Local Government and Public Works Minister Daniel Garwe made the announcement during a strategic engagement with Harare City Councillors and municipal officials on Monday. He emphasised that informal trade has severely undermined the viability of formal businesses in Harare’s central business district.
“The proliferation of street and night vending has destroyed the viability of formal businesses in our city,” Minister Garwe stated.
“The government has therefore moved to ban the importation and sale of second-hand clothes, as well as all forms of street vending.”
According to Garwe, informal trading spaces have not only disrupted regulated commerce but have also become hotspots for illicit drug activities and other underground dealings, posing threats to public health and national security.
To ensure effective enforcement, the Minister urged Harare City Council to collaborate closely with the Zimbabwe Republic Police (ZRP). He also called for a humane and community-sensitive approach when implementing the new directive, referencing past incidents in which vendors were mistreated during clean-up campaigns.
“Enforcement should not be about being tough or brutal,” he said. “Let us engage with vendor associations and educate the public while upholding law and order.”
In addition to the crackdown on informal trading, Garwe pressed city authorities to urgently address Harare’s worsening traffic congestion, which he described as “unacceptable.”
He encouraged the reinforcement of municipal by-laws to improve the capital’s overall functionality and flow.
“Restoring order in our city is not optional,” he added. “We must act now to preserve the integrity of formal businesses and the safety of our communities.”
The ban is expected to impact thousands who rely on vending for their livelihoods.
This financing agreement represents a major step forward in Rwanda’s industrial transformation agenda under Vision 2050, the country’s long-term development framework aimed at achieving high standards of living for all Rwandans through sustained economic growth, social transformation, environmental sustainability, and good governance.
Located just 10 kilometers from Bugesera International Airport and 50 kilometers from Kigali, BSEZ is strategically positioned to become a dynamic hub for light manufacturing, agro-processing, logistics, pharmaceuticals, and packaging.
By mobilizing local capital to fund early-stage infrastructure development, including internal roads, utilities, and site readiness, BK and BRD are turning a long-term vision into tangible progress.
A key highlight of this agreement is the inclusion of $10 million in green financing, offered at concessionary rates to support initiatives aligned with national sustainability and climate resilience objectives.
BSEZ spans 335 hectares and is being developed in phases. Phase 1, covering approximately 75 hectares, is already operational and hosts a growing number of regional and international manufacturers across light industry, agro-processing, and logistics.
It provides plug-and-play infrastructure, ready-to-use plots, and access to utilities, demonstrating the zone’s capacity to deliver on Rwanda’s industrial vision. The zone forms a cornerstone of Rwanda’s strategy to attract high-value investment, promote export competitiveness, encourage import substitution, foster local raw material transformation, and create sustainable jobs.
Commenting on the development, the Managing Director of BSEZ Arnab Bose, stated:
“Today marks a defining milestone as BSEZ achieves financial closure, reaffirming ARISE IIP’s commitment to Rwanda’s industrial future. With $52 million secured, $33 million from BK and $19 million from BRD, including $10 million in green financing. We are proud to partner with BK and BRD to catalyze inclusive, sustainable industrial development.”
Dr. Diane Karusisi, CEO of Bank of Kigali also expressed the bank’s pride in funding the project. “The Bugesera Special Economic Zone is a bold step toward realizing Rwanda’s industrial vision. At BK, we are proud to be part of this transformative journey. Financing a project of this scale is not just a demonstration of our confidence in its potential, but a testament to Rwanda’s growing ability to shape its own development path. We are honored to help turn this vision into reality,” she noted.
Kampeta Pitchette Sayinzoga, CEO of the Development Bank of Rwanda, added: “We are excited to be backing a project that ticks every box: it’s strategic, it’s sustainable, and it puts Rwanda’s people and potential front and centre. This is the kind of investment that moves the needle, not just for industrialization, but for inclusive and sustainable growth. We are proud to collaborate with BK and Bugesera SEZ Ltd. to deliver meaningful, long-term impact.”
