The increase follows recent upgrades to Kigali’s international golf course, which now includes additional facilities such as tennis courts, a gym and expanded clubhouse amenities designed to serve golfers and sports enthusiasts alike.
Speaking at the annual members’ appreciation event, Donel Rama, Golf Operations Manager at Kigali Golf Resorts & Villas, said the expansion has significantly increased both usage and membership.
'At present, the facility can host up to 1,000 people, depending on the nature of the activities taking place. We currently have 726 registered members, including 566 active golf players,' Rama said.
Membership is offered under several annual subscription categories, tailored to different user needs. These range from packages for regular golfers to options targeting wellness users and families, as well as special rates for junior players.
The packages include Platinum Membership at Frw 5 million per year, Golf Membership at Frw 4 million, International Premium Membership at Frw 3.25 million, Elite Wellness Membership at Frw 2.6 million, and Social Membership at Frw 1.6 million. Corporate Membership, which allows up to five individuals to share access, is priced at Frw 29.5 million annually.
Junior golf training programmes are also available, with fees set at Frw 400,000 for children under 12 years, Frw 600,000 for those under 15, Frw 800,000 for those under 18, and Frw 2 million for youths aged between 19 and 25.
In a move aimed at widening access, Kigali Golf Resorts & Villas has begun introducing selected services for non-members, marking a shift towards greater public engagement with the facility.
As part of this initiative, the golf course will host New Year’s Eve celebrations on December 31, 2025, with members of the public allowed entry at a fee of Frw 100,000. The event, sponsored by Sensitive Group and featuring DJ Marnoud, will grant attendees access to a range of on-site services as they usher in the New Year.
Management of the Rwanda Ultimate Golf Course (RUGC), which oversees the development, said the move is part of a broader strategy to increase utilisation ahead of the planned resumption of Phase II of the project, estimated to cost about $140 million.
The second phase is expected to include residential units surrounding the golf course and a high-end hotel. Once implemented, the investment is projected to generate average annual returns of about 13 per cent over a 15-year period.
Golf players renew their membership every year.
As of December 2025, membership at Kigali Golf Resorts & Villas exceeds 700.
Kigali Golf Resorts & Villas management says the facility can accommodate events with over 1,000 attendees.
Kigali Golf Resorts & Villas holds annual celebrations for its members.
In a move aimed at widening access, Kigali Golf Resorts & Villas has begun introducing selected services for non-members, marking a shift towards greater public engagement with the facility.
Nteziryayo succeeds Kampeta Pitchette Sayinzoga, whose six-year tenure saw BRD undergo significant institutional growth, strengthened financial performance, and expanded its role in mobilising both domestic and external capital to support Rwanda’s national development priorities.
During the past six years, data show that BRD’s total assets grew from Frw 157 billion to over Frw 1.02 trillion, while the loan portfolio increased from Frw 167 billion to Frw 710 billion. Annual profitability turned around from a loss to a profit of Frw 22.8 billion, reflecting improved financial sustainability. The bank also achieved a fourfold leverage effect, mobilising three additional francs from external sources for every franc invested by the government.
Over the same period, BRD’s investments contributed to a wide range of national priorities. Notable achievements included connecting over 500,000 households to electricity, raising export volumes from 80 metric tonnes to 8,566 metric tonnes, and issuing Rwanda’s first sustainability-linked bond, which raised Frw 63.5 billion for impact-driven projects. In education, the digitalisation of the Government student bursary scheme enabled faster disbursements and expanded support for post-graduation bursary reimbursements.
Nteziryayo, currently a member of BRD’s Board of Directors, brings over a decade of experience in macroeconomic policy, debt management, fiscal strategy, and sustainable finance. She previously served as Chief Economist at the Ministry of Finance and Economic Planning, where she played a central role in shaping Rwanda’s medium-term economic framework, coordinating sovereign financing, and enhancing fiscal sustainability.
Her appointment is expected to ensure continuity and provide deep institutional insight as BRD embarks on its next phase of growth, further supporting Rwanda’s development across sectors, including infrastructure, manufacturing, energy, affordable housing, green finance, and exports.
BRD, established in 1967, continues to play a key role in providing long-term, tailored financing to sectors critical for Rwanda’s socio-economic transformation, aligned with Vision 2050 and the National Strategy for Transformation.
