As she announced the results yesterday, the CEO of BK Group Plc, Dr Karusisi Diane said that national economy registered an exciting growth of 8.6% enabling the company’s uninterrupted growth.
“All our subsidiaries reported strong performance leading to a net income of Rwf 27.4 billion. We are focused on delivering higher value for our shareholders and plan to report even better numbers this year 2019,” she said.
The profit emanated from increased net loans in 2018 having reached to Rwf 568.1 billion with an increase of 20.4% as of 31 December 2018 compared to previous year.
“Increased loans earn us more interest. Our business went beyond banking as we currently offer insurance services. We have enough money for loans and investment in technology,” said Karusisi.
BK Group Plc total assets reached Rwf 877.4 billion as of 31 December 2018 a 20.7% rise.
BK Group Plc is made of Bank of Kigali, BK TecHouse, BK General Insurance and BK Capital.
The CEO of BK Capital, Carine Umutoni has said that “BK Capital was launched officially 2 weeks ago though it has been operational for the last few months of 2018 and has grown funds under management to Rwf1.7 billion from the private pension schemes assets under management.”
It is for the first time BK Group Plc announces results since it listed on Nairobi Stock Exchange with 222.2 shares on 29th October 2018.
The redesigned interior structure of Brussels Airlines was exhibited yesterday at Kigali Convention Center.
The exhibition of new seats is part of a restructuring that will see Brussels Airlines passengers onboard enjoying improved service delivery, comfortable seats, music of choice, secure luggage space, foods, drinks and tight security.
New services to be offered onboard have been compared to services found in Hôtel-boutique that usually serves VIP passengers, senior officials and tourists among others.
The advent of Hôtel-boutique dates back in 1980 in powerful towns like Paris, London, New York and San Francisco.
Such hotels have rooms ranging between 10 and 100 and located in comfortable places.
A United Kingdom national, Richard Ingress who attended the event said that the expansion of Brussels Airlines services is of great value.
“It is a great milestone to expand their activities. I believe it will be very crucial for me that I will be travelling to UK easily enjoying selected music and films,” he said.
The Chairperson of International Travel Agency (ITA) Rwanda, Nadia Keza revealed that new services will attract more passengers to have flights with Brussels Airlines.
“We welcome Brussels Airlines move restructuring its aircrafts’ seats to improve passengers comfort onboard. It induces happiness to us because to sell flight tickets expecting client’s safety and comfort in return. It helps us when an aircraft is restructured to improve passengers experience,” she said.
Kagame made the remarks as he was closing the 7th African CEO Forum 2019 alongside President Tshisekedi of the Democratic Republic of Congo.
He was answering a question by Africa Report Magazine’s Chief Editor, Patrick Smith, who was moderating the panel as he asked him on what he thinks will be the solution to problems between Rwanda and Uganda.
Relations between the two countries have been deteriorating in the past two years. Rwanda accuses Uganda of supporting armed groups hostile to the Government of Rwanda including the FDLR and Rwanda National Congress (RNC) and illegally detaining, torturing and harassing its nationals travelling to Uganda among other accusations.
Kagame said that as things stand now, dialogue can’t help in resolving tensions between the two countries and that all the efforts they make seeking solution to the problem are undermined by ‘petty things’.
Kagame said for those outsiders who imagine replacing him with someone else, “it is impossible”.
“If you think that you don’t like President Kagame or Rwanda because you think what should happen in Rwanda is supposed to be dependent on you, your views and decision; this is bad politics,” Kagame said adding: “Whether you like me or not, President Kagame is here as President of Rwanda, it is the business of the people of Rwanda. If they want Kagame they will have him and if they don’t they will remove him.”
“To imagine that because you don’t like Kagame you will change him and put someone else, it is impossible,” he emphasized.
On the issue with Uganda, Kagame said: “It must come to a point where the family must sit and realistically resolve this issue. Continuing to talk about our problems, we come to a point where the best thing is to cooperate and accept each other.”