As part of its commitment to green finance, BRD continues to champion climate-resilient investments through initiatives like Ireme Invest, which ensures that large-scale infrastructure projects like BSEZ are developed with environmental sustainability at their core. By integrating climate considerations into its financing decisions, BRD is helping to ensure that Rwanda’s industrialization is not only inclusive but also aligned with the country’s long-term climate goals.
{{About Bank of Kigali}}
Founded in 1966, Bank of Kigali is Rwanda’s largest commercial bank, serving over 1 million customers through an extensive branch network and digital channels. The bank is committed to fostering economic growth by providing innovative financial services to individuals, SMEs, and corporations. BK continues to evolve as a trusted partner in Rwanda’s journey toward a brighter, more prosperous future.
{{About the Development Bank of Rwanda (BRD)}}
The Development Bank of Rwanda (BRD), established in 1967, has played a vital role in financing projects that advance national development, especially in manufacturing, infrastructure, agriculture, energy, affordable housing, green finance, and export growth. With a strong mandate to support Rwanda’s socio-economic transformation, BRD provides long-term, affordable, and tailored financing to sectors critical to national progress. It remains a key enabler of the National Strategy for Transformation and the Sustainable Development Goals (SDGs).
{{About Bugesera Special Economic Zone (BSEZ)}}
Bugesera Special Economic Zone (BSEZ) is Rwanda’s leading industrial hub. Formed in 2023 through a public-private partnership between the Government of Rwanda and ARISE IIP, BSEZ represents a $100 million investment. Strategically located 50 kilometers from Kigali and 10 kilometers from the new Bugesera International Airport, the 335-hectare zone offers serviced industrial land, world-class infrastructure, and direct access to regional and global markets.
Designed as a fully integrated ecosystem, BSEZ promotes sustainable manufacturing, raw material transformation, and export-led growth, contributing directly to Rwanda’s ambition of becoming a competitive, green industrial economy.
He made these remarks on August 4, 2025, while presenting the ratification bill for the peace agreement to the Rwandan Senate. The agreement was signed in Washington D.C., United States in June 2025.
The accord includes four key components: the dismantling of the FDLR rebel group, the lifting of Rwanda’s defensive measures, economic cooperation between the two countries, and a political section that commits both governments to support ongoing talks between the DRC and the M23/AFC, as well as facilitation for the voluntary repatriation of refugees.
Ambassador Nduhungirehe emphasized that while Rwanda remains optimistic about the deal, there are still notable concerns, which have also been communicated to the mediators involved in the process.
First, he pointed out that it is not the first time Rwanda and the DRC have signed peace agreements that were never fully honored.
“There have been many agreements signed by the Government of the DRC over the past 25 years, more than ten, but most of them have never been implemented. Many of these agreements specifically addressed the need to dismantle the FDLR and to resolve the long-standing persecution of Kinyarwanda-speaking Congolese communities,” he said.
The second concern, according to Minister Nduhungirehe, relates to the inconsistency between the spirit of dialogue and the actions taking place on the ground in the DRC.
“We informed the mediators that the Congolese government is continuing to acquire weapons, including drones, and has recently hired new foreign mercenaries from Colombia to replace previous ones from Romania. FARDC [the Congolese army] has also deployed additional troops near areas controlled by the M23,” he explained.
The third concern raised was the conduct of some Congolese officials who, after signing peace commitments, begin to distort the content of the agreements in public statements.
He recalled a specific incident involving Congolese Foreign Minister Christophe Lutundula during negotiations with Dr. Vincent Biruta in Luanda in 2024, where Minister Lutundula committed to providing a clear plan to dismantle the FDLR. But once he returned to the DRC, he publicly denied even knowing who the FDLR were.
He also referenced the recent shift in rhetoric by Vital Kamerhe, Speaker of the DRC National Assembly. “On July 16, he gave a commendable speech supporting peace and called for both parliaments to endorse the agreement. Yet just days later in Geneva, he launched a harsh attack against Rwanda, making numerous unfounded accusations that completely undermined the peace message.”