Stella Rusine Nteziryayo has been appointed as the new Chief Executive Officer of the Development Bank of Rwanda (BRD), ushering in a new phase for the institution as it continues to support the country’s socio-economic transformation.
It didn’t begin on a trading screen. It began in the kitchen.
A sharp word. A misunderstood tone. A silence that felt heavier than shouting. By the time the door closed behind me, I wasn’t thinking about charts, support levels, or stop-losses. I was replaying sentences, defending myself in imaginary arguments, and nursing a bruised ego. The market opened without me—and by the time I noticed, €50,000 was gone.
This is not a story about blame. It’s a story about attention.
Distraction Is the Most Expensive Emotion
Markets don’t care if you’re angry, tired, or heartbroken. Prices move with or without your consent. But your ability to respond—to cut losses, to take profit, to do nothing when nothing is required—depends entirely on clarity of mind.
That morning, clarity was impossible. I sat in front of the screen, eyes open but unfocused. I missed the signal I’d waited days for. I hesitated where decisiveness was required. I broke my own rules—rules written precisely to protect me from moments like this.
The loss didn’t come from volatility. It came from distraction.
The Myth of Compartmentalization
We like to believe we can separate life from work, emotions from execution. Traders talk about discipline as if it’s a switch you flip. But the truth is harsher: you bring your whole self to every decision. If your home is on fire, your judgment will smell like smoke.
That argument with my wife didn’t just affect my mood; it narrowed my perception. I became reactive instead of responsive. I wanted the market to “make it back,” to soothe the sting of the morning. Revenge trading is just emotional bargaining in another costume.
And markets are merciless negotiators.
What €50,000 Really Buys You
Money lost in the market hurts, but the lesson it purchases can be invaluable—if you accept the receipt.
That €50,000 taught me that emotional risk is real risk. That relationship health is a trading edge. That the most sophisticated strategy collapses if the person executing it is compromised.
It taught me to respect the invisible variables: sleep, stress, unresolved conflict. These don’t show up on candlesticks, but they determine how you read them.
The Hardest Stop-Loss to Place
After that day, I added a rule more important than any technical indicator: If my personal life is unstable, I don’t trade. No exceptions.
It sounds simple. It’s not.
Stepping away feels like weakness when you’re wired to hustle. But the strongest decision that day would have been to close the laptop, pick up the phone, and fix what was broken at home. The market would still be there tomorrow. My capital—and my marriage—might not survive repeated neglect.
The Quiet Recovery
The recovery didn’t start with a winning trade. It started with an apology. With listening instead of explaining. With acknowledging that success in public means nothing if you’re failing in private.
When calm returned at home, it returned to the screen. Not because the market changed—but because I did.
Final Lesson
If you trade, invest, build, or lead—understand this: your personal life is not separate from your performance. It is the foundation of it.
A fight with your wife can cost you €50,000. Not because she distracted you—but because you ignored the cost of being emotionally unfit to decide.
In the end, the most expensive losses aren’t always on the chart. They’re the ones that teach you, too late, where your real risk exposure was all along.
Resolution 2809, which was adopted unanimously by the 15-member council, also reaffirms AUSSOM’s tasks, as set out in Resolution 2767 of December 2024, which authorized AUSSOM for an initial period of 12 months.
Resolution 2809 authorizes the member states of the African Union to continue to deploy up to 11,826 uniformed personnel, including 680 police personnel, to AUSSOM during the authorized period.
The resolution emphasizes that additional support to AUSSOM and the Somali security forces is necessary to enable Somalia to bolster its fight against Al-Shabaab and improve peace and security in the country and the region. It urges traditional and new donors to support the mission by providing the necessary funding to enable the full implementation of its mandate.
The UN Security Council on Tuesday adopted a resolution to renew the authorization of the African Union Support and Stabilization Mission in Somalia (AUSSOM) for another year, until Dec. 31, 2026.
Minister Murangwa explained that Rwanda’s approach to foreign borrowing focuses on securing favorable loan terms to support sustainable development.
One of the key factors in this strategy is ensuring that loans come with extended grace periods. In some cases, these grace periods last more than five years before repayment begins, making the loans easier to manage. Additionally, many loans offered to Rwanda come with low-interest rates, making repayment more feasible.