“To say the least, if we can’t work together as brothers, sisters, friends, we can decide to give each other peace and forget what we have to do together but above all, avoid quarrels that will be destructive because no one will win from any serious quarrel,” Kagame advised.
President Tshisekedi who was also on the panel said that leaders should seek peace between countries they lead as they will leave power but still leave countries as neighbors forever.
“Our countries will be neighbors forever; as leaders, we are here temporarily but our countries will always be there. Conflict with each other is a waste of time, time that could be used to build our countries,” President Tshisekedi reiterated.
On integration, Kagame said: “African people are ahead of their leaders in understanding the importance of integration and practicing it. In some places there is trade going on even with bullets flying. It is the responsibility of leaders that this should not be the case, or be normalized.”
“Rwanda doesn’t need mediation with Uganda. This moral equivalence should stop. If the Government of the United Kingdom wants to be helpful, it should rather pressure
Kampala to release a hundreds of Rwandan citizens held incommunicado in CMI cells for more than two years and to stop supporting FDLR and RNC,” he said in a tweet
commenting on the interview UK ambassador to Rwanda, Jo Lomas held with The
Chronicles.
During the interview, Amb Jo Lomas responded on whether UK will help mediate the
current conflict between Rwanda and Uganda. “We are happy to offer support if
needed but actually we think that the solution is here in the region,” she said.
Rwanda accuses Uganda of violating fundamental rights of hundreds of Rwandans, whose names are known to the Government of Uganda, who have been killed, arrested, incarcerated without consular access and tortured, nor the close to one thousand illegally deported to Rwanda in inhumane conditions.
The presence of armed groups and terrorist organizations hostile to Rwanda, including
RNC, FDLR, and others, who are supported in their activities, including recruitment, by
institutions and officials of the Government of Uganda are among other issues of which
details have been repeatedly communicated to the Government.
During this month, Kenya’s president Uhuru Kenyatta held talks with the president of
Rwanda on the sidelines of the National Leadership Retreat in Gabiro from where he
went to meet Uganda’s president Yoweri Museveni at his office in Entebbe.
The deal was signed yesterday at Kigali Convention Centre on the sidelines of the
Africa CEO Forum bringing together business leaders and heads of states.
The CEO of BK, Dr Diane Karusisi explained that the credit comes in handy and will be utilized to support private sector in Rwanda especially SMEs involved in energy,
manufacturing and trade, agriculture, transport and tourism sectors.
“We believe the credit will reach beneficiaries soon and enable SMEs to play a key role in transformation of national economy,” she said.
Dr. Karusisi said the credit will enable the bank to maintain affordable interest rate.
“On the interest rate, the cost will be determined by the levels of risk of the various
projects to be financed. The interest rate has been going down overtime. We believe the credit will enable us to keep reduced interest rates for private sector,” she explained.
Ambroise Fayolle, the Vice President of the European Investment Bank expressed
optimism in good use of credit to expand SMEs businesses.
“We finance projects matching EU program. Intervening in the development of SMEs in
Africa is one of EU foundational goals. We are glad for this credit granted to Bank of
Kigali and hope it will be used to increase financing in the private sector in Rwanda,” he said.
Three years ago, BK received Euro 28 million credit which Dr Karusisi said
were utilized conveniently.
She explained that BK will ensure that beneficiaries refund loans appropriately for the
bank to pay the seven-year credit.
Tshisekedi is in Rwanda since Sunday to attend Africa CEO summit.
He was accompanied by Rwanda’s Minister of Sports and Culture, Esperance
Nyirasafari, the Minister of Environment, Vincent Biruta and the Chief Executive
Secretary of the National Commission for the Fight Against Genocide, Dr Jean
Damascène Bizimana.
Tshisekedi toured different facilities at Gisozi memorial and received explanations of the
history of the 1994 Genocide Against Tutsi.
