in emerging markets to access information and markets in sectors such as microfinance, small and medium-sized enterprise (SME) financing, fair trade and independent media. According to calculations based on data from the Microfinance Information Exchange (MIX) from 2009 and 2010, responsAbility manages approximately USD 800 million in total assets. responsAbility is backed by Swiss financial institutions and a social venture capital company as founders and shareholders including Baumann & Cie, Banquiers, Credit Suisse, Raiffeisen Schweiz, Swiss Re, Bank Vontobel AG as well as George Avenue.

    The responsAbility Microfinance Leaders Fund (rAMLF) invests in large microfinance institutions (MFIs) through debt securities and equity investments. rAMLF reported to the US-based, nonprofit Microfinance Information Exchange (MIX) that it had USD 160 million in fund assets as of 2010. LuxFLAG, an independent organization that certifies that microfinance vehicles actually invest in the microfinance sector, renewed rAMFL’s label in March 2011.

     

  • Firm announces initial gold drill project results

    A gold mining firm, Simba Gold Corp, has announced initial drill results from the Miyove gold project, which is owned by Rogi Mining Limited, that the Company has an option to acquire. The Miyove gold project is located in northern Rwanda and comprises 2,937 hectares over the largest historic gold-producing areas in Rwanda.

     Highlights of the drill program to date include 24.69 metres averaging 0.61 grams per tonne (g/t) gold, including 7.54 metres grading 1.12 g/t gold in hole MY-11-02 and 1.21 g/t gold over 5.58 metres, including 2.15 g/t gold over 2.57 metres in hole MY-11-05.

     In March 2010, the Company completed its Qualifying Transaction granting it the right to purchase up to 100% of the issued and outstanding shares of Rogi in exchange for a total of up to US$2.75-million in cash and the issuance of up to 5.7 million shares to Rogi’s shareholders over a period of five years. Rogi mobilized a 3,000-metre drill program on the Miyove gold project in December 2010 and drilling commenced early in January 2011.

    The Miyove gold project comprises three mineralised corridors, Karenda, Baradega and Masogwe all of which lie along a northwest – southeast mineralized trend over a six kilometre stretch. Drilling to date has focused on the Karenda zone, an area of historic production, and in particular on gold mineralization beneath previous trenches (2006-2009), gold mineralization based on an approximation of the 1980s United Nation drilling and on geological targets. To date, 1,279 metres have been completed in ten holes, from five drill sites. Drilling has been difficult on the Karenda Zone due to strongly oxidised and weathered rock conditions, complications with old workings and limitations of the drill equipment. The Company has received assay results for holes 1, 2, and 4 and partial results for holes 3 and 5.

    The Miyove gold project is underlain by rocks of the central African Mesoproterozoic-aged Kibara orogen that extend from Katanga (Democratic Republic of Congo) in the south, to southern Uganda in the north. The Kibaran geology on the property consists of shale, siltstone, sandstone and rare conglomerate units. Mineralization is associated with multiple northwest-southeast-trending gold-bearing quartz veins and stockworks, and associated wall rock alteration comprising kaolinization and iron oxidation.

    Rogi is well established in Rwanda, and complemented by contract personnel who have experience and knowledge in the country and the ability to conduct efficient and effective exploration programs. Samples were sawn and collected from the diamond drill holes and delivered by the Company to SGS Minerals Services, Mwanza, Tanzania. SGS undertook sample preparation and analysis for gold by fire assay with an atomic absorption finish on 30-gram samples. To date only gold assays have been received, however multi-element analysis will follow shortly.

    Simba is an African-focused gold exploration company with an option to acquire a company that owns gold exploration rights within the Gicumbi, Burera, Rusizi and Nyamasheke Districts, and nickel exploration rights within the Kirehe District of the Republic of Rwanda. Simba’s principal property is the Miyove Gold Project located in the Gicumbi and Burera Districts.

     

  • Rwandan woman identifies Kobayaga in genocide

    A woman whose husband and three young children were slaughtered during the 1994 Rwandan genocide cried Thursday, 12 May, 2011, as she identified from the witness stand Lazare Kobayaga she contends led a mob attack up a mountain where she and many others had sought refuge from the ethnic carnage that was sweeping Rwanda.

    Her account was the most emotional yet as the trial of Kobagaya entered its fifth day of testimony in a federal courtroom in Wichita, U.S. The government is seeking to revoke his U.S. citizenship for allegedly lying to immigration authorities about his involvement in the genocide.

    The 84-year-old genocide suspect is charged with unlawfully obtaining U.S. citizenship in 2006 with fraud and misuse of an alien registration card in a case prosecutors have said is the first in the United States requiring proof of genocide. Kobagaya contends he is innocent.