“When we take loans for agricultural investment, we receive favorable loan terms, including grace periods of up to six years before repayments start. The project can be implemented within two to three years, which means by the time we begin repayment, the project is already generating returns,” he noted.
Rwanda’s long-term loans, particularly those linked to infrastructure and development projects, are structured to allow ample time for repayment.
Minister Murangwa emphasized that the repayment periods for some loans extend up to 40 years, with some projects having a five-year grace period before repayments begin. Furthermore, the interest rates are remarkably low, sometimes as low as 1%, 2%, or even 0%.
Long repayment periods and low-interest rates are crucial for ensuring that the country manages these loans effectively and invests in key development areas without putting undue pressure on state finances.
When taking on foreign loans, Rwanda evaluates three key factors to ensure they do not become a financial burden. According to the Minister, these include selecting the right projects for investment, ensuring the successful execution of these projects, and negotiating favorable loan terms.
'By making informed decisions on projects and securing favorable terms, we can confidently manage our foreign loans,' he stated.
Minister Murangwa also reassured that Rwanda is in a strong position financially and faces no difficulties in repaying its loans. In fact, in November 2025, S&P Global awarded Rwanda a B+ rating for its ability to repay long-term loans and a B rating for short-term repayment.
Rwanda’s national debt remains manageable. As of 2024, Rwanda’s foreign loans amounted to Rwf 11.846 billion, which represents 80.1% of the country’s total loans. The largest share of these loans consists of concessional loans, totaling Rwf 10.392 billion.
These loans are primarily sourced from institutions like the World Bank, the African Development Bank, and the International Monetary Fund, totaling Rwf 8.885 billion.
While concessional loans make up the majority of Rwanda’s foreign debt, a smaller portion is from commercial loans, which amount to 9.8% of the total, or Rwf 1.454 billion. Some state-affiliated businesses, such as RwandAir, also contribute to Rwanda’s foreign borrowing, with RwandAir alone having a loan of 66.8 million USD.
In addition to foreign loans, Rwanda also manages domestic loans, which accounted for 20% of the country’s total debt as of 2024, totaling Rwf 2.935.9 billion. These loans are mainly taken by the government and state-owned enterprises, often issued through treasury bonds placed on the market by the National Bank of Rwanda.
Minister Murangwa highlighted that Rwanda is focused on increasing domestic revenue to reduce reliance on foreign loans. This is being achieved through tax reforms, improving resource mobilization, and ensuring efficient use of the national budget. He also pointed out that reforms are being made to enhance transparency and improve the management of public assets and investments to prevent inefficiencies and reduce losses.
For the 2025/2026 budget, Rwanda plans to use domestic revenue totaling Rwf 4.105.2 billion, with foreign aid reaching Rwf 585.2 billion, and foreign loans amounting to Rwf 2.151.9 billion. The country’s GDP is projected to increase by 7.1% in 2025, indicating a positive outlook for economic growth.
Minister Murangwa explained that Rwanda’s approach to foreign borrowing focuses on securing favorable loan terms to support sustainable development.
Rwanda’s long-term loans, particularly those linked to infrastructure and development projects, are structured to allow ample time for repayment.
'The TARIFFS are responsible for the GREAT USA Economic Numbers JUST ANNOUNCEDâ¦AND THEY WILL ONLY GET BETTER! Also, NO INFLATION & GREAT NATIONAL SECURITY. Pray for the US Supreme Court!!! President DJT,” Trump wrote on Truth Social on Tuesday.
Recent government data show that the U.S. economy expanded at an annual rate of 4.3% in the third quarter of 2025, the fastest pace in two years, propelled by strong consumer spending, increased government investment, and rising exports. Trump and his allies argue that revenue from tariffs helped strengthen the economy by narrowing the trade deficit and boosting domestic production.
Despite this headline growth, economic sentiment among Americans is weakening. Consumer confidence has fallen for the fifth straight month, marking its longest decline since 2008. The University of Michigan and other surveys show that households are increasingly worried about prices, job prospects, and rising living costs a trend economists link in part to the higher prices that tariffs can cause by making imported goods more expensive.