{{Can mediators hold the DRC accountable?}}
Minister Nduhungirehe said all these concerns have been clearly communicated to the mediators, who have to ensure that the DRC honors its commitments. He stressed that while failure to implement the agreement would be unfortunate, Rwanda will remain vigilant.
“If the agreement is not implemented, it will be regrettable. But regarding our national security, Rwanda will continue to take precautionary measures. Our defense strategies will remain in place until the agreement is fulfilled,” he said.
He expressed hope that the broad coalition of mediators involved in the Washington agreement could influence the DRC’s compliance, especially since many of them hold significant regional and global weight.
“What’s new in this agreement is the number of mediators involved—more than in previous efforts—including actors like the United States, Qatar, Togo, and the African Union Commission. We believe that this expanded and more powerful group of mediators could help make a difference in ensuring this agreement is actually implemented,” he added.
Ntahontuye was appointed just eight months after he was named Minister of Finance, Budget, and Planning.
His new role was officially confirmed by the Burundian Senate on the same day, shortly after it elected its new leadership, headed by Gervais Ndirakobuca.
Ntahontuye holds a master’s degree in statistics from the University of Burundi. He has worked in the fields of planning and research with several international organizations, including Care International, Oxfam, and the Global Fund, both within Burundi and across the region.
Before being appointed Minister of Finance in December 2024, Ntahontuye served as Chairperson of the Parliamentary Committee responsible for monitoring public resource management, finance, economic affairs, and national planning.
Beyond remittances, some members of the diaspora have chosen to invest in impactful projects back home. One such individual is Mukarugwiza Drocelle, who lives in Rwanda and Germany.
Mukarugwiza invested in the Nyanza District, specifically in Busasamana Sector, in an area known as Gihisi.
Among her initiatives in Gihisi is Gira Impuhwe Primary School, as well as Chez Drocella Eglantine Lodge, which welcomes tourists and visitors exploring Nyanza.
The guest house boasts a beautiful garden, comfortable guest rooms, conference facilities, and more.
It is located approximately 100 kilometers from Kigali and 36 kilometers from Huye.
Chez Drocella Eglantine Lodge blends comfort with cultural richness.
Surrounded by lush gardens, the lodge offers cozy rooms, peaceful verandas, meeting spaces, and the soothing sounds of nature. Guests are welcomed with fresh air, the fragrance of blooming flowers, and the melodic chirping of birds in the morning.
Meals are freshly prepared using ingredients sourced from local farms. For those curious about rural life, guests can tour nearby cattle farms, enjoy fresh milk, or engage with local traditions in Nyanza.
In an interview with IGIHE, Mukarugwiza reflected on her journey. She and her husband began their work in Gihisi in 1990, long before it became a travel destination.
“At the time, we were caring for children living with HIV/AIDS—many had been abandoned and left without support,” she recalled. “After the Genocide against the Tutsi, our mission turned to helping survivors, especially widows, girls, and orphaned children.”
She explained that the area has now been transformed into a guest house, but they continue to use the income to support genocide survivors and ensure children at the school have access to essential learning materials.
Mukarugwiza invited Rwandans from Nyanza and friends in the diaspora, as well as visitors from across Rwanda, come and experience the breathtaking views of Mwima and Mushirarungu hills.
Ndirakobuca was one of two senators recently elected to represent the ruling CNDD-FDD party in Bujumbura Province, and he was elected with 100% of the votes cast by the Senate.
In the same session, Générose Ngendanganya was elected as First Vice President of the Senate, and Clotilde Kampimbare was elected as Second Vice President.
Known by his nickname “Ndakugarika,” Ndirakobuca has held several key roles in the Burundian government, including Head of the National Intelligence Service (SNR) and Deputy Chief of Police.
From June 2020 to September 2022, he served as Minister of Internal Security, before being appointed Prime Minister, succeeding Alain Guillaume Bunyoni.
In May 2025, President Évariste Ndayishimiye formally retired Ndirakobuca from the Burundi National Police, where he held the rank of Lieutenant General. This opened the path for his candidacy in the Senate, representing CNDD-FDD in Bujumbura.