    An estimated 500,000 to 800,000 people were killed in Rwanda between April and July 1994. Most of the dead belonged to an ethnic group known as the Tutsi, while most of the killings were carried out by members of an ethnic group known as the Hutu.

    Valerie Niyitegeka, a Tutsi woman whose family farmed near Kobagaya’s village, recounted for jurors the events of April 15, 1994, when she, her husband, Appolloni, and their six children fled as mobs of Hutu men burned Tutsi houses.

    “I was OK for my house to be burned _ as long as I am not dead,” she testified through a translator.

    Niyitegeka detailed how she climbed _ and at times crawled _ up the steep, rocky mountainside of Mount Nyakizu with her youngest son strapped to her back. She described how the women and children gathered piles of stones for their men to throw as mobs of Hutus attacked.

    She told jurors she was able to identify the elderly Kobagaya as the leader of the attacking mob because she recognized the way he walked and the cane he carried that day. She pointed at him in the courtroom : “He is there. He is the one.”

    The defense tried to cast doubt on that identification by noting trees and other obstructions on the mountain that day.

    During the melee as the family fled the mountain in the ensuing days, Niyitegeka was separated from her husband and three of her children. She testified she would never see them alive again. Their slain children’s ages were 12, 10 and 8.

    Joseph Yandagiye, a 76-year-old Hutu farmer, testified about what happened to the children and their father, who sought refuge at Yandagiye’s house. After taking them in, Yandagiye went to run some errands. When he returned, he said he found a crowd of Hutus had already surrounded his house.

    Yandagiye testified that when the crowd threatened him in an attempt to get into the house, Appolloni came out and told the mob : “Take me instead.”

    Yandagiye also told jurors he initially followed the mob that had taken Appolloni and his children, but turned back after they told him they would make him kill them himself if he continued to follow.

    Later that day, a group of Hutu men came to get him too, Yandagiye testified. It was then that he learned that Appolloni and his children had been killed.

    Yandagiye testified that Kobagaya told the mob that they should kill him too because he had sheltered Tutsis in his house during a 1959 conflict. Yandagiye said another community leader, Francois Bazaramba, urged the crowd not to kill him but to punish Yandagiye by making him buy beer, which he did.

    Bazaramba is a former Rwandan pastor who was sentenced last year to life imprisonment by a Finnish court for committing genocide.

  • Rwanda cleric pardons genocide crimes

    The Rev. Ubald Rugirangoga was counseling inmates in a Rwandan prison in the wake of the country’s 1994 genocide when he was forced to truly practice what he was preaching. 

    His mother, brother, and around 70 members of his extended family had been killed in the slaughter that claimed more than 800,000 lives, mostly minority Tutsis, over 100 days, at the hands of Hutu extremists.

    Speaking mostly through an interpreter Tuesday to the Worcester County Bar Association, the priest said the man who killed his mother happened to be in the prison, but he didn’t know who he was. He said the man sought him out and explained what he had done. He asked Rev. Rugirangoga for forgiveness. 

    “It was difficult,” he said. “I had preached to forgive, and I had to practice what I was preaching, so I had to search deep down in my heart. And I went up to him and I told him, I forgive you.” 

    Even though he forgave him, the man who killed his mother still had his doubts. To further prove his forgiveness, Rev. Rugirangoga reached out to the man’s children, who were left without parents after the man’s wife died. Rev. Rugirangoga said that after forgiving the man, all the pain and anger just left. 

    “I was free,” he said. 

    Speaking in the jury pool room at the Trial Court building on Main Street, Rev. Rugirangoga told another story of forgiveness, in which a Tutsi woman took in the daughter of a girl, even though the girl’s Hutu father murdered most of her family. The two families had been neighbors, Rev. Rugirangoga said. The woman’s surviving son at first didn’t understand why the woman would take in the daughter of the man who made her a widow, but later he came around. And in a surprising twist, he ended up marrying the girl years later. 

    Rev. Rugirangoga has been running schools in Rwanda where he mixes children of victims of the genocide and children of perpetrators of the genocide. 

    He said it’s important to start early with children. He said the government has used his schools as a model. 

    “I try to bring them together,” he said. “Hopefully in the future, with the history in our country, this will not happen again because I have to stand with these children.” 

    He said it is a burden to carry anger around, and said if you can’t forgive, you are slowly dying inside. 

    “If you carry anger around, you can even get sick, not knowing why,” he said. “It can lead to depression.” 

    Asked a question about developed countries’ inaction during the genocide, Rev. Rugirangoga, who fled Rwanda by foot during the genocide but later returned, said he was not angry. 

    “At the time of the genocide we were in survival mode, we couldn’t hear what was going on, who was helping or not,” he said. 

    “But you have also, the U.S. and other countries that have shown support with the help they’ve offered us. If we’re forgiving the killers, then we need to forgive the grudge that nobody helped us.”