The mixed signals present a complicated picture for policymakers. While GDP growth suggests resilience, the slump in consumer confidence raises concerns about future spending and economic momentum heading into 2026. Some analysts caution that the growth could be temporary and partly influenced by shifting consumer behaviour, such as front‑loading purchases ahead of expected price increases.
Trump’s stance on tariffs remains a central part of his economic narrative. He and members of his economic team continue to defend the policy, claiming it protects domestic industries and contributes to stronger overall economic performance. However, critics argue that the long‑term impact of tariffs may include higher costs for consumers and uncertainty in global trade relations.
President Donald Trump has touted robust U.S. economic growth as a key achievement of his administration, attributing an unexpected surge in national output to his aggressive tariff policies, even as consumer confidence continues to weaken.
PanSALB said it worked with media research company Focal Points to analyze frequency data and discovered that “G20” featured prominently in the “reputable print, broadcast and online media.”
According to PanSALB, the selection process involved shortlisting candidates based on authentic language usage. “G20” emerged as the most dominant keyword largely due to South Africa’s role as the G20 presidency in 2025 and its hosting of the G20 Leaders’ Summit.
The terms “Government of National Unity” and “Tariffs” ranked second and third, respectively, reflecting key political developments, international engagements and socioeconomic debates that shaped the country during the year, the agency added.
PanSALB is an organization mandated to promote multilingualism, develop and preserve South Africa’s 12 official languages, and protect language rights.
The term ‘G20’ was the most frequently used word in South Africa in 2025, the Pan South African Language Board (PanSALB) said on Tuesday.
Tourism and Antiquities Minister Sherif Fathy said the assembly follows years of preservation, documentation and 3D scanning of the fragments, stressing its global heritage significance.
The boat, dating back some 4,500 years, was discovered in pieces near the Great Pyramid, the tomb of King Khufu, in 1954. It consists of about 1,650 wooden fragments and measures roughly 42 meters in length.
“Khufu’s first solar boat was found almost complete, but the second boat, which is a bit smaller, was found in a very poor condition,” said GEM’s CEO Ahmed Ghoneim.
“Restoration in front of visitors is a dimension you cannot find in museums around the world,” Ghoneim said, highlighting its unique educational experience.
The restoration team work on the restoration project for the ancient King Khufu’s second solar boat at the Grand Egyptian Museum in Cairo, Egypt, Dec. 23, 2025. Egypt on Tuesday began reassembling ancient King Khufu’s second solar boat at the newly opened Grand Egyptian Museum, a restoration process expected to take about four years and open for visitors to watch live.
Turkish gendarmerie units located the wreckage of the Falcon 50 jet near Kesikkavak village in Ankara’s Haymana district, Interior Minister Ali Yerlikaya said.
Libyan Prime Minister Abdul-Hamid Dbeibah later confirmed the deaths in a statement, saying al-Haddad and several senior military officials were killed when the aircraft crashed while returning from an official visit to Türkiye. He said the government would investigate “the circumstances of the accident.”
The aircraft, with tail number 9H-DFJ, departed Ankara’s Esenboga Airport at 20:10 local time (1710 GMT) bound for Tripoli. Contact was lost at 20:52 (1752 GMT), shortly after the crew issued an emergency landing notification near Haymana, Yerlikaya said.
Türkiye’s Anadolu Agency broadcast footage it said showed a flash from the aircraft’s impact and published images of debris scattered at the site. Air traffic at Ankara, which was briefly suspended following the crash, has since returned to normal, local media reported.
Al-Haddad had been in Ankara for high-level military talks. Earlier on Tuesday, the Turkish Defense Ministry said he met Turkish Defense Minister Yasar Guler and Chief of the General Staff Selcuk Bayraktaroglu.
These experiences are not only personal growth opportunities but are also aimed at contributing to the country’s development across various sectors.
One such group of students is studying at Mohammed VI Polytechnic University in Morocco, a prestigious institution that is quickly becoming a beacon for academic excellence.
Located in Benguerir, in Marrakesh-Safi region, Mohammed VI Polytechnic University is one of Morocco’s leading institutions. Ranked 400th globally and 4th in Africa, the university has set ambitious goals.
By the next academic year, it is projected to be Africa’s top university, with plans to enter the top 100 universities globally by 2100.
Currently, the university hosts 30 Rwandan students, both male and female, who are enrolled in diverse fields such as construction, medicine, art, hospitality, business management, agriculture, and water management.