He laid a wreath at the memorial and observed a moment of silence in honor of
genocide victims.
Tshisekedi comes to Rwanda for the first time since he took office as DRC president in
January 2019.
The president made the remarks as he opened the Africa CEO Forum that kicked off today where he reflected on Continental Free Trade Area highlighting that free trade cannot be possible without political will.
“Political will is in everything, it allows things that must work to work. Political will must come first,” he said.
“The problem is not the road or the road being constructed. The problem is politics. We have 100s of people from Rwanda, arrested, detained in prisons for years in Uganda, without being charged or appearing anywhere in court. This means the message is Uganda is telling Rwandans don’t come here. We have raised this issue with the Ugandan government. We told you if you have people who have committed crimes, deal with that legally and openly,” added Kagame.
Kagame highlighted that detained Rwandans have not been given access to counsel that even Ambassadors cannot visit them because they are held in places that are not known.
“We have engaged with Uganda about that and have gotten nowhere,” he noted.
“We had containers leaving Kigali, going to Mombasa. A container of minerals was blocked at the border for five months with no explanation. A Kenyan company was exporting milk from Rwanda. The containers were held until tens of thousands of liters of milk were spoilt,” added Kagame.
The turbulence between Rwanda, Uganda relations dates two years. The government of Rwanda reports 900 Rwandans arrested, tortured while others were illegally expelled from Uganda.
Rwanda also accuses Uganda of housing dissidents intending to threaten state security. Rwanda advised its people not to travel to Uganda until the situation comes back to normal.
Ethiopia president Sahle-Work Zewde said that integration can’t be possible as long as countries still consider borders established by colonizers.
He pointed out an example of Ethiopian war with Eritrea which resulted into closing borders for over 20 years.
He noted that they finally came up with common understanding and reopened borders that they have started realizing advantages.
Kagame made the remarks today as he opened the 7th edition of the Africa CEO Forum, a two-day forum, held at Kigali Convention Center bringing together four Heads of States, ministers and over 200 CEOs from across Africa.
Other Presidents at the Forum include DR Congo’s President Felix Antoine Tshisekedi, Togolese President Faure Gnassingbé and Ethiopian President Sahle-Work Zewde.
Kagame said Africa is on the right track of its unity after 44 African countries last year signed the African Continental Trade Area agreement that needs only one more ratification to come into force.
“One year ago, in this very room, 44 countries signed on to the African Continental Free Trade Area, and more have done so since. Just as importantly, the Protocol on the Free Movement of Persons was also adopted. The Continental Free Trade Area is on the cusp of coming into force. I understand that only one more ratification is needed. However, as we all know, this is where the hard work begins. So it is very timely, for us to gather here today, to discuss how to make the most out of this historic agreement, among other important issues. We only reached this point, because Africa came together with a strong unity of purpose, that is rooted in the rising aspirations of our young people, for a better future. That same spirit should drive us forward to success.”
“Whatever we try to do, even in terms of economic development, the result comes back to the politics surrounding it. If the politics is bad, everything else is bad. That is why open, responsive, and accountable governance is so critical,” Kagame said.
President Kagame highlighted the urgent need of change in the private sector.
“No one should be satisfied with business as usual. This is the right time for private sector leaders to reflect on what needs to be changed and improved on their end, as well. So that we have a situation where the private sector and the public sector will challenge and push each other to make more than progress,” he explained.
The United Nations projects that Africa will have the biggest workforce by 2050 with 1.1 billion working-age population, which Kagame said calls for hard work so that the statistic becomes no burden to Africa itself and the world in general.
“We don’t have any time to waste to do what is necessary, so that this statistic becomes Africa’s greatest asset, rather than a burden for our continent and the world. It is our responsibility to ensure that deeper integration translates into prosperity and well-being for Africa’s people,” he said.