Ndirakobuca replaces Emmanuel Sinzohagera, who previously held a dual role as President of the Senate and head of the United Methodist Church in Burundi and Rwanda.
Addressing provincial leaders in North Kivu during a high-level meeting held in Goma on August 4, 2025, Gen. Makenga stressed that meaningful change cannot be achieved through words alone but must be reflected in actions on the ground.
“Change must be demonstrated through action,” he said. “As leaders, the people you serve must see the difference in the way you govern. The country has been in disarray for far too long, and restoring order will take time. But the roadmap exists and with collective effort, including yours and ours, transformation is possible.”
He emphasised that the process of change must begin from within the movement itself, urging fighters and leaders to embody the values they aspire to promote.
“Transformation starts with us. We must show our people and the world that we are not the same. You cannot change someone else if you have not changed yourself,” he added.
Gen. Makenga also denounced the practices that have plagued the Congolese state, including the looting of national resources and systemic corruption. He said the AFC/M23 must commit to ending such behaviours and focus on restoring peace and stability in the country.
The rebel group controls large swathes of territory in eastern DRC and is currently in talks with the Kinshasa administration in a Qatar-led process to end the longstanding stalemate.
According to RSE CEO, Pierre Celestin Rwabukumba, at least Frw 98 billion was mobilised through the primary market, spearheaded by the issuance and listing of two Treasury bonds under the regular Treasury bond programme.
The bonds recorded a high subscription rate of 246%, which the CEO says reflects strong investor appetite and growing confidence in Rwanda’s macroeconomic stability and fiscal discipline.
Additionally, the International Finance Corporation (IFC) raised Frw 24 billion through the second tranche of its Medium-Term Note Programme, with a subscription level of 171.4%, a strong signal of Rwanda’s rising attractiveness to global investors.
Another key development in July was the approval granted to Africa Medical Supplier PLC to raise Frw 5 billion through the issuance of Rwanda’s first healthcare-dedicated corporate bond. The five-year bond, with a 13.25% annual yield, represents a significant step towards unlocking private capital for the health sector, enhancing access to essential medical supplies across the country.
Mahwi Grain Millers, a leading agri-processing firm, also announced plans to issue a second tranche of its corporate bond, previously listed on the RSE, showcasing how local enterprises are leveraging capital markets to support growth and contribute to national food security.
In the secondary market, trading volumes continued to rise, with investor participation approaching 100,000 active accounts. The month also saw a notable improvement in the REPO (repurchase agreement) market, where transactions reached a cumulative value of Frw 367.6 billion, providing greater flexibility for financial institutions to manage short-term liquidity.
Meanwhile, MTN Group deepened its investor relations initiatives through strategic meetings with the RSE and the Capital Market Authority, focusing on transparency, regulatory compliance, and communication with shareholders.
Reflecting on the exceptional market performance, Rwabukumba, who is also the President of the African Securities Exchanges Association (ASEA), said the momentum seen in July highlights growing investor confidence and the strategic role of capital markets in national development.
“This significant capital is set to advance key national development goals, including capital market deepening while reinforcing investor trust in Rwanda’s sound fiscal policies and stable macroeconomic environment,” he noted.
“As the year progresses, the Rwanda Stock Exchange remains committed to promoting a robust and inclusive financial ecosystem,” he added, encouraging more companies, including SMEs and institutional investors, to explore the capital markets as a sustainable source of financing and wealth creation.
{{2024 performance
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Looking back at 2024, the Rwanda Stock Exchange recorded a total market turnover of Frw 129 billion, marking a 126 percent increase from the previous year. The Rwanda Share Index rose by 15.9 percent, while the All Rwanda Share Index increased by 3.6 percent, signalling steady growth and enhanced investor confidence.
By the end of 2024, the total market capitalisation was valued at $2.7 billion in equities and $1.5 billion in debt securities. Funds raised during the year amounted to Frw 271 billion, circulating approximately Frw 400 billion in the market across listed companies and bonds.
The crises in Sudan, South Sudan and the Democratic Republic of the Congo have been driving an average of 600 people to cross the border daily in search of safety and lifesaving aid, said Farhan Haq, deputy spokesperson for the UN secretary-general, at a daily briefing, citing the UN Refugee Agency (UNHCR).