Speaking to IGIHE, Alanda Kamana, a Ph.D. candidate in construction, shared his insights on the educational advancements in Morocco.
According to him, every one of Morocco’s 12 administrative regions has its own public university, with several private universities complementing the state-run institutions to enhance the quality of education.
“This university was created with a focus on agricultural research, but it has expanded to include several other disciplines such as health sciences, hospitality, and more,” Kamana explained.
Founded in 2017, Mohammed VI Polytechnic University has a vision to be the leading educational institution in Africa by 2030. By 2100, it aspires to be ranked among the top 100 universities in the world.
Despite the perceived educational gap between Rwanda and Morocco, Kamana believes the difference is not as wide as many think, seeing it as an opportunity for further knowledge exchange between the two countries.
“We encourage both Rwandans and Moroccans to share their knowledge so we can advance together,” he added.
Aimee Mutuyimana, a final-year Ph.D. student specializing in water purification, highlighted the university’s excellent resources, including state-of-the-art laboratories and expert faculty.
She is confident that the knowledge gained will be invaluable to Rwanda upon her return.
'The well-being and academic support here are top-notch, and I am excited to bring back everything I have learned to contribute to Rwanda’s progress,' Mutuyimana said.
Similarly, Nicole Niyonsaba, a third-year medical student in a six-year program, noted that the academic environment at Mohammed VI Polytechnic University has allowed her to thrive.
“We have access to everything we need to succeed,” she shared. “The professors provide guidance, and we also engage in extra-curricular activities that enhance our research and personal growth.”
Niyonsaba expressed gratitude for the opportunities, as the comprehensive support they receive strengthens their education.
Hortance Bizimana, studying business management, shared how international students are well-supported in their academic journey.
As part of the curriculum, students are offered internships abroad, and some have already completed placements in Hong Kong and Dubai.
“We are in our second year, and the exposure we’re receiving is invaluable,” Bizimana stated. “We’re committed to using what we’ve learned here to develop our home country.”
Eric Rukenesha, a master’s student specializing in agricultural development, explained that their curriculum is focused on Africa’s agricultural needs.
He noted that although agriculture is the backbone of Africa’s economy, there are significant challenges, such as poor post-harvest handling and market access.
“During my break, I spent two months working with farmers in Rwanda to address these issues, particularly in preserving crops and reducing wastage, which is a major concern,” Rukenesha shared.
Alice Joy Ineza, studying architecture, emphasized the rigor of her program, which requires creativity, critical thinking and hard work.
“These skills will be essential for Rwanda’s urban development,” she said. “I believe that when we return, we will help build modern cities that prioritize sustainability and environmental conservation.”
Nasla Ingabire, who recently completed her master’s degree in International Business Management, spoke about the importance of gaining international experience.
“I aim to seek job opportunities in Morocco and then return to Rwanda to share the knowledge I have gained,” she expressed.
These students have also encouraged their peers to consider applying to Mohammed VI Polytechnic University, emphasizing that the university offers a unique opportunity to gain international experience and knowledge.
The university, unlike most in Morocco, offers programs in English, making it accessible to a broader range of international students.
Moreover, students are eligible for fully-funded scholarships, either from their home countries or through philanthropic organizations such as the Mastercard Foundation.
Recently, these students learned about additional funding opportunities from the Mastercard Foundation, further incentivizing Rwandans to pursue higher education at Mohammed VI Polytechnic University.
Rwandan students at Mohammed VI Polytechnic University in Morocco shared stories of ambition and opportunity.
Eric Rukenesha, a master’s student specializing in agricultural development, explained that their curriculum is focused on Africa’s agricultural needs.
Nicole Niyonsaba, a third-year medical student in a six-year program, noted that the academic environment at Mohammed VI Polytechnic University has allowed her to thrive.
Nasla Ingabire, who recently completed her master’s degree in International Business Management, spoke about the importance of gaining international experience.
Alice Joy Ineza, studying architecture, emphasized the rigor of her program, which requires creativity, critical thinking and hard work.
Hortance Bizimana, studying business management, shared how international students are well-supported in their academic journey.
Alanda Kamana, a Ph.D. candidate in construction, shared his insights on the educational advancements in Morocco.