“Overall, what we need is much more business activity, above all with each other so that we see the emergence of global African firms with continental scope and scale, which champion the interests and ambitions of our people,” he explained adding that “the public and private sectors must work even more closely together, to provide the education and training that will equip Africa’s young workers with the skills to excel in manufacturing, services, and technology.”
The key factor to achieve this, Kagame said, is the ‘mindset’ which he emphasized is not expensive.
“It might be difficult, but we can afford to effect it. Mindset has no price, yet nothing has greater value,” Kagame said.
The President of the Africa CEO Forum, Amir Ben Yahmed urged the African business community to work with commitment to help Africa reach the development others have attained. He said it is time for business people to seize opportunities offered by the AfCFTA.
“Business is like sports, it is a competition. Companies, countries and continents compete; but everywhere, setting targets, commitment and hardworking are key to success,” he said.
It is projected that projects worth US$1 billion will be financed during the 7th edition of Africa CEO Forum.
Those who say Nyungwe National Park is not secure nowadays base it on armed
attacks carried out in the areas surrounding the forest since July last year and which
were neutralized by the Rwandan army.
In July last year, assailants attacked Nyabimata Sector of Nyaruguru District, looted belongings of the population but they were repeled by the Rwanda Defence Force.
In December, last year again, other assailants killed two people and injured eight in Kitabi Sector of Nyamagabe District after setting a passenger car on fire. The RDF
later confirmed to have killed three of the gunmen responsible for the attack after others fled back to Burundi.
On March 18, this year, other gunmen killed one person in Karambi Sector of
Nyamasheke District before the RDF intervened and stopped the attack.
{{Visitors hail the safety in Nyungwe }}
On Saturday at 3:30am IGIHE’s team of journalists arrived at One &Only Nyungwe House Hotel, a five star eco lodge located in Bushekeri Sector of Nyamasheke District that is a three minute drive from the forest.
Some visitors who had spent the previous night in the hotel had already woken up ready to go and explore the beauty of the park.
Victor Dizon, a tourist from the Philippines and his wife were back to the hotel from the park where they had enjoyed looking at primates of colobus species.
Dizon told IGIHE that it had not been long since he arrived in Rwanda but he found the country more secure than all the other 15 African countries he has visited.
“All I can say is that Rwanda is the safest of all the African countries I have been to. When we were in Kigali, we would leave our bags inside the cars, of course having closed the doors, but you can’t do that in South Africa or Kenya. Your Government (of Rwanda) has done a very good job to secure the nation,” Dizon said.
Dizon emphasized that he met some security agents which- instead of worrying him- assured him of his safety inside the park.
“We visited different parts of the park. I know we are near the border with Burundi. I saw soldiers here which didn’t scare me but assured me that I am safe,” he added.
Tshisekedi comes to Rwanda at a time when both countries are enjoying vibrant
relationships. Both countries’ delegates last week signed agreement opening airspace
that will see RwandAir flying to Kinshasa and Congo Airways vice versa to go into effect mid-April 2019.
The forum is an opportunity for Tshisekedi to present his economic transformation agenda for a country whose economy mainly depends on mining.
Tshisekedi who took on in January 2019 will present policies in other areas of the country’s economy like agricultural infrastructure, measures to reduce unemployment
and promoting trade and investment as well.
Togolese president, Gnasingbe who will also attend the forum is expected to present his country’s development agenda within the next five years.
Among other guests who have arrived to Kigali are; Ethiopian prime minister Sahle-Work Zewde and Ivory Cost Prime Minister, Amadou Gon Coulibaly.
The two-day forum that kicks off today at Kigali Convention Centre is the 7th of its kind and brings together around 1800 participants from 70 countries including four heads of states , 30 ministers and 700 CEOs.
Discussions will focus on regional integration including the implementation of the Continental Free Trade Area (CFTA). It will be held under the theme: “Open Africa: From Continental Treaties to Business Realities”.
Different CEOs, heads of governments and potential investors are expected to benefit from a networking platform during the Forum. This will help them identify opportunities.