Uganda is already the largest refugee-hosting country in Africa and the third largest globally, said Haq.
Uganda’s progressive refugee policy allows refugees to live, work and access public services, but funding shortfalls are drastically impacting aid delivery and threaten to undo years of progress, he said.
Currently, Uganda’s refugee response is only 25 percent funded, and UNHCR is calling for more urgent and sustained international support and solidarity to ensure refugees and their local communities can live safe and more dignified lives, said the spokesperson.
The milestone event brought together local leaders, long-standing clients, and community members, alongside the bank’s leadership and board. It was a moment of reflection, gratitude, and renewed commitment to BPR’s founding values.
The Governor of the Eastern Province, Pudence Rubingisa, served as the guest of honor, accompanied by Kayonza District Mayor, John Bosco Nyemanzi, and Nkamba Sector Executive, Emmanuel Bisangwa.
Senior management and board members of BPR Bank were also in attendance.
As part of the celebration, BPR Bank Rwanda PLC donated 20 sewing machines to the Ruramira Tailors’ Cooperative and pledged 3,000 roofing sheets to the Kayonza District administration to support vulnerable families in need of shelter.
The bank also refurbished the building where it first opened its doors five decades ago. This building was transformed into a modern hub for the Ruramira Tailors’ Cooperative, supporting entrepreneurship and local skills development.
Ludoviko Nsengiyumva, 79, the first person to open a BPR Bank account, shared his inspiring story. He recalled how he lost his savings in a house fire while living in a traditional grass-thatched home—a painful experience that prompted him to entrust his money to the newly established bank.
He praised BPR’s contribution to community development, highlighting how it instilled a culture of saving and financial security. “Thanks to BPR Bank Rwanda PLC, many of us have been able to grow and achieve economic stability,” he said.
Speaking on behalf of more than 80 tailors, Aulerie Kantarama expressed heartfelt gratitude for the bank’s donation.
“We will use these tools to improve our lives and contribute to the development of our district and the country,” she said. “Young mothers facing hardship will now have a place to learn and grow. In the past, we lacked a permanent workspace, but today, we finally have a stable home where our business can thrive.”
In her remarks, BPR Bank Managing Director Patience Mutesi reflected on the bank’s origin and impact: “This place holds not only our origin but our enduring promise to the people of Rwanda. Fifty years ago, BPR began with a simple but powerful mission — to bring banking closer to the people and to empower communities. Today, we honor that legacy not just in words, but by transforming this former branch into a space where women in Nkamba can gather, tailor, train, and grow together.”
This transformation is repurposed into a safe and practical space for women to carry out tailoring activities, peer-to-peer learning, and build self-reliance. The initiative is a tangible example of the bank’s tagline: “For People, For Better.”
George Rubagumya, Chairman of the BPR Board of Directors, reaffirmed the bank’s commitment to continue walking with customers along the development journey.
“This is more than a celebration. It’s a reaffirmation of our promise. The trust we’ve built over five decades is what carries us forward. What we launch here today is not only a tribute to our past, but a statement about our future — empowering communities, one step at a time,” he noted.
Pascal Nyiringango, Board Director representing local shareholders, reaffirmed the Board’s support toward inclusive growth initiatives, while also outlining plans for continued investment in communities that shaped the institution’s growth.
Governor Rubingisa also hailed the bank’s legacy of empowering citizens. “What we witness today is more than a commemoration — it is a powerful reminder that when institutions stay rooted in community, they grow with the people. BPR Bank’s legacy in Nkamba is proof that sustainable progress begins at the grassroots, and I commend this initiative that empowers our citizens, especially women, with dignity and opportunity,” he noted.
Looking to the future, the bank announced a pledge to donate roofing sheets to Kayonza District in support of a planned construction project in 2026, reinforcing BPR’s long-term commitment to impactful partnerships.
This celebration is part of a series of events commemorating 50 years of BPR Bank’s transformation journey, rooted in values of closer, connected, and courageous.
